Alphabet (NASDAQ:GOOG) Shares Up 0.7% - What's Next?

Alphabet Inc. (NASDAQ:GOOG) saw its shares rise by 0.7% on Wednesday. The stock reached a high of $171.50 before trading at $170.62. During mid-day trading, about 14,937,478 shares changed hands, which is a decline of 31% from its average daily volume of 21,772,436 shares. Previously, the stock closed at $169.43.

Wall Street Analyst Commentary

Several analysts have shared their insights on Alphabet's shares. JPMorgan Chase & Co. has raised its target price for Alphabet from $208.00 to $212.00, maintaining an 'overweight' rating. Likewise, Barclays has increased their price objective from $200.00 to $220.00 with an 'overweight' rating. Oppenheimer raised its target from $185.00 to $215.00, also giving a rating of 'outperform'. Jefferies Financial Group additionally upped its target from $220.00 to $235.00, recommending a 'buy'. Finally, Pivotal Research has set a new target price of $225.00 from an earlier $215.00, rating the stock as a 'buy'. Currently, five analysts recommend a hold, thirteen suggest a buy, and three give a strong buy rating. According to MarketBeat.com, Alphabet features an overall rating of 'Moderate Buy' with a consensus target price of $200.56.

Market Trends for Alphabet

The stock's fifty-day moving average stands at $169.51, while the 200-day moving average is $171.86. Alphabet's market capitalization is approximately $2.09 trillion, and it has a price-to-earnings (P/E) ratio of 22.63, with a P/E/G ratio of 1.18. The company maintains a beta of 1.04.

On October 29th, Alphabet released its quarterly earnings report, showing earnings per share (EPS) of $2.12, surpassing the consensus estimate of $1.83 by $0.29. The company's net margin was recorded at 27.74%, with a return on equity of 31.66%. Alphabet reported revenue of $88.27 billion for the quarter, exceeding analyst expectations of $86.39 billion, and an increase of 15.1% compared to the same quarter last year.

Alphabet's Dividend Announcement

Recently, the company declared a quarterly dividend to be paid on December 16th. Shareholders on record as of December 9th will receive a dividend of $0.20 per share. The ex-dividend date is also December 9th. This dividend translates to an annual payout of $0.80, creating a yield of 0.47%, with a present dividend payout ratio (DPR) of 10.61%.

Insider Transactions at Alphabet

In other developments, CEO Sundar Pichai sold 22,500 shares on November 20th, at an average price of $176.67, totaling $3,975,075.00. After this sale, Pichai holds 2,061,806 shares valued at $364,259,266.02, marking a decrease of 1.08% in his holdings. Also, insider John Kent Walker sold 21,467 shares on September 3rd for an average price of $160.35, a total of $3,442,233.45. Walker's current hold is 39,334 shares worth approximately $6,307,206.90. In total, insiders sold 206,795 shares, amounting to $34,673,866 in the last ninety days, and insider ownership currently stands at 12.99%.

Institutional Investor Activity

Recently, large investors have increased or decreased their positions in Alphabet. Twelve Points Wealth Management LLC boosted its holdings by 0.7% during the second quarter, now owning 7,985 shares worth $1,465,000 after buying an extra 55 shares. PCG Wealth Advisors LLC raised its stake by 3.1%, acquiring 1,880 shares valued at $345,000 following additional purchases. Investment Advisory Services Inc. TX ADV added to its position by 1.6% to own 3,636 shares worth $667,000. Advisors Management Group Inc. ADV grew its stake by 2.0% for a total of 2,944 shares worth $540,000 after acquiring additional shares. Lastly, Shira Ridge Wealth Management increased their holdings by 0.4%. Institutional investors collectively own about 27.26% of Alphabet's stock.

About Alphabet Inc.

Alphabet Inc. is a parent company that offers a range of products and platforms globally, operating through segments such as Google Services, Google Cloud, and Other Bets. The Google Services segment encompasses products and services like advertisements, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Alphabet, Shares, Earnings