Analysts at Argus have raised their price target for Alphabet Inc. (NASDAQ:GOOGL) from $330.00 to $365.00, a move that signals confidence in the company’s future performance. The revised target, issued in a research note on Monday, indicates a potential upside of 15.82% from the stock’s current price. Argus maintains a “buy” rating on Alphabet, reflecting positive sentiment within the financial community.
Other analysts have echoed this bullish outlook. Deutsche Bank Aktiengesellschaft increased its price target for Alphabet shares from $260.00 to $340.00, also assigning a “buy” rating in a report dated October 30. Truist Financial set a target price of $350.00 with a similar rating on December 5. Additionally, DZ Bank reaffirmed a “buy” rating on November 20, while KeyCorp adjusted its price target upward to $300.00 from $265.00 on October 27. HSBC has set a target of $370.00, further consolidating the buy recommendations for the stock.
Currently, the stock holds an average rating of “Moderate Buy,” with four analysts rating it as a Strong Buy, 42 as Buy, and six as Hold. According to data from MarketBeat.com, the average target price across these assessments is $318.67.
Strong Earnings Drive Analyst Confidence
Alphabet’s sturdy quarterly performance, reported on October 29, has fueled the positive analyst sentiment. The company posted earnings of $2.87 per share, exceeding analysts’ expectations of $2.29 by $0.58. Revenue for the quarter reached $102.35 billion, surpassing consensus estimates of $99.90 billion. The company achieved a return on equity of 35.00% and a net margin of 32.23%, underscoring its robust financial health.
Research analysts predict that Alphabet will report earnings of $8.90 per share for the current year, reflecting continued growth expectations.
Insider Transactions Highlight Market Activity
In related news, insider trading activity has drawn attention. John Kent Walker, an insider at Alphabet, sold 17,829 shares on December 30 at an average price of $314.89, totaling approximately $5.61 million. Post-transaction, Walker holds 42,972 shares valued at around $13.53 million, marking a decrease of 29.32% in his holdings.
Additionally, CEO Sundar Pichai sold 32,500 shares on November 5, garnering $9.21 million at an average price of $283.48. Following this sale, Pichai retains 2,337,119 shares valued at approximately $662.53 million, reflecting a 1.37% reduction in his stake. Over the past 90 days, insiders sold a total of 192,687 shares valued at $56.26 million, with insiders owning 11.55% of the company’s stock.
Institutional Investors Adjust Holdings
Recent changes among institutional investors indicate a dynamic trading environment for Alphabet shares. GAMMA Investing LLC increased its stake by 8.1% in the fourth quarter, acquiring an additional 10,563 shares for a total of 141,646 shares valued at about $44.34 million. Boltwood Capital Management also raised its holdings by 1.2%, now owning 26,303 shares worth $8.23 million.
Global Wealth Strategies & Associates expanded its position by 15.4% during the same quarter, while RIA Advisory Group LLC increased its stake by 29.1% in the third quarter. Institutional investors collectively own 40.03% of Alphabet’s stock, highlighting significant institutional interest in the company’s growth trajectory.
Alphabet Inc., established in 2015, serves as the holding company for Google and various businesses focused on technology beyond core internet services. Its portfolio includes consumer products like Google Search, YouTube, and various advertising platforms, alongside ventures into cloud computing and hardware development.
As Alphabet continues to demonstrate strong financial performance and attract analyst support, the company’s stock appears poised for potential growth in the coming months.
