Analysts at JPMorgan Chase & Co. have raised their price target for Alphabet Inc. (NASDAQ:GOOG) from $260.00 to $300.00, indicating a potential increase of 11.76% from its current trading price. This adjustment, made in a report released on Monday, reflects the firm’s positive outlook on the information services provider, which currently holds an “overweight” rating.
Several other financial institutions have also recently provided updated forecasts for Alphabet’s stock. KeyCorp set a target price of $265.00 on September 3, while HSBC Global Research upgraded the stock to a “strong-buy” rating on October 7. Furthermore, TD Cowen increased its target from $270.00 to $280.00 on October 8, maintaining a “buy” rating. Similarly, Raymond James Financial established a target of $275.00 with an “outperform” rating, and Scotiabank reiterated an “outperform” rating with a revised target of $310.00 on October 16.
The consensus among analysts is indicative of a generally optimistic sentiment surrounding Alphabet. Currently, five analysts rate the stock as a Strong Buy, while twenty-one have assigned a Buy rating. Five analysts suggest a Hold rating, and three have issued a Sell rating. According to MarketBeat, Alphabet maintains a consensus rating of “Moderate Buy” with an average target price of $280.45.
Insider Trading Activities
In related news, insider John Kent Walker recently sold 23,820 shares of Alphabet on August 4, with the shares sold at an average price of $194.70, totaling approximately $4.64 million. This transaction resulted in a 35.65% reduction in Walker’s ownership, leaving him with 42,999 shares valued at about $8.37 million. The sale was disclosed in a filing with the U.S. Securities and Exchange Commission (SEC).
Additionally, Amie Thuener O’Toole, Chief Accounting Officer, sold 2,778 shares on September 15 at an average price of $245.00, amounting to around $680,610.00. This trade resulted in a 13.84% decrease in her ownership, leaving her with 17,293 shares valued at approximately $4.24 million. Over the past ninety days, insiders have sold a total of 246,150 shares, valued at about $55.81 million, representing 12.99% of the company’s stock currently held by insiders.
Institutional Investor Activity
Recent activities by institutional investors indicate a growing interest in Alphabet’s stock. RDA Financial Network increased its holdings by 5.3% during the second quarter, now owning 11,094 shares valued at approximately $1.97 million. Similarly, Bleakley Financial Group LLC raised its position by 1.4%, bringing its total to 170,020 shares worth around $30.16 million.
Other notable changes include Oldfather Financial Services LLC, which acquired a new stake valued at about $213,000, and Tower View Wealth Management LLC, which increased its holdings by 6.9% to 27,644 shares worth approximately $4.90 million. Dock Street Asset Management Inc. also boosted its position by 0.8%, now owning 234,306 shares valued at around $41.56 million. Overall, institutional investors now hold 27.26% of Alphabet’s stock.
Alphabet continues to expand its influence globally, offering a wide array of products and platforms across various regions, including North America, Europe, and Asia-Pacific. The company operates through three segments: Google Services, Google Cloud, and Other Bets, providing services that encompass advertising, devices, cloud solutions, and digital content.
As the market continues to evolve, the performance of Alphabet’s stock and the sentiment from analysts and investors will likely remain a focal point for those monitoring the technology sector.
