Piper Sandler Adjusts Price Target for Alphabet to $208.00

Alphabet (NASDAQ:GOOGL) has received a revised price target from Piper Sandler, which lowered its projection from $210.00 to $208.00. Alongside this adjustment, Piper Sandler has maintained an "overweight" rating on the stock, as stated in a recent research report published on Wednesday.

The new price target suggests a potential upside of approximately 9.03% based on the current trading price of Alphabet's shares.

Recent Analyst Ratings for Alphabet

Alphabet has been under the microscope from various other analysts as well. For instance, Phillip Securities initiated coverage by upgrading its rating for Alphabet to a "strong-buy" on November 1st. Additionally, Cantor Fitzgerald reduced its price target from $215.00 to $210.00, attaching a "neutral" rating in its January 22nd report.

Royal Bank of Canada also increased its price target from $204.00 to $210.00, labeling Alphabet with an "outperform" rating as of October 30th. Similarly, Sanford C. Bernstein raised its target from $180.00 to $185.00 and listed a "market perform" rating for the company. Bank of America reaffirmed a "buy" rating with a price target of $210.00 in late December.

In summary, the majority view among analysts indicates strong confidence in Alphabet, with nine maintaining a "hold" rating, twenty-nine issuing a "buy" rating, and four recommending a "strong buy". According to MarketBeat data, Alphabet holds a consensus rating classified as "Moderate Buy" with a target price averaging around $210.95.

Recent Stock Performance of Alphabet

On Wednesday, shares of NASDAQ:GOOGL decreased by $15.60, bringing the stock price to approximately $190.78. During this trading session, the volume reached about 39,873,907 shares, which is significantly higher than the average volume of approximately 26,522,469 shares.

Alphabet is currently experiencing a strong performance, with its 50-day moving average set at $190.39 and a 200-day moving average at $174.40. The market capitalization stands at an impressive $2.34 trillion, with a price-to-earnings (P/E) ratio of 25.32 and a PEG ratio of 1.31. Other relevant metrics show a current ratio and quick ratio of 1.95, and a modest debt-to-equity ratio of 0.04. The stock has fluctuated in the past year, hitting a low of $130.66 and a high of $207.05.

Insider Trading Activity

In related developments, Kavitark Ram Shriram, a director at Alphabet, sold 10,500 shares at an average price of $177.41 on November 7th, totaling around $1.86 million. Post-transaction, Shriram retains ownership of 319,966 shares valued at approximately $56.77 million, reflecting a 3.18% decrease in his holdings. Meanwhile, CAO Amie Thuener O'toole sold 1,340 shares on February 3rd at an average price of $202.08 for about $270,787.20.

In the last ninety days, insiders have collectively sold 100,029 shares for a total of $18,462,883. Presently, corporate insiders own 11.55% of Alphabet's stock.

Institutional Investor Activity

Recently, several institutional investors have adjusted their positions regarding Alphabet. Compass Planning Associates Inc. acquired shares worth approximately $30,000 during the fourth quarter. LMR Partners LLP also purchased new shares valued at around $32,000 in the third quarter.

E Fund Management Hong Kong Co. Ltd. significantly increased its holdings by 518.8% in the fourth quarter, owning 198 shares worth $37,000 after additional purchases. Fiduciary Advisors Inc. added new shares valued at $39,000 in the same quarter, and PayPay Securities Corp lifted its holdings by 36.1% to own 245 shares worth $46,000. Currently, institutional investors and hedge funds possess 40.03% of Alphabet's shares.

About Alphabet Inc.

Alphabet Inc. is a multinational company that provides a variety of products and platforms across regions, including the United States, Europe, and Asia-Pacific. Its operations are categorized into several segments: Google Services, Google Cloud, and Other Bets. The Google Services segment includes products like ads, Android, Chrome, Gmail, Google Drive, Google Maps, YouTube, and more.

Alphabet, Stock, Rating