Alphabet (NASDAQ:GOOGL) Hits New 12-Month High at $2,597.06

Alphabet Inc. (NASDAQ:GOOGL)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $2,597.06 and last traded at $2,597.00, with a volume of 47920 shares. The stock had previously closed at $2,550.98.

Several analysts recently issued reports on the stock. Moffett Nathanson increased their price target on shares of Alphabet from $2,500.00 to $2,800.00 in a research report on Wednesday, April 28th. Jefferies Financial Group lifted their price target on shares of Alphabet from $2,850.00 to $2,950.00 and gave the company a “buy” rating in a research note on Tuesday. Zacks Investment Research cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $2,818.00 price objective for the company. in a report on Tuesday, June 29th. Canaccord Genuity boosted their price target on shares of Alphabet from $2,600.00 to $2,800.00 and gave the stock a “buy” rating in a report on Wednesday, April 28th. Finally, Truist Securities increased their price target on shares of Alphabet from $2,250.00 to $2,400.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Three investment analysts have rated the stock with a hold rating and forty-two have issued a buy rating to the stock. Alphabet has an average rating of “Buy” and an average target price of $2,520.50.

The firm has a market cap of $1.74 trillion, a PE ratio of 34.20, a price-to-earnings-growth ratio of 1.54 and a beta of 1.01. The company’s fifty day moving average price is $2,423.87. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 3.09.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Monday, April 26th. The information services provider reported $26.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $15.82 by $10.47. Alphabet had a net margin of 26.11% and a return on equity of 23.54%. The firm had revenue of $45.60 billion for the quarter, compared to analysts’ expectations of $42.46 billion. During the same period in the previous year, the company earned $9.87 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 90.17 EPS for the current year.

Several large investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Alphabet during the 4th quarter valued at $9,523,211,000. Morgan Stanley boosted its holdings in shares of Alphabet by 27.1% during the 4th quarter. Morgan Stanley now owns 3,271,179 shares of the information services provider’s stock valued at $5,733,202,000 after acquiring an additional 697,236 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Alphabet by 6.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,183,875 shares of the information services provider’s stock worth $12,590,747,000 after buying an additional 447,141 shares during the last quarter. Viking Global Investors LP boosted its holdings in shares of Alphabet by 222.9% in the fourth quarter. Viking Global Investors LP now owns 619,791 shares of the information services provider’s stock worth $1,086,270,000 after buying an additional 427,842 shares during the last quarter. Finally, Cohen Investment Advisors LLC boosted its holdings in shares of Alphabet by 22,787.8% in the first quarter. Cohen Investment Advisors LLC now owns 352,015 shares of the information services provider’s stock worth $2,861,000 after buying an additional 350,477 shares during the last quarter. 34.52% of the stock is currently owned by hedge funds and other institutional investors.

About Alphabet (NASDAQ:GOOGL)

Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.

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