Alphabet (NASDAQ:GOOG) Stock Price Up 0.4% on Earnings Beat

Alphabet Inc. (NASDAQ:GOOG)’s share price was up 0.4% during trading on Tuesday following a stronger than expected earnings report. The company traded as high as $185.06 and last traded at $184.16. Approximately 3,534,995 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 20,348,346 shares. The stock had previously closed at $183.35.

The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $84.22 billion. Alphabet had a return on equity of 30.96% and a net margin of 26.70%. The business’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.44 EPS.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several analyst reports. Stifel Nicolaus upped their price objective on Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. TD Cowen increased their price target on Alphabet from $200.00 to $220.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Wolfe Research raised shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, July 16th. Morgan Stanley restated an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research note on Thursday, April 11th. Finally, Rosenblatt Securities lowered shares of Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price target on the stock. in a research note on Friday, June 28th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and a consensus target price of $177.50.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the completion of the transaction, the chief executive officer now owns 2,204,885 shares in the company, valued at $403,141,173.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $166.67, for a total value of $113,668.94. Following the completion of the transaction, the chief accounting officer now owns 29,284 shares of the company’s stock, valued at $4,880,764.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The stock was sold at an average price of $182.84, for a total transaction of $4,113,900.00. Following the sale, the chief executive officer now owns 2,204,885 shares in the company, valued at approximately $403,141,173.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 146,988 shares of company stock valued at $26,068,355. Insiders own 12.99% of the company’s stock.

Institutional Investors Weigh In On Alphabet

Hedge funds have recently made changes to their positions in the business. Pinnacle Wealth Management Advisory Group LLC lifted its holdings in shares of Alphabet by 1.6% during the 2nd quarter. Pinnacle Wealth Management Advisory Group LLC now owns 22,885 shares of the information services provider’s stock worth $4,198,000 after acquiring an additional 365 shares during the period. Spirit of America Management Corp NY acquired a new position in Alphabet during the second quarter worth approximately $413,000. Waypoint Capital Advisors LLC raised its stake in Alphabet by 0.6% during the second quarter. Waypoint Capital Advisors LLC now owns 17,226 shares of the information services provider’s stock worth $3,160,000 after purchasing an additional 101 shares during the period. Tranquility Partners LLC boosted its holdings in shares of Alphabet by 1.0% in the 2nd quarter. Tranquility Partners LLC now owns 14,275 shares of the information services provider’s stock valued at $2,618,000 after purchasing an additional 143 shares during the last quarter. Finally, Tanager Wealth Management LLP grew its stake in shares of Alphabet by 10.7% during the 2nd quarter. Tanager Wealth Management LLP now owns 135,054 shares of the information services provider’s stock valued at $24,772,000 after buying an additional 13,042 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Price Performance

The company has a market capitalization of $2.09 trillion, a PE ratio of 26.73, a PEG ratio of 1.36 and a beta of 1.05. The company has a current ratio of 2.15, a quick ratio of 2.15 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average price is $180.86 and its 200-day moving average price is $161.53.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.