Wells Fargo & Company Issues Pessimistic Forecast for Alphabet (NASDAQ:GOOG) Stock Price

Alphabet (NASDAQ:GOOG) had its price objective dropped by stock analysts at Wells Fargo & Company from $418.00 to $411.00 in a research report issued to clients and investors on Thursday. The brokerage currently has an “overweight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 29.93% from the company’s current price.

A number of other research firms have also commented on GOOG. Scotiabank restated an “outperform” rating and issued a $450.00 price target (up from $400.00) on shares of Alphabet in a research report on Thursday, April 30th. TD Cowen raised their price target on Alphabet from $450.00 to $475.00 and gave the company a “buy” rating in a report on Tuesday, June 9th. Barclays restated an “overweight” rating and set a $425.00 target price (up from $405.00) on shares of Alphabet in a report on Thursday. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a report on Friday, July 17th. Finally, Truist Financial set a $430.00 price objective on shares of Alphabet in a report on Monday, June 1st. Five equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $408.27.

Alphabet Price Performance

Shares of GOOG stock traded down $25.60 during trading hours on Thursday, hitting $316.31. The company had a trading volume of 18,257,247 shares, compared to its average volume of 21,381,564. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 1.92. The firm has a market capitalization of $3.83 trillion, a price-to-earnings ratio of 24.17, a PEG ratio of 1.43 and a beta of 1.23. Alphabet has a 12 month low of $188.70 and a 12 month high of $404.47. The firm’s fifty day moving average is $363.69 and its 200 day moving average is $337.49.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, July 23rd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.88 by $6.23. Alphabet had a return on equity of 38.99% and a net margin of 37.92%.The firm had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.06 billion. During the same period in the prior year, the company posted $2.31 earnings per share. The business’s revenue for the quarter was up 24.2% compared to the same quarter last year. On average, sell-side analysts predict that Alphabet will post 14.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Frances Arnold sold 112 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $351.28, for a total value of $39,343.36. Following the completion of the transaction, the director directly owned 18,833 shares in the company, valued at approximately $6,615,656.24. The trade was a 0.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $368.63, for a total value of $387,061.50. Following the completion of the sale, the director directly owned 1,481 shares in the company, valued at approximately $545,941.03. This represents a 41.49% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 159,415 shares of company stock worth $7,672,279. Insiders own 12.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Kathmere Capital Management LLC increased its holdings in shares of Alphabet by 8.5% in the 4th quarter. Kathmere Capital Management LLC now owns 29,896 shares of the information services provider’s stock valued at $9,381,000 after acquiring an additional 2,341 shares during the period. Gerber Kawasaki Wealth & Investment Management increased its holdings in shares of Alphabet by 1.0% in the fourth quarter. Gerber Kawasaki Wealth & Investment Management now owns 275,943 shares of the information services provider’s stock valued at $86,596,000 after purchasing an additional 2,850 shares during the period. Newbridge Financial Services Group Inc. lifted its holdings in shares of Alphabet by 7.5% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 60,739 shares of the information services provider’s stock valued at $19,060,000 after buying an additional 4,239 shares during the period. World Investment Advisors raised its position in Alphabet by 8.7% during the fourth quarter. World Investment Advisors now owns 190,654 shares of the information services provider’s stock valued at $59,827,000 after acquiring an additional 15,280 shares in the last quarter. Finally, Violich Capital Management Inc. lifted its holdings in Alphabet by 1.0% in the fourth quarter. Violich Capital Management Inc. now owns 340,776 shares of the information services provider’s stock valued at $106,936,000 after acquiring an additional 3,378 shares during the period. 27.26% of the stock is currently owned by institutional investors.

Key Headlines Impacting Alphabet

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet delivered a strong Q2 beat, with revenue, EPS, and cloud growth all topping expectations, reinforcing the strength of Search, YouTube, and Google Cloud. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: Google Cloud momentum and rising Gemini usage suggest Alphabet’s AI investments are beginning to show returns, which could support longer-term growth. Alphabet Beats on Cloud Revenue, Posts Strong Gemini Usage
• Positive Sentiment: Analyst sentiment remains constructive, with several firms maintaining buy ratings and raising price targets after the earnings report. Tickerreport.com
• Neutral Sentiment: Alphabet also announced new, cheaper Gemini model updates and work on efficiency-improving AI chips, which may help offset future infrastructure costs if execution improves. Google releases three new Gemini models — but no 3.5 Pro
• Negative Sentiment: Investors are worried Alphabet’s AI capex spree is getting too large, especially after the company raised spending guidance and reported negative free cash flow. Alphabet’s cash burn raises alarm for Big Tech as AI spending climbs
• Negative Sentiment: Alphabet also faces added regulatory pressure after the EU hit Google with a roughly $1 billion antitrust fine over Search and Play Store practices. Google hit with $1 billion EU fine, first under landmark rules

Alphabet Company Profile

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.