Alphabet (NASDAQ:GOOGL) Trading Down 8.1% After Analyst Downgrade

Alphabet Inc. (NASDAQ:GOOGL) traded down 8.1% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $232.00 to $220.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Alphabet traded as low as $188.03 and last traded at $189.64. 32,139,526 shares traded hands during trading, an increase of 23% from the average session volume of 26,173,271 shares. The stock had previously closed at $206.38.

Other equities analysts also recently issued research reports about the company. Loop Capital raised their target price on Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Citizens Jmp downgraded shares of Alphabet from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 2nd. Bank of America reaffirmed a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research note on Monday, December 23rd. China Renaissance upgraded Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 price target (up previously from $200.00) on shares of Alphabet in a report on Wednesday, October 30th. Nine equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $211.00.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 1,340 shares of Alphabet stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $202.08, for a total value of $270,787.20. Following the transaction, the chief accounting officer now owns 17,848 shares of the company’s stock, valued at $3,606,723.84. This trade represents a 6.98 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 1,500 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $189.80, for a total transaction of $284,700.00. Following the completion of the transaction, the director now owns 21,824 shares of the company’s stock, valued at approximately $4,142,195.20. This represents a 6.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 100,029 shares of company stock valued at $18,462,883 in the last ninety days. Company insiders own 11.55% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Compass Planning Associates Inc purchased a new position in Alphabet during the 4th quarter worth $30,000. LMR Partners LLP purchased a new stake in Alphabet in the third quarter valued at approximately $32,000. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Alphabet by 518.8% in the 4th quarter. E Fund Management Hong Kong Co. Ltd. now owns 198 shares of the information services provider’s stock worth $37,000 after purchasing an additional 166 shares in the last quarter. Fiduciary Advisors Inc. bought a new position in shares of Alphabet during the 4th quarter valued at $39,000. Finally, PayPay Securities Corp lifted its position in Alphabet by 36.1% in the fourth quarter. PayPay Securities Corp now owns 245 shares of the information services provider’s stock valued at $46,000 after purchasing an additional 65 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 8.2 %

The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04. The stock’s fifty day moving average price is $190.39 and its two-hundred day moving average price is $174.40. The company has a market capitalization of $2.32 trillion, a PE ratio of 25.08, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, February 4th. The information services provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.12 by $0.03. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. Sell-side analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

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.