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Piper Sandler Thinks Alphabet Class C’s Stock is Going to Recover

In a report released today, Thomas Champion from Piper Sandler maintained a Buy rating on Alphabet Class C (GOOGResearch Report), with a price target of $135.00. The company’s shares closed last Tuesday at $105.44, close to its 52-week low of $102.21.

According to TipRanks.com, Champion ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -11.8% and a 29.9% success rate. Champion covers the Technology sector, focusing on stocks such as Zillow Group Class A, IAC/InteractiveCorp., and Alphabet Class A.

Alphabet Class C has an analyst consensus of Strong Buy, with a price target consensus of $145.10, implying a 35.1% upside from current levels. In a report issued on July 13, Cowen & Co. also maintained a Buy rating on the stock with a $150.00 price target.

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The company has a one-year high of $152.10 and a one-year low of $102.21. Currently, Alphabet Class C has an average volume of 31.08M.

Based on the recent corporate insider activity of 271 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of GOOG in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Alphabet is a holding company, with Google, the Internet media giant, as a wholly owned subsidiary. Google accounts for 99% of Alphabet’s revenue, of which, substantial revenue is generated from online ads. Google’s other revenue is from sales of apps and content on Google Play and YouTube, as well as cloud services fees and other licensing revenue. Google also sells hardware products like Chromebooks, the Pixel smartphone, and smart homes products, which include Nest and Google Home. Alphabet’s Other Bets business is comprised of moonshot investments in Access, Calico, CapitalG, GV, Verily, Waymo, X and others.

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