Tue Oct 08 00:03:06 UTC 2024: ## Alphabet Stock Sees Slight Dip Following Wells Fargo Downgrade

Alphabet Inc. (GOOGL) stock closed down 1% on Wednesday after Wells Fargo & Company lowered its price target on the stock from $190.00 to $182.00. Despite the downgrade, Wells Fargo maintained an “Equal Weight” rating on the stock.

The stock traded as low as $164.88 during the day, ending the session at $165.34. Trading volume was significantly lower than average, with approximately 4.59 million shares changing hands, a decline of 83% from the usual daily volume.

While Wells Fargo expressed some reservations, other analysts remain optimistic about Alphabet’s future. Pivotal Research recently upgraded the stock to a “Strong Buy” rating, while Needham & Company LLC reaffirmed a “Buy” rating and set a $210.00 price target.

Overall, the stock currently holds a “Moderate Buy” rating among analysts, with a consensus price target of $201.14.

In related news, Alphabet insiders have been active in the market recently. CAO Amie Thuener O’toole sold 682 shares of stock, while insider John Kent Walker sold 21,467 shares. Over the past three months, insiders have sold a total of 217,592 shares worth $35,922,911.

Institutional investors have also been making adjustments to their holdings. Christopher J. Hasenberg Inc. increased its stake in Alphabet by 75.0% during the second quarter, while Vermillion & White Wealth Management Group LLC and Tributary Capital Management LLC acquired new positions in the company.

Despite the recent downgrade and insider selling, Alphabet remains a strong performer in the market, with a market cap of $2.05 trillion. The company reported strong earnings in its most recent quarter, surpassing analyst expectations.

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