What's Going On With Alphabet Stock Wednesday?

Alphabet Inc GOOG shares are trading lower Wednesday following the company’s second-quarter earnings results. Multiple analysts adjusted price targets following the print. Here’s what you need to know.

What To Know: Alphabet reported second-quarter revenue of $84.742 billion, beating the consensus estimate of $84.202 billion. The tech giant reported quarterly earnings of $1.89 per share, beating analyst estimates of $1.85 per share, according to data from Benzinga Pro. 

Total revenue was up 14% year-over-year, driven by ongoing strength in Search and momentum in Cloud. Google Search revenue was $48.509 billion in the quarter, Google Advertising revenue was $64.616 billion, YouTube advertising revenue came in at $8.663 billion and Google Cloud revenue totaled $10.347 billion.

"We are innovating at every layer of the AI stack. Our longstanding infrastructure leadership and in-house research teams position us well as technology evolves and as we pursue the many opportunities ahead," said Sundar Pichai, CEO of Alphabet.

See Also: Alphabet Investors Fret Over Margin Impact Of Higher AI-related Capex, But Fund Manager Says Not Spending Enough Exposes Google’s Parent To Risk Of ‘Losing Their Grip On The Future’

Analyst Assessment:

• Needham analyst Laura Martin reiterated Alphabet with a Buy and maintained a price target of $210.

• Piper Sandler analyst Thomas Champion maintained Alphabet with an Overweight and raised the price target from $200 to $206.

• Wells Fargo analyst Ken Gawrelski maintained Alphabet with an Equal-Weight and raised the price target from $187 to $190.

• JPMorgan analyst Doug Anmuth maintained Alphabet with an Overweight and raised the price target from $200 to $208.

• Morgan Stanley analyst Brian Nowak maintained Alphabet with an Overweight and lowered the price target from $210 to $205.

• Rosenblatt analyst Barton Crockett maintained Alphabet with a Neutral and maintained a price target of $181.

GOOG Price Action: Alphabet shares were down 4.28% at $175.74 at the time of publication, according to Benzinga Pro.

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