The stock of Google parent company Alphabet (GOOGL) has reached an all-time high on a split-adjusted basis.
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Forget margin or options. Here's how the pros trade NVDAThe company’s Class A stock rose 4% to hit a record high of $402.01 on May 13. The milestone comes after Alphabet’s share price surged 152% over the last 12 months as Wall Street came to see the technology giant as a leader in the global artificial intelligence (AI) race.
The rally in GOOGL stock accelerated after the company’s latest financial results were made public in late April. Over the past month, Alphabet’s share price has risen 25% as investors double down on the AI buildout and bid up technology stocks.
Alphabet’s Performance
Alphabet now has a market capitalization of $4.80 trillion, second only to chipmaker Nvidia (NVDA). The search engine giant recently reported impressive year-over-year revenue growth of 17%. Following the latest print, many analysts revised up their earnings forecast for the upcoming quarter.
GOOGL stock has been on an upswing ever since the company released last fall a version of its Gemini AI chatbot that is viewed as the most advanced on the market today. Alphabet has since released several new AI products aimed at appealing to consumers, including a new line of laptop computers.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 33 Wall Street analysts. That rating is based on 28 Buy and five Hold recommendations issued in the last three months. The average GOOGL price target of $426.44 implies 11% upside from current levels.
