Benzinga | Oct 27, 2021 10:58AM EDT

Why Alphabet Shares Are Moving Higher Today

Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) is trading higher Wednesday after the company announced better-than-expected third-quarter financial results.

Alphabet reported quarterly earnings of $27.99 per share, which beat the estimate of $23.47 per share. The company reported quarterly revenue of $65.12 billion, which beat the estimate of $63.45 billion.

"Five years ago, I laid out our vision to become an AI-first company. This quarter's results show how our investments there are enabling us to build more helpful products for people and our partners," said Sundar Pichai, CEO of Alphabet.

Analyst Assessment: Multiple analyst firms raised price targets on the stock following Alphabet's financial results:

* Keybanc analyst Justin Patterson maintained Alphabet with an Overweight rating and raised the price target from $3071 to $3090.

* Raymond James analyst Aaron Kessler maintained Alphabet with an Outperform rating and raised the price target from $3200 to $3400.

* Oppenheimer analyst Jason Helfstein maintained Alphabet with an Outperform rating and raised the price target from $3000 to $3500.

* Barclays analyst Ross Sandler maintained Alphabet with an Overweight rating and raised the price target from $3200 to $3300.

* Jefferies analyst Brent Thill maintains Alphabet with a Buy and raises the price target from $3325 to $3500.

See Also: Alphabet: Q3 Earnings Insights

GOOGL Price Action: Alphabet has traded as high as $2,925.07 and as low as $1,508.48 over a 52-week period.

The stock was up 3.83% at $2,892.52 at time of publication.

Photo: Photo Mix from Pixabay.