As a leading company in the tech industry, Alphabet Inc. (NASDAQ: GOOG) is known for its innovative and forward-thinking approach. Its continued success has made it a top pick for investors who believe in the long-term growth of the tech industry.
Google’s stock has been given overwhelmingly positive recommendations. Over the past three months, 51 analysts have given their ratings on the stock, with 40 advocating for a strong buy, 7 recommending a buy, and only 4 advising a hold. Notably, none of the experts on Wall Street have advocated for selling the stock, According to analyst ratings retrieved on May 1 from TradingView.
Based on estimates from 45 financial experts on Wall Street, the 1-year price target for GOOG stock is $128.96, with a high estimate of $190.31 and a low estimate of $100 for the next 12 months.
These ratings are indicative of the overall positive sentiment toward Google’s stock among analysts. This sentiment is likely driven by the company’s strong fundamentals and market position as one of the leading tech companies in the world.
GOOG stock price analysis
Over the past month, GOOG has experienced a wide trading range of $101.44 to $109.63, with the stock currently trading near the upper end of this range.
There is a support zone in the range of $104.45 to $106.23, which is created by multiple trend lines and important moving averages across various time frames. This zone could provide a level of support for the stock if it experiences a downturn.
On the other hand, there is a resistance zone ranging from $108.66 to $109.46, which is formed by multiple trend lines across different time frames.
Latest GOOG market sentiment
A pseudonymous trading expert on Twitter, Nebraskangooner, shared his positive sentiment toward Google stock on May 1. The trader noted that Google’s chart is ‘one of the nicer-looking ones’ in the market, and its AI technology and positive earnings help make it a strong investment opportunity.
Nebraskangooner noted a pattern with the 99sma, also known as the 99-day Simple Moving Average. the 99sma, a commonly used technical analysis tool in the stock market, helps traders to determine the overall trend of a stock.
In the case of Google’s stock, the recent dip provided traders with an opportunity to retest the 99sma. This means that the stock price fell below the 99-day moving average, giving traders a chance to buy at a potentially discounted price. The fact that the stock is now consolidating tightly above the 99sma is a positive sign for traders who are bullish on the stock.
However, it is important to note that investing in the stock market always comes with risks. The bullish bias towards Google’s stock can only remain intact, according to the trader, if the stock price does not drop by more than 4%.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Source: https://finbold.com/wall-street-sets-google-goog-stock-price-for-the-next-12-months/