Amid a host of uncertainties, Alphabet (GOOGL) shares have declined 21% so far in 2022. Today, a court in Australia ordered Google to pay $515,000 to a former politician over two YouTube videos.
Google and comedian Jordan Shanks were sued by the former South Wales State Deputy Premier, John Barilaro. The former politician sued Google after the company failed to take down the videos despite his letter to the company.
Tech giants including Alphabet have been facing more and more scrutiny by governments and the public alike over a host of concerns such as privacy, discrimination, and online abuse.
Piper Sandler analyst Thomas Champion has reiterated a Buy rating on the stock, while decreasing the price target to $2,775 from $2,900.
Overall, the Street has a Strong Buy Consensus rating on Alphabet based on 30 unanimous Buys. The average Alphabet price target of $3,237 implies a potential upside of 41.32%.
Hedge Funds are Buying Up Alphabet
Additionally, TipRanks data indicates hedge funds have increased holdings in Alphabet by 187,600 shares in the last quarter, indicating a Positive hedge fund confidence signal. Moreover, Ric Dillon’s Diamond Hill Capital Management has increased its holding in the stock by about 600%, taking it to about $521 million.
Alphabet remains a long-term growth story with an unparalleled grasp of its target market. Despite the adverse court ruling, both analysts and hedge funds remain upbeat about the stock.
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