Alphabet Inc (GOOG)

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Alphabet (GOOGL) Stock Hits 52-Week High After Earnings
By: Schaeffer's Investment Research | July 26, 2023

• Alphabet reported strong second-quarter results

• Analysts are blasting the stock with price-target hikes

All eyes are on Alphabet Inc (NASDAQ:GOOGL) today, after the Big Tech giant's strong second-quarter report. Analysts praised the company's steady growth in its cloud business, noting that it is well-positioned to compete with Microsoft's (MSFT) artificial intelligence (AI), with no fewer than 28 brokerages lifting their price targets after the event.

The company also announced that chief financial officer (CFO) Ruth Porat would assume the position of president and chief investment officer -- a newly created position. Porat will remain in the current role until the position is filled, however.

At last glance, GOOGL was up 6.7% at $130.41, and trading at fresh one-year highs. Year-to-date, the equity is up 47.8%.

So far in the options pits, 338,000 calls and 154,000 puts have been exchanged, which is four times the amount typically seen at this point. Expiring at the end of this week, the weekly 7/28 130-strike and 131-strike calls are the most active contracts, with new positions being opened at both.

Options bulls have been targeting the stock before today, as well. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), GOOGL's 50-day call/put volume ratio of 2.81 ranks higher than 95% of readings from the past year.

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