The stock of technology giant Alphabet (GOOGL) closed at an all-time high on Jan. 24, finishing trading above $200 on a split-adjusted basis for the very first time.
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The record close comes as investors turn bullish on Alphabet’s leading role in artificial intelligence (AI). GOOGL stock has been on a tear to start the year, gaining 6% so far in January, outpacing a 4% increase in the benchmark S&P 500 index and a 3% rise in the technology-laden Nasdaq Composite.
Alphabet’s new all-time high has been achieved on a split-adjusted basis. GOOGL stock split 20-for-1 in 2022. At the time of the split, the stock was trading at $2,750, equivalent to $137.50 after the split. The record close for Alphabet’s shares also comes shortly before the company is scheduled to report its fourth-quarter 2024 financial results on Feb. 4.
Accelerating Growth
Alphabet’s Q4 results are expected to show continued growth at the company. Alphabet’s previous third quarter revenue increased 15% from a year earlier, accelerating from 11% growth during the same period in 2024. The company generated $88.3 billion in sales in Q3 2024 and posted record cloud computing revenue.
Analysts on Wall Street appear to be growing increasingly bullish on Alphabet’s opportunity in AI and the new features being added across its products. In a just released analysis, Morgan Stanley (MS) highlighted Alphabet’s progress with its AI agent products, Project Astra and Project Mariner, as well as its large language model Gemini 2.0 that was released last year.
GOOGL stock has gained 32% over the past 12 months.
Is GOOGL Stock a Buy?
The stock of Alphabet has a consensus Strong Buy rating among 32 Wall Street analysts. That rating is based on 24 Buy and eight Hold recommendations assigned in the last three months. The average GOOGL price target of $217.93 implies 8.85% upside from current levels.
