We're Locking in Big Gains on Google and Raising Our Price Target
Portfolio discipline means ringing the register now. Remaining upside potential and an overbought condition keep our rating in place.
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| Symbol | Transaction Type | # Shares Traded | Recent Price $ | Shares Owned After Trade | % Portfolio |
|---|---|---|---|---|---|
GOOGL | Sell | 90 | 324 | 677 | 4.1 |
After you receive this Alert, we will sell 90 shares of Alphabet (GOOGL) at or near $324. Following the trade, GOOGL shares will account for roughly 4.1% of the Pro Portfolio's assets.
Following up on our initial comments and the corresponding upswing in GOOGL shares that has pushed them well past a 4.5% position size, we are bowing to our Pro Portfolio discipline to ring the register.
At the same time, we will also lift our GOOGL price target to $350 from $320 to reflect recent developments. As we get more granularity on the potential Meta (META) -Google AI infrastructure tie up, we’ll revisit that target. However, given the upside to our new target price, we will continue to rate GOOGL a Two. With the shares once again in an overbought condition, and in keeping with that rating, our recommendation is for folks underweight the shares to not chase them at current levels.
The trade will help rebuild the Pro Portfolio’s cash position, which we may put to work as we navigate potentially volatile trading days soon after the Thanksgiving holiday.
(Please note that we are looking to execute these trades at or near the share price mentioned above. Once the trade is completed, subscribers can see the trade's executed price here. Be sure to toggle the chart to sort by Purchase Date.)
At the time of publication, TheStreet Pro Portfolio was long GOOGL and META.
