NEW YORK (TheStreet) -- Shares of Google (GOOGL) - Get Report closed in the green, sharply up 16.26% to $699.62 on heavy volume in Friday's regular trading session, after Wall Street firms issued upbeat notes on the global technology company this morning following its latest earnings release.
The search engine showed off its strong second quarter earnings late yesterday.
This morning, analysts at Axiom upgraded Google to "buy" from "hold" with an $850 price target saying "now is the right time" to buy.
Deutsche Bank raised its price target to $780 from $670, while keeping its "buy" rating. The firm noted that Google showed investors that it cares "deeply about its stock price and talent retention."
Piper Jaffray analysts hiked its price target to $723 from $631 with an "overweight" rating, citing revenue growth and higher cost-per-clicks.
Also, Google stock had coverage initiated at MKM Partners with a "buy" rating and a price target of $805.
In the latest quarter, the tech giant beat earnings estimates for the first time in nearly two years.
The Internet and technology giant posted second-quarter earnings of $6.99 per share on $17.73 billion in revenue.
Analysts were expecting Google to earn $6.70 per Class A share and $6.74 per Class C share on $17.75 billion in revenue, according to a consensus estimate from Thomson Reuters.
Shares are up 0.01% to $699.70 in after-hours action.
About 12.51 million shares of Google have exchanged hands as of 4:14 p.m. ET today, compared to its average trading volume of about 1.84 million shares a day.
Google is a search engine that focuses its business around search, advertising, operating systems and platforms, enterprise, and hardware products.
Insight from TheStreet's Research Team:
Google is a core holding of Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. In a recent post, here is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS, had to say about the stock:
After the close, Google reported spectacular second-quarter results, marked by a huge EPS beat ($6.99 vs. $6.71 consensus) and in-line revenues ($17.73 billion vs. $17.75 billion consensus), which on a constant-currency basis represent 18% year-over-year growth.
Arguably more exciting were comments by newly minted CFO Ruth Porat, who noted, "We are focused every day on developing big, new opportunities across a wide range of businesses. We will do so with great care regarding resource allocation."
We are incredibly impressed with Google's clear focus on prioritizing business segments and curtailing spending. ...we believe the only way it can compound its growth is doing exactly what it appears committed to doing: narrowing its focus and rationalizing investment spend.
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Separately, TheStreet Ratings team rates GOOGLE INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOOGLE INC (GOOGL) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, expanding profit margins and good cash flow from operations. We feel its strengths outweigh the fact that the company has had somewhat disappointing return on equity."
You can view the full analysis from the report here: GOOGL Ratings Report