Truist Financial Raises Alphabet (NASDAQ:GOOGL) Price Target to $190.00

Alphabet (NASDAQ:GOOGL) had its price objective hoisted by equities researchers at Truist Financial from $170.00 to $190.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the information services provider’s stock. Truist Financial’s price target would suggest a potential upside of 10.50% from the company’s current price.

Other research analysts have also issued reports about the company. KeyCorp boosted their target price on Alphabet from $165.00 to $175.00 and gave the stock an “overweight” rating in a report on Monday, April 22nd. Royal Bank of Canada boosted their target price on Alphabet from $155.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday. Evercore ISI boosted their target price on Alphabet from $160.00 to $220.00 and gave the stock an “outperform” rating in a report on Friday. Redburn Atlantic boosted their target price on Alphabet from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. Finally, Roth Mkm decreased their target price on Alphabet from $166.00 to $164.00 and set a “buy” rating on the stock in a report on Wednesday, January 31st. Five investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $187.82.

Alphabet Trading Up 10.2 %

Shares of Alphabet stock opened at $171.95 on Friday. Alphabet has a 12-month low of $103.54 and a 12-month high of $174.71. The stock has a market cap of $2.14 trillion, a P/E ratio of 26.37, a P/E/G ratio of 1.43 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05. The business’s 50 day moving average is $147.85 and its 200-day moving average is $141.42.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 30.01% and a net margin of 25.90%. The company had revenue of $86.31 billion for the quarter, compared to analysts’ expectations of $70.77 billion. During the same quarter in the prior year, the business posted $1.05 EPS. Equities research analysts predict that Alphabet will post 6.79 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In related news, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $137.22, for a total value of $6,597,125.94. Following the sale, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at $243,854,485.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Amie Thuener O’toole sold 660 shares of Alphabet stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $143.59, for a total transaction of $94,769.40. Following the sale, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Ruth Porat sold 48,077 shares of Alphabet stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $137.22, for a total value of $6,597,125.94. Following the sale, the chief financial officer now directly owns 1,777,106 shares in the company, valued at $243,854,485.32. The disclosure for this sale can be found here. Insiders have sold 253,439 shares of company stock valued at $36,746,578 over the last ninety days. 0.88% of the stock is owned by corporate insiders.

Institutional Trading of Alphabet

A number of hedge funds have recently made changes to their positions in GOOGL. Chico Wealth RIA acquired a new stake in shares of Alphabet during the third quarter valued at about $330,000. Summit Global Investments lifted its stake in shares of Alphabet by 67.7% in the third quarter. Summit Global Investments now owns 241,463 shares of the information services provider’s stock worth $31,598,000 after acquiring an additional 97,466 shares during the period. Prentice Wealth Management LLC lifted its stake in shares of Alphabet by 18.1% in the third quarter. Prentice Wealth Management LLC now owns 7,140 shares of the information services provider’s stock worth $934,000 after acquiring an additional 1,096 shares during the period. Sunflower Bank N.A. lifted its stake in shares of Alphabet by 6.3% in the third quarter. Sunflower Bank N.A. now owns 5,951 shares of the information services provider’s stock worth $779,000 after acquiring an additional 353 shares during the period. Finally, David J Yvars Group lifted its stake in shares of Alphabet by 10.3% in the third quarter. David J Yvars Group now owns 4,170 shares of the information services provider’s stock worth $546,000 after acquiring an additional 390 shares during the period. 40.03% of the stock is owned by institutional investors and hedge funds.

About Alphabet

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.