Truist Financial Issues Positive Forecast for Alphabet (NASDAQ:GOOGL) Stock Price

Alphabet (NASDAQ:GOOGL) had its target price boosted by Truist Financial from $220.00 to $225.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the information services provider’s stock.

Several other analysts have also recently weighed in on GOOGL. Guggenheim boosted their price target on Alphabet from $195.00 to $205.00 and gave the stock a “buy” rating in a report on Wednesday, July 24th. Morgan Stanley boosted their price target on Alphabet from $190.00 to $205.00 and gave the stock an “overweight” rating in a report on Wednesday. Cantor Fitzgerald restated a “neutral” rating and set a $190.00 price target on shares of Alphabet in a report on Monday, October 7th. Argus boosted their price target on Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $200.00 target price on shares of Alphabet in a report on Wednesday, September 25th. Seven research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $205.51.

Alphabet Stock Performance

Alphabet stock opened at $174.46 on Wednesday. Alphabet has a 12-month low of $122.68 and a 12-month high of $191.75. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average price is $162.17 and its two-hundred day moving average price is $168.78. The stock has a market cap of $2.16 trillion, a PE ratio of 26.76, a P/E/G ratio of 1.27 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. The company had revenue of $88.27 billion for the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. During the same period in the previous year, the business posted $1.55 earnings per share. As a group, analysts expect that Alphabet will post 7.65 earnings per share for the current fiscal year.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,835 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the transaction, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 34,257 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares in the company, valued at approximately $50,765,346. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $151.53, for a total value of $429,587.55. Following the transaction, the chief accounting officer now owns 29,182 shares in the company, valued at approximately $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock valued at $35,993,340 over the last ninety days. 11.55% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphabet

Several large investors have recently bought and sold shares of the stock. New Hampshire Trust increased its position in shares of Alphabet by 2.7% during the 2nd quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after purchasing an additional 1,132 shares during the last quarter. Berkshire Money Management Inc. purchased a new stake in shares of Alphabet during the 1st quarter valued at $359,000. Schneider Downs Wealth Management Advisors LP increased its position in shares of Alphabet by 58.4% during the 1st quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock valued at $962,000 after purchasing an additional 2,351 shares during the last quarter. Trinity Financial Advisors LLC increased its position in shares of Alphabet by 4.5% during the 3rd quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock valued at $771,000 after purchasing an additional 190 shares during the last quarter. Finally, StoneCrest Wealth Management Inc. increased its position in shares of Alphabet by 0.7% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock valued at $3,567,000 after purchasing an additional 140 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

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.