Alphabet (NASDAQ:GOOGL) Stock Price Expected to Rise, Truist Financial Analyst Says

Alphabet (NASDAQ:GOOGL) had its price target increased by analysts at Truist Financial from $220.00 to $225.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the information services provider’s stock. Truist Financial’s price target points to a potential upside of 25.80% from the company’s previous close.

Several other research analysts also recently commented on the company. JMP Securities reaffirmed a “market outperform” rating and issued a $200.00 price objective on shares of Alphabet in a research note on Wednesday, September 25th. TD Securities raised their target price on shares of Alphabet from $200.00 to $220.00 in a research note on Wednesday, July 10th. Loop Capital reiterated a “hold” rating and issued a $170.00 price target on shares of Alphabet in a research report on Wednesday, July 3rd. Morgan Stanley raised their price objective on shares of Alphabet from $190.00 to $205.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Guggenheim lifted their target price on shares of Alphabet from $195.00 to $205.00 and gave the company a “buy” rating in a research note on Wednesday, July 24th. Seven equities research analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $202.87.

Alphabet Stock Performance

NASDAQ GOOGL traded up $9.17 during trading hours on Wednesday, hitting $178.85. 32,715,938 shares of the company’s stock traded hands, compared to its average volume of 26,968,799. Alphabet has a 52 week low of $122.68 and a 52 week high of $191.75. The firm has a market capitalization of $2.21 trillion, a P/E ratio of 27.44, a P/E/G ratio of 1.27 and a beta of 1.04. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average price is $162.00 and its two-hundred day moving average price is $168.74.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. During the same quarter in the previous year, the firm posted $1.55 EPS. Equities research analysts predict that Alphabet will post 7.65 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Alphabet

Institutional investors have recently bought and sold shares of the company. Christopher J. Hasenberg Inc grew its stake in shares of Alphabet by 75.0% during the second quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after acquiring an additional 60 shares during the last quarter. Tributary Capital Management LLC acquired a new stake in Alphabet in the 1st quarter worth approximately $30,000. Kings Path Partners LLC acquired a new position in Alphabet during the 2nd quarter valued at approximately $36,000. Denver PWM LLC purchased a new position in shares of Alphabet in the second quarter worth $41,000. Finally, CarsonAllaria Wealth Management Ltd. lifted its stake in shares of Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock worth $44,000 after buying an additional 109 shares during the period. 40.03% of the stock is currently 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.