Alphabet (NASDAQ:GOOGL) PT Raised to $220.00

Alphabet (NASDAQ:GOOGL) had its target price increased by investment analysts at Truist Financial from $196.00 to $220.00 in a note issued to investors on Wednesday, Marketbeat.com reports. The firm currently has a “buy” rating on the information services provider’s stock. Truist Financial’s price objective suggests a potential upside of 35.03% from the company’s previous close.

A number of other brokerages have also weighed in on GOOGL. Wedbush restated an “outperform” rating and issued a $205.00 price objective on shares of Alphabet in a report on Thursday, September 5th. Jefferies Financial Group raised their price target on Alphabet from $215.00 to $220.00 in a research note on Tuesday, July 9th. The Goldman Sachs Group lowered their price objective on Alphabet from $217.00 to $208.00 and set a “buy” rating for the company in a research report on Monday. UBS Group increased their price objective on Alphabet from $200.00 to $204.00 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Finally, Loop Capital restated a “hold” rating and set a $170.00 target price on shares of Alphabet in a research note on Wednesday, July 3rd. Eight equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $201.76.

Alphabet Stock Down 1.4 %

Shares of NASDAQ GOOGL opened at $162.93 on Wednesday. The stock has a market cap of $2.01 trillion, a P/E ratio of 24.99, a PEG ratio of 1.21 and a beta of 1.04. The business’s fifty day simple moving average is $161.77 and its 200-day simple moving average is $168.01. Alphabet has a 12-month low of $120.21 and a 12-month high of $191.75. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The company had revenue of $84.74 billion for the quarter, compared to analyst estimates of $70.60 billion. During the same quarter last year, the company earned $1.44 EPS. As a group, equities analysts predict that Alphabet will post 7.64 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the transaction, the chief accounting officer now owns 29,183 shares in the company, valued at approximately $4,927,257.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at approximately $354,310,204.75. This trade represents a 0.00 % decrease in their position. The transaction 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 1,367 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $168.84, for a total value of $230,804.28. Following the completion of the sale, the chief accounting officer now owns 29,183 shares in the company, valued at approximately $4,927,257.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,426 shares of company stock worth $35,993,340. Company insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

Institutional investors have recently bought and sold shares of the company. Christopher J. Hasenberg Inc increased its stake in shares of Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after purchasing an additional 60 shares in the last quarter. Kings Path Partners LLC acquired a new position in shares of Alphabet in the second quarter worth $36,000. Tributary Capital Management LLC purchased a new stake in shares of Alphabet in the first quarter valued at $30,000. Denver PWM LLC acquired a new stake in shares of Alphabet during the second quarter valued at $41,000. Finally, Quarry LP acquired a new position in Alphabet in the 2nd quarter valued at about $53,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Company Profile

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.