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

Alphabet (NASDAQ:GOOGL) had its target price lifted by research analysts at Truist Financial from $220.00 to $225.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Truist Financial’s price target points to a potential upside of 31.49% from the company’s current price.

Several other research analysts have also issued reports on the stock. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. JMP Securities reissued a “market outperform” rating and set a $200.00 price objective on shares of Alphabet in a research note on Wednesday, September 25th. Piper Sandler reaffirmed an “overweight” rating and set a $200.00 target price on shares of Alphabet in a research report on Monday, September 30th. Wedbush reiterated an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a research report on Thursday, October 24th. Finally, DA Davidson initiated coverage on Alphabet in a report on Tuesday, September 10th. They set a “neutral” rating and a $170.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $205.51.

Alphabet Trading Down 1.9 %

Shares of Alphabet stock opened at $171.11 on Wednesday. The business has a fifty day simple moving average of $162.32 and a 200-day simple moving average of $168.79. Alphabet has a fifty-two week low of $122.68 and a fifty-two week high of $191.75. The firm has a market cap of $2.11 trillion, a price-to-earnings ratio of 22.69, a price-to-earnings-growth ratio of 1.29 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The company had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the prior year, the company earned $1.55 EPS. On average, equities analysts forecast that Alphabet will post 7.85 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the transaction, 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 filing with the SEC, which is available through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the transaction, the chief executive officer now owns 2,182,385 shares of the company’s stock, valued at approximately $354,310,204.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $167.23, for a total value of $473,929.82. Following the sale, the chief accounting officer now owns 26,349 shares of the company’s stock, valued at approximately $4,406,343.27. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 219,744 shares of company stock valued at $35,878,764 over the last 90 days. 11.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Alphabet

A number of institutional investors and hedge funds have recently bought and sold shares of GOOGL. International Assets Investment Management LLC grew its position in Alphabet by 43,005.6% in the 3rd quarter. International Assets Investment Management LLC now owns 18,743,594 shares of the information services provider’s stock worth $31,086,250,000 after purchasing an additional 18,700,111 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Alphabet by 587.4% in the third quarter. SG Americas Securities LLC now owns 10,690,326 shares of the information services provider’s stock valued at $1,772,991,000 after buying an additional 9,135,056 shares during the period. Capital Research Global Investors lifted its stake in shares of Alphabet by 14.4% in the first quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after buying an additional 7,275,757 shares during the period. Assenagon Asset Management S.A. grew its position in Alphabet by 116.4% during the third quarter. Assenagon Asset Management S.A. now owns 8,670,225 shares of the information services provider’s stock worth $1,437,957,000 after buying an additional 4,662,809 shares in the last quarter. Finally, Wulff Hansen & CO. increased its stake in Alphabet by 18,810.2% during the second quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider’s stock valued at $807,700,000 after acquiring an additional 4,410,811 shares during the period. Institutional investors own 40.03% of the company’s stock.

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.