Alphabet (NASDAQ:GOOGL) Price Target Raised to $220.00 at Truist Financial

Alphabet (NASDAQ:GOOGL - Free Report) had its price objective increased by Truist Financial from $196.00 to $220.00 in a report published on Wednesday morning, MarketBeat Ratings reports. Truist Financial currently has a buy rating on the information services provider's stock.

Several other analysts have also recently commented on the stock. The Goldman Sachs Group decreased their price target on shares of Alphabet from $217.00 to $208.00 and set a buy rating on the stock in a research note on Monday. Tigress Financial increased their price target on Alphabet from $210.00 to $220.00 and gave the company a strong-buy rating in a research note on Thursday, September 26th. Rosenblatt Securities restated a neutral rating and set a $181.00 price target on shares of Alphabet in a report on Wednesday, July 24th. Wedbush reaffirmed an outperform rating and set a $205.00 price objective on shares of Alphabet in a report on Thursday, September 5th. Finally, Wolfe Research began coverage on shares of Alphabet in a report on Tuesday, July 16th. They issued an outperform rating and a $240.00 target price for the company. Eight investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $201.76.

Alphabet Stock Performance

Shares of NASDAQ GOOGL traded down $0.93 during trading on Wednesday, hitting $164.53. The company had a trading volume of 6,942,536 shares, compared to its average volume of 27,038,594. Alphabet has a 12 month low of $120.21 and a 12 month high of $191.75. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08. The firm has a market capitalization of $2.03 trillion, a P/E ratio of 25.19, a price-to-earnings-growth ratio of 1.21 and a beta of 1.04. The stock has a 50 day simple moving average of $161.63 and a 200 day simple moving average of $168.07.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 EPS for the quarter, beating the consensus estimate of $1.85 by $0.04. The firm had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period last year, the firm earned $1.44 EPS. As a group, analysts anticipate that Alphabet will post 7.64 earnings per share for the current year.

Insider Activity

In other news, CAO Amie Thuener O'toole sold 682 shares of Alphabet stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,334 shares in the company, valued at $5,264,112. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 700 shares of Alphabet stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $165.00, for a total transaction of $115,500.00. Following the completion of the sale, the director now directly owns 29,324 shares in the company, valued at $4,838,460. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O'toole sold 682 shares of the business's stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now owns 31,334 shares of the company's stock, valued at $5,264,112. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 197,926 shares of company stock valued at $32,251,590. Company insiders own 11.55% of the company's stock.

Institutional Investors Weigh In On Alphabet

Several hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Alphabet by 0.8% during the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider's stock valued at $75,144,172,000 after purchasing an additional 4,064,073 shares in the last quarter. Capital Research Global Investors lifted its holdings in shares of Alphabet by 14.4% in the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider's stock worth $8,724,251,000 after acquiring an additional 7,275,757 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Alphabet by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 49,472,478 shares of the information services provider's stock valued at $9,011,412,000 after buying an additional 238,403 shares during the period. Capital World Investors grew its position in Alphabet by 1.7% in the 1st quarter. Capital World Investors now owns 35,412,299 shares of the information services provider's stock valued at $5,344,778,000 after acquiring an additional 597,756 shares during the last quarter. Finally, American Century Companies Inc. increased its stake in Alphabet by 1.8% in the 2nd quarter. American Century Companies Inc. now owns 23,465,190 shares of the information services provider's stock worth $4,274,184,000 after buying an additional 418,204 shares during the period. 40.03% of the stock is 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.