Alphabet (NASDAQ:GOOGL) Shares Up 0% After Analyst Upgrade

Alphabet Inc. (NASDAQ:GOOGL) rose 0% during trading on Wednesday after Truist Financial raised their price target on the stock from $196.00 to $220.00. Truist Financial currently has a buy rating on the stock. Alphabet traded as high as $165.80 and last traded at $165.50. Approximately 3,773,047 shares were traded during trading, a decline of 86% from the average daily volume of 27,018,344 shares. The stock had previously closed at $165.46.

Several other analysts have also issued reports on GOOGL. Bank of America upped their target price on shares of Alphabet from $200.00 to $206.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Evercore ISI decreased their target price on shares of Alphabet from $225.00 to $200.00 and set an “outperform” rating on the stock in a report on Monday, September 16th. JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $200.00 to $208.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Wedbush restated an “outperform” rating and set a $205.00 target price on shares of Alphabet in a research report on Thursday, September 5th. Finally, Scotiabank upgraded Alphabet to a “strong-buy” rating in a research report on Friday, October 11th. Eight 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. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $201.76.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 34,257 shares of the stock in a transaction that occurred 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 completion of the transaction, the senior vice president now 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 disclosure for this sale can be found here. In the last 90 days, insiders sold 197,926 shares of company stock valued at $32,251,590. 11.55% of the stock is owned by insiders.

Institutional Trading of Alphabet

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. SG Americas Securities LLC lifted its stake in shares of Alphabet by 587.4% during the 3rd 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 in the last quarter. Capital Research Global Investors lifted its position 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 acquiring an additional 7,275,757 shares in the last quarter. Wulff Hansen & CO. boosted its stake in shares of Alphabet by 18,810.2% in the second quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider’s stock worth $807,700,000 after acquiring an additional 4,410,811 shares during the period. PineStone Asset Management Inc. grew its position in shares of Alphabet by 143.7% during the second quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock worth $1,288,201,000 after purchasing an additional 4,170,229 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Alphabet by 0.8% during the 1st 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 during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 0.1 %

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 stock has a fifty day moving average of $161.63 and a 200 day moving average of $168.07. The company has a market capitalization of $2.04 trillion, a PE ratio of 25.38, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last announced 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 net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion for the quarter, compared to the consensus estimate of $70.60 billion. During the same period in the previous year, the firm posted $1.44 EPS. As a group, sell-side analysts predict that Alphabet Inc. will post 7.64 earnings per share for the current fiscal year.

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.