Truist Financial Raises Alphabet (NASDAQ:GOOGL) Price Target to $170.00

Alphabet (NASDAQ:GOOGL) had its price objective hoisted by Truist Financial from $158.00 to $170.00 in a report issued on Wednesday morning, Benzinga reports. Truist Financial currently has a buy rating on the information services provider’s stock.

A number of other equities research analysts have also weighed in on the company. Citigroup restated a buy rating and set a $168.00 price target on shares of Alphabet in a research note on Wednesday, April 10th. UBS Group boosted their target price on shares of Alphabet from $150.00 to $166.00 and gave the stock a neutral rating in a research report on Tuesday. Rosenblatt Securities decreased their price target on shares of Alphabet from $174.00 to $172.00 and set a buy rating for the company in a report on Wednesday, January 31st. JMP Securities reissued a market outperform rating and set a $160.00 price objective on shares of Alphabet in a report on Wednesday, April 10th. Finally, Barclays reduced their target price on Alphabet from $180.00 to $173.00 and set an overweight rating for the company in a research note on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating, twenty-eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Alphabet currently has a consensus rating of Moderate Buy and an average price target of $158.41.

Alphabet Trading Down 1.2 %

NASDAQ:GOOGL opened at $154.09 on Wednesday. The stock has a market capitalization of $1.92 trillion, a price-to-earnings ratio of 26.57, a PEG ratio of 1.43 and a beta of 1.05. Alphabet has a 52 week low of $102.63 and a 52 week high of $160.22. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm has a 50 day moving average of $146.26 and a 200 day moving average of $140.54.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The firm had revenue of $86.31 billion during the quarter, compared to analyst estimates of $70.77 billion. During the same quarter in the prior year, the business posted $1.05 EPS. As a group, sell-side analysts anticipate that Alphabet will post 6.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Amie Thuener O’toole sold 660 shares of Alphabet stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $143.59, for a total value of $94,769.40. Following the sale, the chief accounting officer now owns 27,920 shares in the company, valued at $4,009,032.80. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 660 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $143.59, for a total transaction of $94,769.40. Following the completion of the transaction, the chief accounting officer now owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,332,691 shares in the company, valued at $309,548,095.70. The disclosure for this sale can be found here. In the last quarter, insiders sold 251,339 shares of company stock valued at $36,377,482. 0.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Alphabet

A number of hedge funds have recently modified their holdings of GOOGL. DC Investments Management LLC purchased a new position in shares of Alphabet during the 1st quarter worth $114,000. Bridgefront Capital LLC acquired a new stake in Alphabet during the first quarter worth about $225,000. Worth Asset Management LLC purchased a new position in Alphabet during the first quarter worth about $206,000. Eudaimonia Advisors LLC boosted its holdings in Alphabet by 15.1% in the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after purchasing an additional 13 shares during the last quarter. Finally, Aspire Capital Advisors LLC purchased a new stake in shares of Alphabet in the 1st quarter valued at approximately $281,000. 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.