Alphabet (NASDAQ:GOOGL) Stock Price Up 0.1% on Analyst Upgrade

Alphabet Inc. (NASDAQ:GOOGL)’s share price shot up 0.1% on Monday after KeyCorp raised their price target on the stock from $165.00 to $175.00. KeyCorp currently has an overweight rating on the stock. Alphabet traded as high as $156.48 and last traded at $154.26. 7,393,629 shares traded hands during trading, a decline of 75% from the average session volume of 29,834,469 shares. The stock had previously closed at $154.09.

A number of other analysts also recently commented on the company. Truist Financial upped their target price on Alphabet from $158.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, April 17th. Mizuho upped their target price on Alphabet from $155.00 to $170.00 and gave the stock a “buy” rating in a research note on Wednesday, January 17th. Needham & Company LLC reiterated a “buy” rating and set a $160.00 price target on shares of Alphabet in a research report on Wednesday, January 31st. Redburn Atlantic increased their price target on Alphabet from $150.00 to $165.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Finally, Wedbush reiterated an “outperform” rating and set a $175.00 price target on shares of Alphabet in a research report on Wednesday, April 10th. 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 company’s stock. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average price target of $158.71.

Insider Buying and Selling

In related news, Director Frances Arnold sold 230 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the sale, the director now directly owns 15,104 shares of the company’s stock, valued at approximately $2,326,922.24. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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 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 directly owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Frances Arnold sold 230 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the completion of the sale, the director now directly owns 15,104 shares in the company, valued at $2,326,922.24. The disclosure for this sale can be found here. Insiders have sold a total of 251,339 shares of company stock valued at $36,377,482 in the last ninety days. Company insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tributary Capital Management LLC acquired a new stake in Alphabet during the 1st quarter worth $30,000. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Alphabet in the 4th quarter worth $30,000. DiNuzzo Private Wealth Inc. acquired a new stake in shares of Alphabet in the 4th quarter worth $38,000. Richardson Capital Management LLC lifted its stake in shares of Alphabet by 87.5% in the 1st quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock worth $45,000 after acquiring an additional 140 shares during the period. Finally, Meritage Group LP lifted its stake in shares of Alphabet by 1,061.5% in the 3rd quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock worth $40,000 after acquiring an additional 276 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

The company has a market cap of $1.97 trillion, a price-to-earnings ratio of 27.29, a PEG ratio of 1.42 and a beta of 1.05. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average price is $146.69 and its 200 day moving average price is $140.93.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion during the quarter, compared to analysts’ expectations of $70.77 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. During the same quarter last year, the business earned $1.05 EPS. Equities research analysts forecast that Alphabet Inc. will post 6.78 earnings per share for the current 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.