Truist Financial Boosts Alphabet (NASDAQ:GOOGL) Price Target to $190.00

Alphabet (NASDAQ:GOOGL) had its target price raised by Truist Financial from $170.00 to $190.00 in a research note released on Friday morning, Benzinga reports. They currently have a buy rating on the information services provider’s stock.

Several other equities research analysts have also weighed in on GOOGL. Royal Bank of Canada upped their target price on shares of Alphabet from $155.00 to $200.00 and gave the stock an outperform rating in a report on Friday. BMO Capital Markets reaffirmed an outperform rating and issued a $185.00 target price (up previously from $178.00) on shares of Alphabet in a report on Wednesday, April 10th. Robert W. Baird upped their target price on shares of Alphabet from $160.00 to $200.00 and gave the stock an outperform rating in a report on Friday. JMP Securities increased their price objective on shares of Alphabet from $160.00 to $200.00 and gave the stock a market outperform rating in a report on Friday. Finally, Needham & Company LLC increased their price objective on shares of Alphabet from $160.00 to $210.00 and gave the stock a buy rating in a report on Friday. Five investment analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Alphabet currently has an average rating of Moderate Buy and an average price target of $189.44.

Alphabet Trading Down 3.4 %

Shares of Alphabet stock opened at $166.15 on Friday. The firm has a market capitalization of $2.07 trillion, a PE ratio of 25.48, a price-to-earnings-growth ratio of 1.57 and a beta of 1.05. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.15 and a quick ratio of 2.10. The company’s fifty day moving average price is $148.36 and its two-hundred day moving average price is $141.62. Alphabet has a 52-week low of $103.71 and a 52-week high of $174.71.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The business had revenue of $80.54 billion for the quarter, compared to analyst estimates of $66.04 billion. During the same quarter in the prior year, the firm earned $1.17 EPS. On average, analysts expect that Alphabet will post 6.82 EPS for the current year.

Alphabet Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be issued a dividend of $0.20 per share. The ex-dividend date is Monday, June 10th. This represents a $0.80 annualized dividend and a yield of 0.48%.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 660 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total transaction of $94,769.40. Following the sale, the chief accounting officer now directly owns 27,920 shares in the company, valued at approximately $4,009,032.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Amie Thuener O’toole sold 660 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were 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 directly owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the transaction, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at $309,548,095.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 253,209 shares of company stock worth $36,711,144. Company insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On Alphabet

Hedge funds have recently made changes to their positions in the business. Chico Wealth RIA bought a new position in Alphabet during the third quarter worth $330,000. Summit Global Investments lifted its holdings in shares of Alphabet by 67.7% during the third quarter. Summit Global Investments now owns 241,463 shares of the information services provider’s stock worth $31,598,000 after buying an additional 97,466 shares in the last quarter. Prentice Wealth Management LLC lifted its holdings in shares of Alphabet by 18.1% during the third quarter. Prentice Wealth Management LLC now owns 7,140 shares of the information services provider’s stock worth $934,000 after buying an additional 1,096 shares in the last quarter. Sunflower Bank N.A. lifted its holdings in shares of Alphabet by 6.3% during the third quarter. Sunflower Bank N.A. now owns 5,951 shares of the information services provider’s stock worth $779,000 after buying an additional 353 shares in the last quarter. Finally, David J Yvars Group lifted its holdings in shares of Alphabet by 10.3% during the third quarter. David J Yvars Group now owns 4,170 shares of the information services provider’s stock worth $546,000 after buying an additional 390 shares in the last quarter. 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.