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

Shares of 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 mid-day trading, a decline of 86% from the average daily volume of 27,018,344 shares. The stock had previously closed at $165.46.

Other analysts have also issued research reports about the stock. DA Davidson started coverage on shares of Alphabet in a research report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price target on the stock. Argus boosted their price target on shares of Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Morgan Stanley lowered their price target on shares of Alphabet from $205.00 to $190.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 3rd. Wedbush reissued an “outperform” rating and issued a $205.00 price target on shares of Alphabet in a research report on Thursday, September 5th. Finally, Roth Mkm reissued a “buy” rating and issued a $206.00 price target on shares of Alphabet in a research report on Thursday, August 29th. Eight analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $201.76.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CAO Amie Thuener O’toole sold 1,367 shares of the company’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $168.84, for a total value of $230,804.28. Following the sale, the chief accounting officer now directly owns 29,183 shares of the company’s stock, valued at $4,927,257.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $162.35, for a total transaction of $3,652,875.00. Following the completion of the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 220,426 shares of company stock worth $35,993,340 in the last three months. 11.55% of the stock is owned by insiders.

Institutional Trading of Alphabet

Hedge funds and other institutional investors have recently modified their holdings of the business. Christopher J. Hasenberg Inc grew its position in shares of Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock worth $26,000 after buying an additional 60 shares during the period. Kings Path Partners LLC purchased a new stake in Alphabet during the 2nd quarter valued at about $36,000. Tributary Capital Management LLC purchased a new stake in Alphabet during the 1st quarter valued at about $30,000. Denver PWM LLC purchased a new stake in Alphabet during the 2nd quarter valued at about $41,000. Finally, Quarry LP purchased a new stake in Alphabet during the 2nd quarter valued at about $53,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Down 0.2 %

The company’s 50-day moving average is $161.76 and its 200 day moving average is $168.05. The company has a market capitalization of $2.04 trillion, a PE ratio of 25.33, a P/E/G ratio of 1.21 and a beta of 1.04. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.08 and a current ratio of 2.08.

Alphabet (NASDAQ:GOOGL) 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. 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 prior year, the firm posted $1.44 EPS. As a group, analysts anticipate that Alphabet Inc. will post 7.64 EPS 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.