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

Alphabet Inc. (NASDAQ:GOOGL)’s stock price was up 0% during mid-day 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 traded hands 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.

A number of other research analysts have also recently issued reports on GOOGL. Wells Fargo & Company cut their target price on shares of Alphabet from $190.00 to $182.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 2nd. Mizuho boosted their price objective on shares of Alphabet from $205.00 to $210.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. TD Securities boosted their price objective on shares of Alphabet from $200.00 to $220.00 in a research report on Wednesday, July 10th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $190.00 target price on shares of Alphabet in a report on Monday, October 7th. Finally, Argus lifted their target price on shares of Alphabet from $200.00 to $215.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Eight analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $201.76.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the transaction, the chief accounting officer now owns 31,334 shares in the company, valued at $5,264,112. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $167.66, for a total transaction of $3,772,350.00. Following the transaction, the chief executive officer now owns 2,159,885 shares in the company, valued at approximately $362,126,319.10. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 220,426 shares of company stock worth $35,993,340. Insiders own 11.55% of the company’s stock.

Institutional Trading of Alphabet

Large investors have recently made changes to their positions in the company. Christopher J. Hasenberg Inc lifted its stake in Alphabet by 75.0% in the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the last quarter. Tributary Capital Management LLC bought a new position in shares of Alphabet during the first quarter valued at $30,000. Kings Path Partners LLC bought a new position in shares of Alphabet during the second quarter valued at $36,000. Denver PWM LLC bought a new position in shares of Alphabet during the second quarter valued at $41,000. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in shares of Alphabet by 59.2% during the first quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after acquiring an additional 109 shares during the last quarter. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Price Performance

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

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (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 firm had revenue of $84.74 billion during the quarter, compared to the consensus estimate of $70.60 billion. During the same quarter last year, the firm earned $1.44 earnings per share. As a group, sell-side analysts expect that Alphabet Inc. will post 7.64 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.