Alphabet (NASDAQ:GOOGL) Price Target Raised to $320.00

Alphabet (NASDAQ:GOOGL) had its target price increased by Truist Financial from $285.00 to $320.00 in a report issued on Thursday morning, Marketbeat.com reports. Truist Financial currently has a buy rating on the information services provider’s stock.

A number of other analysts have also recently commented on GOOGL. Rosenblatt Securities increased their price target on shares of Alphabet from $224.00 to $279.00 and gave the company a “neutral” rating in a research note on Thursday. JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a research note on Monday, October 27th. Royal Bank Of Canada raised their target price on shares of Alphabet from $220.00 to $260.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Hsbc Global Res upgraded shares of Alphabet to a “strong-buy” rating in a research note on Tuesday, October 7th. Finally, Susquehanna raised their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a “positive” rating in a research note on Thursday, July 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $302.20.

Alphabet Stock Performance

Shares of GOOGL stock opened at $281.31 on Thursday. The stock has a market cap of $3.40 trillion, a P/E ratio of 27.74, a P/E/G ratio of 1.86 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a fifty day moving average price of $244.00 and a two-hundred day moving average price of $199.98. Alphabet has a one year low of $140.53 and a one year high of $291.59.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. As a group, equities analysts predict that Alphabet will post 8.9 EPS for the current year.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 246,150 shares of company stock valued at $55,805,379. 11.64% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphabet

Hedge funds have recently bought and sold shares of the company. Guardian Wealth Management Inc. raised its position in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares in the last quarter. Financial Gravity Companies Inc. acquired a new position in shares of Alphabet in the 2nd quarter valued at approximately $31,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet in the 1st quarter valued at approximately $28,000. von Borstel & Associates Inc. acquired a new position in shares of Alphabet in the 1st quarter valued at approximately $28,000. Finally, NBZ Investment Advisors LLC raised its position in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after buying an additional 90 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.