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

Alphabet (NASDAQ:GOOGL) had its price target raised by Truist Financial from $170.00 to $190.00 in a report issued on Friday, Benzinga reports. The firm currently has a buy rating on the information services provider’s stock.

A number of other equities analysts also recently commented on GOOGL. Wedbush upped their target price on shares of Alphabet from $175.00 to $205.00 and gave the stock an outperform rating in a research note on Friday. Roth Mkm dropped their target price on shares of Alphabet from $166.00 to $164.00 and set a buy rating on the stock in a research note on Wednesday, January 31st. Wolfe Research upped their target price on shares of Alphabet from $180.00 to $200.00 and gave the stock an outperform rating in a research note on Friday. Mizuho upped their target price on shares of Alphabet from $170.00 to $190.00 and gave the stock a buy rating in a research note on Friday. Finally, 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 research note on Friday. Five analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $187.82.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $171.95 on Friday. The company has a market capitalization of $2.14 trillion, a price-to-earnings ratio of 26.37, a PEG ratio of 1.43 and a beta of 1.05. Alphabet has a 12 month low of $103.54 and a 12 month high of $174.71. The firm’s 50-day moving average is $147.85 and its 200 day moving average is $141.39. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $70.77 billion. Alphabet had a net margin of 25.90% and a return on equity of 30.01%. During the same period in the prior year, the firm posted $1.05 EPS. Research analysts predict that Alphabet will post 6.79 EPS for the current year.

Alphabet Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 17th. Shareholders of record on Monday, June 10th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 10th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.47%. Alphabet’s dividend payout ratio is currently 12.27%.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction on Friday, April 26th. The shares were sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the transaction, the director now owns 5,891 shares of the company’s stock, valued at $1,035,402.16. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $146.29, for a total transaction of $3,291,525.00. Following the completion of the transaction, the chief executive officer now owns 2,377,691 shares of the company’s stock, valued at $347,832,416.39. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director John L. Hennessy sold 2,100 shares of the firm’s stock in a transaction on Friday, April 26th. The stock was sold at an average price of $175.76, for a total transaction of $369,096.00. Following the transaction, the director now directly owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 253,439 shares of company stock valued at $36,746,578. Insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in GOOGL. Chico Wealth RIA acquired a new stake in Alphabet during the third quarter valued at $330,000. Summit Global Investments grew its position in Alphabet by 67.7% during the third quarter. Summit Global Investments now owns 241,463 shares of the information services provider’s stock valued at $31,598,000 after buying an additional 97,466 shares during the period. Prentice Wealth Management LLC grew its position in Alphabet by 18.1% during the third quarter. Prentice Wealth Management LLC now owns 7,140 shares of the information services provider’s stock valued at $934,000 after buying an additional 1,096 shares during the period. Sunflower Bank N.A. grew its position in Alphabet by 6.3% during the third quarter. Sunflower Bank N.A. now owns 5,951 shares of the information services provider’s stock valued at $779,000 after buying an additional 353 shares during the period. Finally, David J Yvars Group grew its position in Alphabet by 10.3% during the third quarter. David J Yvars Group now owns 4,170 shares of the information services provider’s stock valued at $546,000 after buying an additional 390 shares during the period. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Company Profile

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.