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

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

GOOGL has been the topic of several other reports. BMO Capital Markets restated an outperform rating and issued a $185.00 target price (up from $178.00) on shares of Alphabet in a research note on Wednesday, April 10th. Mizuho boosted their target price on Alphabet from $170.00 to $190.00 and gave the company a buy rating in a research note on Friday. Wells Fargo & Company boosted their target price on Alphabet from $141.00 to $168.00 and gave the company an equal weight rating in a research note on Friday. Canaccord Genuity Group boosted their target price on Alphabet from $190.00 to $210.00 and gave the company a buy rating in a research note on Friday. Finally, Citigroup lifted their price target on Alphabet from $168.00 to $190.00 and gave the company a buy rating in a research report on Friday. Five research 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’s stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $189.44.

Alphabet Stock Performance

Shares of Alphabet stock opened at $166.15 on Friday. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. The company has a market cap 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 business has a 50 day moving average price of $148.36 and a 200-day moving average price of $141.62. Alphabet has a 52 week low of $103.71 and a 52 week high of $174.71.

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

Alphabet Announces Dividend

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

Insider Activity

In other news, Director John L. Hennessy sold 2,100 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the sale, the director now owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director John L. Hennessy sold 2,100 shares of the business’s stock in a transaction dated Friday, April 26th. The stock was sold at an average price of $175.76, for a total value of $369,096.00. Following the completion of the sale, the director now owns 5,891 shares of the company’s stock, valued at approximately $1,035,402.16. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Ruth Porat sold 48,077 shares of the business’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $137.22, for a total value of $6,597,125.94. Following the completion of the sale, the chief financial officer now directly owns 1,777,106 shares of the company’s stock, valued at approximately $243,854,485.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 253,209 shares of company stock valued at $36,711,144. Insiders own 0.88% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Tributary Capital Management LLC bought a new position in Alphabet during the 1st quarter valued at approximately $30,000. Vermillion & White Wealth Management Group LLC purchased a new position in shares of Alphabet during the 4th quarter worth approximately $30,000. DiNuzzo Private Wealth Inc. purchased a new position in shares of Alphabet during the 4th quarter worth approximately $38,000. Richardson Capital Management LLC grew its holdings in shares of Alphabet by 87.5% during the 1st quarter. Richardson Capital Management LLC now owns 300 shares of the information services provider’s stock worth $45,000 after acquiring an additional 140 shares during the period. Finally, Meritage Group LP grew its holdings in shares of Alphabet by 1,061.5% during the 3rd quarter. Meritage Group LP now owns 302 shares of the information services provider’s stock worth $40,000 after acquiring an additional 276 shares during the period. 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.