Alphabet (NASDAQ:GOOG) Price Target Cut to $420.00 by Analysts at Truist Financial

Alphabet (NASDAQ:GOOG) had its price target lowered by equities researchers at Truist Financial from $430.00 to $420.00 in a research note issued to investors on Thursday. The brokerage presently has a “buy” rating on the information services provider’s stock. Truist Financial’s price objective points to a potential upside of 32.78% from the stock’s current price.

A number of other brokerages have also recently issued reports on GOOG. Wedbush assumed coverage on shares of Alphabet in a research note on Thursday, July 16th. They issued an “outperform” rating and a $445.00 price objective for the company. KeyCorp set a $445.00 price target on shares of Alphabet in a research note on Friday, July 10th. TD Cowen upped their price target on shares of Alphabet from $450.00 to $475.00 and gave the company a “buy” rating in a research report on Tuesday, June 9th. Piper Sandler reiterated an “overweight” rating and issued a $395.00 price objective (down from $445.00) on shares of Alphabet in a report on Thursday. Finally, Barclays reissued an “overweight” rating and issued a $425.00 target price (up from $405.00) on shares of Alphabet in a research note on Thursday. Five equities research analysts have rated the stock with a Strong Buy rating, thirty have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $408.27.

Alphabet Price Performance

Shares of GOOG stock traded down $25.60 during trading on Thursday, hitting $316.31. The company had a trading volume of 18,257,247 shares, compared to its average volume of 21,381,564. The company has a quick ratio of 1.92, a current ratio of 1.92 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average is $363.69 and its two-hundred day moving average is $337.49. The stock has a market capitalization of $3.83 trillion, a price-to-earnings ratio of 24.17, a price-to-earnings-growth ratio of 1.43 and a beta of 1.23. Alphabet has a 52 week low of $188.70 and a 52 week high of $404.47.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, July 23rd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.88 by $6.23. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The business had revenue of $119.80 billion during the quarter, compared to analyst estimates of $117.06 billion. During the same period in the previous year, the business posted $2.31 earnings per share. Alphabet’s revenue for the quarter was up 24.2% on a year-over-year basis. As a group, analysts predict that Alphabet will post 14.34 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In related news, Director Frances Arnold sold 112 shares of the company’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total value of $39,343.36. Following the sale, the director owned 18,833 shares in the company, valued at $6,615,656.24. This represents a 0.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 87,475 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $23.75, for a total transaction of $2,077,531.25. The SEC filing for this sale provides additional information. Insiders have sold a total of 159,415 shares of company stock valued at $7,672,279 over the last three months. 12.99% of the stock is currently owned by corporate insiders.

Institutional Trading of Alphabet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kathmere Capital Management LLC lifted its holdings in shares of Alphabet by 8.5% in the 4th quarter. Kathmere Capital Management LLC now owns 29,896 shares of the information services provider’s stock valued at $9,381,000 after purchasing an additional 2,341 shares during the last quarter. Gerber Kawasaki Wealth & Investment Management grew its stake in Alphabet by 1.0% during the 4th quarter. Gerber Kawasaki Wealth & Investment Management now owns 275,943 shares of the information services provider’s stock worth $86,596,000 after buying an additional 2,850 shares during the last quarter. Newbridge Financial Services Group Inc. increased its position in Alphabet by 7.5% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 60,739 shares of the information services provider’s stock worth $19,060,000 after buying an additional 4,239 shares during the period. World Investment Advisors increased its position in Alphabet by 8.7% during the fourth quarter. World Investment Advisors now owns 190,654 shares of the information services provider’s stock worth $59,827,000 after buying an additional 15,280 shares during the period. Finally, Violich Capital Management Inc. lifted its stake in Alphabet by 1.0% in the fourth quarter. Violich Capital Management Inc. now owns 340,776 shares of the information services provider’s stock valued at $106,936,000 after buying an additional 3,378 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet delivered a strong Q2 beat, with revenue, EPS, and cloud growth all topping expectations, reinforcing the strength of Search, YouTube, and Google Cloud. Google quarterly cloud revenue growth beats expectations
• Positive Sentiment: Google Cloud momentum and rising Gemini usage suggest Alphabet’s AI investments are beginning to show returns, which could support longer-term growth. Alphabet Beats on Cloud Revenue, Posts Strong Gemini Usage
• Positive Sentiment: Analyst sentiment remains constructive, with several firms maintaining buy ratings and raising price targets after the earnings report. Tickerreport.com
• Neutral Sentiment: Alphabet also announced new, cheaper Gemini model updates and work on efficiency-improving AI chips, which may help offset future infrastructure costs if execution improves. Google releases three new Gemini models — but no 3.5 Pro
• Negative Sentiment: Investors are worried Alphabet’s AI capex spree is getting too large, especially after the company raised spending guidance and reported negative free cash flow. Alphabet’s cash burn raises alarm for Big Tech as AI spending climbs
• Negative Sentiment: Alphabet also faces added regulatory pressure after the EU hit Google with a roughly $1 billion antitrust fine over Search and Play Store practices. Google hit with $1 billion EU fine, first under landmark rules

Alphabet Company Profile

Alphabet Inc (NASDAQ: GOOG) is a multinational technology holding company headquartered in Mountain View, California. Formed in 2015 through a corporate restructuring of Google, Alphabet serves as the parent to Google LLC and a portfolio of businesses collectively known as “Other Bets.” Google was originally founded in 1998 by Larry Page and Sergey Brin; Alphabet is led by CEO Sundar Pichai, who oversees Google and the broader company while the founders remain prominent shareholders and influential figures in the company’s history.

Alphabet’s core business centers on internet search and advertising, with Google Search and the company’s ad platforms (including Google Ads and AdSense) generating the majority of revenue by connecting advertisers with consumers worldwide.