KeyCorp Forecasts Strong Price Appreciation for Alphabet (NASDAQ:GOOGL) Stock

Alphabet (NASDAQ:GOOGL - Get Free Report) had its price target raised by KeyCorp from $215.00 to $230.00 in a report released on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the information services provider's stock. KeyCorp's price target suggests a potential upside of 19.12% from the stock's previous close.

GOOGL has been the subject of several other research reports. Royal Bank Of Canada restated an "outperform" rating and set a $200.00 price target on shares of Alphabet in a research note on Wednesday, April 23rd. Sanford C. Bernstein lifted their price objective on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research note on Tuesday. Bank of America lifted their price objective on shares of Alphabet from $200.00 to $210.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Truist Financial reiterated a "buy" rating and issued a $200.00 price objective on shares of Alphabet in a research note on Wednesday, July 2nd. Finally, JMP Securities lifted their price objective on shares of Alphabet from $220.00 to $225.00 and gave the company a "market outperform" rating in a research note on Thursday. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus target price of $211.32.

Alphabet Stock Up 0.5%

NASDAQ GOOGL traded up $0.91 during trading hours on Thursday, hitting $193.08. The company's stock had a trading volume of 8,805,736 shares, compared to its average volume of 36,842,242. Alphabet has a 52 week low of $140.53 and a 52 week high of $207.05. The company has a market capitalization of $2.34 trillion, a PE ratio of 20.57, a price-to-earnings-growth ratio of 1.33 and a beta of 1.00. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The company's 50-day simple moving average is $175.23 and its two-hundred day simple moving average is $173.10.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its earnings results on Thursday, April 24th. The information services provider reported $2.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.79. The company had revenue of $76.49 billion during the quarter, compared to analyst estimates of $89.30 billion. Alphabet had a return on equity of 35.22% and a net margin of 31.12%. During the same period in the prior year, the company posted $1.89 earnings per share. Research analysts anticipate that Alphabet will post 8.9 EPS for the current fiscal year.

Insider Transactions at Alphabet

In other news, Director Kavitark Ram Shriram sold 18,566 shares of the business's stock in a transaction dated Friday, July 18th. The shares were sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. The trade was a 7.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction dated Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total transaction of $5,801,900.00. Following the completion of the sale, the chief executive officer owned 2,559,892 shares of the company's stock, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 249,409 shares of company stock valued at $43,523,710. 11.64% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Harbour Trust & Investment Management Co boosted its holdings in shares of Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider's stock valued at $4,187,000 after acquiring an additional 80 shares during the last quarter. Rockbridge Capital Management LLC purchased a new position in Alphabet in the fourth quarter valued at $3,119,000. Cypress Capital LLC raised its position in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider's stock worth $2,213,000 after acquiring an additional 563 shares during the period. Optivise Advisory Services LLC boosted its stake in shares of Alphabet by 8.0% during the 4th quarter. Optivise Advisory Services LLC now owns 5,464 shares of the information services provider's stock worth $1,035,000 after acquiring an additional 403 shares in the last quarter. Finally, Community Bank N.A. boosted its stake in shares of Alphabet by 6.4% during the 4th quarter. Community Bank N.A. now owns 46,173 shares of the information services provider's stock worth $8,741,000 after acquiring an additional 2,790 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

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.