Truist Financial Cuts Alphabet (NASDAQ:GOOG) Price Target to $420.00

Key Points

• Truist Financial lowered its price target on Alphabet to $420 from $430 while keeping a buy rating, implying about 32.8% upside from the stock’s current price.
• Other analysts remain broadly constructive, with several firms maintaining or raising bullish ratings and the consensus price target standing at $408.27.
• Alphabet reported a strong quarterly beat, posting $9.11 EPS on $119.8 billion in revenue, but shares fell sharply on the day to $316.31.

Alphabet (NASDAQ:GOOG - Get Free Report) had its price objective lowered by analysts at Truist Financial from $430.00 to $420.00 in a report issued on Thursday. The brokerage presently has a "buy" rating on the information services provider's stock. Truist Financial's target price would indicate a potential upside of 32.78% from the stock's current price.

A number of other equities analysts have also issued reports on the company. Citigroup reissued a "market outperform" rating on shares of Alphabet in a report on Wednesday. Wedbush initiated coverage on Alphabet in a research note on Thursday, July 16th. They issued an "outperform" rating and a $445.00 target price on the stock. Piper Sandler reissued an "overweight" rating and issued a $395.00 target price (down from $445.00) on shares of Alphabet in a report on Thursday. Morgan Stanley cut their price target on Alphabet from $415.00 to $400.00 and set an "overweight" rating for the company in a research note on Thursday. Finally, Roth Capital lifted their price objective on shares of Alphabet from $435.00 to $440.00 and gave the company a "buy" rating in a research report on Thursday. Five research analysts have rated the stock with a Strong Buy rating, thirty have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $408.27.

Alphabet Stock Performance

Shares of Alphabet stock traded down $25.60 during trading on Thursday, reaching $316.31. The company's stock had a trading volume of 18,257,247 shares, compared to its average volume of 21,381,564. The company has a 50-day moving average price of $363.69 and a two-hundred day moving average price of $337.49. The firm has a market cap of $3.83 trillion, a PE ratio of 24.17, a P/E/G ratio of 1.43 and a beta of 1.23. Alphabet has a fifty-two week low of $188.70 and a fifty-two week high of $404.47. The company has a current ratio of 1.92, a quick ratio of 1.92 and a debt-to-equity ratio of 0.16.

Alphabet (NASDAQ:GOOG - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The information services provider reported $9.11 earnings per share for the quarter, topping analysts' consensus estimates of $2.88 by $6.23. Alphabet had a net margin of 37.92% and a return on equity of 38.99%. The firm had revenue of $119.80 billion during the quarter, compared to analysts' expectations of $117.06 billion. During the same quarter in the prior year, the business earned $2.31 EPS. Alphabet's quarterly revenue was up 24.2% compared to the same quarter last year. On average, analysts forecast that Alphabet will post 14.34 EPS for the current year.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Frances Arnold sold 112 shares of the business's stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $351.28, for a total transaction of $39,343.36. Following the transaction, the director owned 18,833 shares in the company, valued at $6,615,656.24. The trade was a 0.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 1,050 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $368.63, for a total value of $387,061.50. Following the transaction, the director directly owned 1,481 shares in the company, valued at $545,941.03. This trade represents a 41.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 159,415 shares of company stock valued at $7,672,279. Corporate insiders own 12.99% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Processus Wealth & Capital Management LLC raised its position in shares of Alphabet by 1.0% in the 2nd quarter. Processus Wealth & Capital Management LLC now owns 20,553 shares of the information services provider's stock valued at $7,262,000 after buying an additional 200 shares in the last quarter. Ballast Inc. lifted its stake in Alphabet by 15.5% in the 2nd quarter. Ballast Inc. now owns 15,191 shares of the information services provider's stock worth $5,367,000 after purchasing an additional 2,034 shares in the last quarter. GoalFusion Wealth Management LLC grew its position in shares of Alphabet by 34.4% during the 2nd quarter. GoalFusion Wealth Management LLC now owns 2,073 shares of the information services provider's stock valued at $733,000 after purchasing an additional 531 shares in the last quarter. Insight Wealth Strategies LLC increased its holdings in shares of Alphabet by 2.2% in the second quarter. Insight Wealth Strategies LLC now owns 12,674 shares of the information services provider's stock worth $4,536,000 after purchasing an additional 273 shares during the period. Finally, Accel Wealth Management increased its holdings in shares of Alphabet by 1.0% in the second quarter. Accel Wealth Management now owns 4,250 shares of the information services provider's stock worth $1,502,000 after purchasing an additional 43 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Key Alphabet News

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

About Alphabet

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.

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