Truist Financial Corp Sells 629,149 Shares of Alphabet Inc. (NASDAQ:GOOG)

Truist Financial Corp lessened its position in Alphabet Inc. (NASDAQ:GOOG) by 13.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,900,834 shares of the information services provider’s stock after selling 629,149 shares during the period. Alphabet accounts for 0.9% of Truist Financial Corp’s investment portfolio, making the stock its 18th biggest position. Truist Financial Corp’s holdings in Alphabet were worth $549,744,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in GOOG. Tandem Wealth Advisors LLC bought a new stake in Alphabet in the 3rd quarter worth $25,000. Bruce G. Allen Investments LLC bought a new stake in Alphabet in the 4th quarter worth $26,000. Equitec Proprietary Markets LLC bought a new stake in Alphabet in the 4th quarter worth $28,000. Buck Wealth Strategies LLC bought a new stake in Alphabet in the 3rd quarter worth $32,000. Finally, Barometer Capital Management Inc. bought a new stake in Alphabet in the 3rd quarter worth $32,000. Institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several research analyst reports. Oppenheimer raised their target price on shares of Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research report on Monday, April 8th. Susquehanna raised their target price on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Stifel Nicolaus raised their target price on shares of Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Finally, Raymond James raised their target price on shares of Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Buy” and an average target price of $165.67.

Alphabet Trading Up 10.0 %

Shares of NASDAQ GOOG opened at $173.69 on Friday. Alphabet Inc. has a 1 year low of $104.42 and a 1 year high of $176.42. The stock has a market cap of $2.16 trillion, a P/E ratio of 26.64, a price-to-earnings-growth ratio of 1.60 and a beta of 1.05. The firm has a 50-day moving average of $149.12 and a 200 day moving average of $142.77. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 30.01%. The company had revenue of $80.54 billion during the quarter, compared to analysts’ expectations of $78.75 billion. During the same period last year, the company posted $1.17 EPS. Alphabet’s revenue was up 15.4% on a year-over-year basis. As a group, sell-side analysts expect that Alphabet Inc. will post 6.8 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now directly owns 1,777,106 shares in the company, valued at approximately $243,854,485.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Alphabet news, CFO Ruth Porat sold 48,077 shares of the firm’s stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now directly owns 1,777,106 shares in the company, valued at approximately $243,854,485.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 3,258 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $155.97, for a total transaction of $508,150.26. Following the sale, the senior vice president now owns 144,685 shares of the company’s stock, valued at $22,566,519.45. The disclosure for this sale can be found here. In the last ninety days, insiders sold 253,439 shares of company stock worth $36,746,578. 12.99% of the stock is owned by corporate insiders.

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.