GOOGL Surges on Steadying Ad Sales

GOOGL reported higher-than-anticipated revenue

Shares of Alphabet Inc (NASDAQ:GOOGL) are up 7.8% to trade at $1,328.66, climbing on the heels of a higher-than-expected first-quarter revenue, despite a notable decline in ad sales. The Google parent also announced profits of $9.87 per share, lower than the estimated $10.33 per share. Analysts have been quick to react, as no fewer than 13 firms have raised their price targets, including to $1,700 at Instinet, and one price-target cut by Susquehanna, to $1,500.

Following a rise on the charts after hitting an annual low of $1,008.87 in March, Alphabet stock has been trading sideways of late, with pressure emerging at the $1,300 region. However, today's pop has it toppling that pressure and on track to close north of its 60-day moving average for the first time since late February. The equity is now head-to-head with its year-to-date breakeven mark.

Analysts are overwhelmingly bullish coming into today, with 29 of 31 sporting a "buy" or "strong buy" rating, and the remaining two considering a tepid "hold." Meanwhile, the 12-month consensus price target of $1,5106.84 is a 13.8% premium to current levels.

Though calls are still outweighing puts in the options pits, puts are gaining popularity. This is per GOOGL's 50-day put/call volume ratioat the International Securites Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which sits higher than 94% of readings from the past year.