Wedbush Downgrades Alphabet Inc. (GOOGL) to Underperform
Alphabet Inc. (NASDAQ:GOOGL) was downgraded by analysts at Wedbush from a “neutral” rating to an “underperform” rating in a research note issued on Tuesday. They currently have a $800.00 price objective on the stock. Wedbush’s price target suggests a potential downside of 1.32% from the company’s previous close.
Other research analysts also recently issued research reports about the company. Cantor Fitzgerald reiterated a “buy” rating on shares of Alphabet in a report on Saturday, June 4th. Robert W. Baird reiterated a “buy” rating on shares of Alphabet in a report on Thursday, June 2nd. Citigroup Inc. reissued a “buy” rating and issued a $900.00 target price on shares of Alphabet in a research note on Thursday, June 2nd. Evercore ISI reissued a “buy” rating and issued a $830.00 target price (down from $950.00) on shares of Alphabet in a research note on Thursday, June 23rd. Finally, Vetr cut Alphabet from a “strong-buy” rating to a “buy” rating and set a $815.96 target price on the stock. in a research note on Wednesday, June 15th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-seven have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $923.72.
Shares of Alphabet (NASDAQ:GOOGL) opened at 810.73 on Tuesday. Alphabet has a 12-month low of $629.15 and a 12-month high of $819.06. The firm’s 50-day moving average price is $800.36 and its 200 day moving average price is $757.08. The firm has a market cap of $557.19 billion, a P/E ratio of 31.41 and a beta of 0.98.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, July 28th. The company reported $8.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $8.04 by $0.38. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. On average, equities analysts expect that Alphabet will post $34.26 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. Norman Fields Gottscho Capital Management LLC increased its position in Alphabet by 8.4% in the first quarter. Norman Fields Gottscho Capital Management LLC now owns 2,194 shares of the company’s stock worth $1,674,000 after buying an additional 170 shares in the last quarter. Heritage Investors Management Corp increased its position in Alphabet by 2.2% in the first quarter. Heritage Investors Management Corp now owns 22,794 shares of the company’s stock worth $17,390,000 after buying an additional 486 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its position in Alphabet by 25.7% in the first quarter. Benjamin F. Edwards & Company Inc. now owns 782 shares of the company’s stock worth $596,000 after buying an additional 160 shares in the last quarter. Independent Portfolio Consultants Inc. acquired a new position in Alphabet during the first quarter worth about $3,346,000. Finally, RNC Capital Management LLC increased its position in Alphabet by 0.5% in the first quarter. RNC Capital Management LLC now owns 4,989 shares of the company’s stock worth $3,806,000 after buying an additional 25 shares in the last quarter. Hedge funds and other institutional investors own 34.12% of the company’s stock.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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