Alphabet Inc. (GOOG) Lowered to Underperform at Wedbush
Wedbush cut shares of Alphabet Inc. (NASDAQ:GOOG) from a neutral rating to an underperform rating in a research report released on Tuesday morning. They currently have $800.00 target price on the stock, up from their previous target price of $700.00.
GOOG has been the subject of a number of other research reports. Credit Agricole SA reaffirmed a buy rating on shares of Alphabet in a report on Friday, September 23rd. Jefferies Group reissued a buy rating on shares of Alphabet in a research note on Friday, September 9th. Moffett Nathanson reissued a buy rating and issued a $925.00 price objective on shares of Alphabet in a research note on Friday, September 23rd. Mizuho reissued a buy rating and issued a $1,020.00 price objective (up previously from $1,010.00) on shares of Alphabet in a research note on Sunday, July 31st. Finally, Longbow Research began coverage on shares of Alphabet in a research note on Wednesday, July 6th. They issued a buy rating for the company. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-five have assigned a buy rating and one has assigned a strong buy rating to the company. Alphabet currently has a consensus rating of Buy and a consensus price target of $923.68.
Alphabet (NASDAQ:GOOG) opened at 783.01 on Tuesday. The stock has a 50 day moving average price of $774.36 and a 200 day moving average price of $737.99. The stock has a market cap of $538.14 billion, a P/E ratio of 30.34 and a beta of 1.03. Alphabet has a 12-month low of $599.85 and a 12-month high of $789.87.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 28th. The company reported $8.42 EPS for the quarter, beating the Zacks’ consensus estimate of $8.03 by $0.39. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The firm earned $21.50 billion during the quarter, compared to the consensus estimate of $20.74 billion. During the same quarter last year, the firm earned $6.99 EPS. The firm’s revenue for the quarter was up 21.3% compared to the same quarter last year. On average, analysts forecast that Alphabet will post $34.30 earnings per share for the current fiscal year.
In other Alphabet news, major shareholder Sergey Brin sold 33,332 shares of the stock in a transaction that occurred on Thursday, June 30th. The shares were sold at an average price of $693.34, for a total value of $23,110,408.88. Following the sale, the insider now directly owns 16,666 shares of the company’s stock, valued at approximately $11,555,204.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction that occurred on Wednesday, July 6th. The shares were sold at an average price of $690.94, for a total transaction of $2,763,760.00. Following the completion of the sale, the chief executive officer now directly owns 3,672 shares in the company, valued at $2,537,131.68. The disclosure for this sale can be found here. 13.92% of the stock is currently owned by insiders.
Large investors have recently made changes to their positions in the stock. Mesirow Financial Investment Management Equity Management purchased a new stake in shares of Alphabet during the second quarter worth approximately $121,000. Whitnell & Co. increased its stake in shares of Alphabet by 20.6% in the second quarter. Whitnell & Co. now owns 187 shares of the company’s stock worth $129,000 after buying an additional 32 shares in the last quarter. D. Scott Neal Inc. increased its stake in shares of Alphabet by 2,000.0% in the second quarter. D. Scott Neal Inc. now owns 210 shares of the company’s stock worth $145,000 after buying an additional 200 shares in the last quarter. Pathstone Family Office LLC increased its stake in shares of Alphabet by 7.2% in the second quarter. Pathstone Family Office LLC now owns 222 shares of the company’s stock worth $154,000 after buying an additional 15 shares in the last quarter. Finally, Cacti Asset Management LLC purchased a new stake in shares of Alphabet during the second quarter worth approximately $159,000. 34.39% of the stock is currently owned by institutional investors.
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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