Alphabet Inc. (GOOGL) Upgraded to Buy by Zacks Investment Research
Alphabet Inc. (NASDAQ:GOOGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $907.00 price target on the stock. Zacks Investment Research’s target price would suggest a potential upside of 12.03% from the stock’s previous close.
According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. The company has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its focus on innovation, strategic acquisitions and Android OS should continue to generate strong cash flows. Its diversification strategy is also positive, but requires significant investment and involves uncertain payback periods, particularly since these efforts are at the cutting edge of technology. We also see growing competition and legal hassles that could intensify with Brexit. “
A number of other brokerages also recently weighed in on GOOGL. Wedbush downgraded shares of Alphabet from a “neutral” rating to an “underperform” rating and boosted their price objective for the company from $7.20 to $800.00 in a research report on Tuesday, September 27th. Morgan Stanley restated a “buy” rating and issued a $880.00 target price on shares of Alphabet in a research report on Thursday, September 29th. Cantor Fitzgerald restated a “buy” rating on shares of Alphabet in a research report on Sunday, August 14th. RBC Capital Markets restated an “outperform” rating and issued a $1,025.00 target price (up previously from $1,000.00) on shares of Alphabet in a research report on Friday, September 30th. Finally, Jefferies Group restated a “buy” rating and issued a $1,000.00 target price on shares of Alphabet in a research report on Monday, October 3rd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Alphabet currently has an average rating of “Buy” and a consensus target price of $926.50.
Alphabet (NASDAQ:GOOGL) opened at 809.57 on Wednesday. The firm’s 50 day moving average price is $800.52 and its 200 day moving average price is $760.57. The stock has a market cap of $556.40 billion, a price-to-earnings ratio of 31.37 and a beta of 1.00. Alphabet has a one year low of $670.70 and a one year high of $819.86.
Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, beating analysts’ consensus estimates of $8.04 by $0.38. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. Equities analysts forecast that Alphabet will post $34.11 earnings per share for the current year.
Hedge funds have recently modified their holdings of the company. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in Alphabet by 97.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 146 shares of the company’s stock valued at $102,000 after buying an additional 72 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in Alphabet by 29.8% in the second quarter. Archford Capital Strategies LLC now owns 148 shares of the company’s stock valued at $104,000 after buying an additional 34 shares in the last quarter. Roble Belko & Company Inc boosted its stake in Alphabet by 294.9% in the second quarter. Roble Belko & Company Inc now owns 154 shares of the company’s stock valued at $108,000 after buying an additional 115 shares in the last quarter. MCF Advisors LLC boosted its stake in Alphabet by 1.9% in the second quarter. MCF Advisors LLC now owns 159 shares of the company’s stock valued at $112,000 after buying an additional 3 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd acquired a new stake in Alphabet during the second quarter valued at about $117,000. Institutional investors and hedge funds 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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