Alphabet Inc. (GOOG) Earns Outperform Rating from Credit Suisse Group AG
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “outperform” rating reiterated by analysts at Credit Suisse Group AG in a report issued on Monday. They currently have a $1,070.00 price target on the stock, up from their previous price target of $940.00. Credit Suisse Group AG’s price target points to a potential upside of 37.19% from the stock’s previous close.
A number of other brokerages also recently weighed in on GOOG. Credit Agricole SA reiterated a “buy” rating on shares of Alphabet in a report on Friday, September 23rd. Moffett Nathanson reiterated a “buy” rating and set a $925.00 price target on shares of Alphabet in a report on Friday, September 23rd. Deutsche Bank AG reiterated a “buy” rating and set a $1,050.00 price target on shares of Alphabet in a report on Wednesday, October 12th. Wedbush downgraded Alphabet from a “neutral” rating to an “underperform” rating and raised their target price for the company from $700.00 to $800.00 in a research note on Tuesday, September 27th. Finally, Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $822.37 target price for the company in a research note on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, forty-five have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $926.55.
Alphabet (NASDAQ:GOOG) traded up 0.18% during mid-day trading on Monday, reaching $779.96. The company had a trading volume of 1,092,748 shares. The company has a market capitalization of $536.05 billion, a P/E ratio of 30.22 and a beta of 1.03. The stock has a 50 day moving average price of $774.66 and a 200 day moving average price of $741.88. Alphabet has a one year low of $641.73 and a one year high of $792.28.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $8.03 by $0.39. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The firm earned $21.50 billion during the quarter, compared to the consensus estimate of $20.74 billion. During the same period last year, the business posted $6.99 EPS. The business’s revenue was up 21.3% compared to the same quarter last year. On average, equities analysts expect that Alphabet will post $34.14 earnings per share for the current fiscal year.
In related news, CEO Lawrence Page sold 33,332 shares of the business’s stock in a transaction dated Monday, July 25th. The shares were sold at an average price of $748.02, for a total transaction of $24,933,002.64. Following the transaction, the chief executive officer now owns 30,666 shares in the company, valued at $22,938,781.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction dated Wednesday, July 20th. The shares were sold at an average price of $739.21, for a total transaction of $2,956,840.00. Following the transaction, the chief executive officer now owns 3,297 shares in the company, valued at approximately $2,437,175.37. The disclosure for this sale can be found here. Insiders own 13.92% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. River Wealth Advisors LLC boosted its position in shares of Alphabet by 4.0% in the first quarter. River Wealth Advisors LLC now owns 1,543 shares of the company’s stock valued at $1,150,000 after buying an additional 60 shares in the last quarter. Commonwealth Equity Services Inc boosted its stake in shares of Alphabet by 13.6% in the first quarter. Commonwealth Equity Services Inc now owns 36,401 shares of the company’s stock worth $27,117,000 after buying an additional 4,346 shares during the period. Sarasin & Partners LLP boosted its stake in shares of Alphabet by 1.7% in the first quarter. Sarasin & Partners LLP now owns 300,799 shares of the company’s stock worth $224,080,000 after buying an additional 5,152 shares during the period. Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Alphabet during the first quarter worth $5,095,000. Finally, Verde Servicos Internacionais S.A. boosted its stake in shares of Alphabet by 12.1% in the first quarter. Verde Servicos Internacionais S.A. now owns 79,748 shares of the company’s stock worth $59,408,000 after buying an additional 8,583 shares during the period. Institutional investors own 34.39% of the company’s stock.
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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