Alphabet’s (GOOG) Outperform Rating Reiterated at Wells Fargo & Company
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “outperform” rating restated by Wells Fargo & Company in a research report issued to clients and investors on Tuesday, May 23rd. They currently have a price objective on the information services provider’s stock.
Several other equities analysts have also recently issued reports on the stock. Nomura restated a “buy” rating and issued a $985.00 price target on shares of Alphabet in a research report on Monday, May 1st. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $1,040.00 price objective on shares of Alphabet in a research note on Monday, March 13th. Barclays PLC reissued an “overweight” rating on shares of Alphabet in a research note on Monday, April 17th. Wedbush reissued an “underperform” rating and set a $725.00 target price (up from $700.00) on shares of Alphabet in a research note on Saturday, April 29th. Finally, Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Friday, April 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-nine have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $986.78.
Shares of Alphabet (GOOG) traded down 0.27% during trading on Tuesday, reaching $939.78. 3,094,711 shares of the company’s stock were exchanged. The stock has a market cap of $650.09 billion, a PE ratio of 31.76 and a beta of 0.94. Alphabet has a 52-week low of $663.28 and a 52-week high of $988.25. The stock’s 50 day moving average price is $946.18 and its 200-day moving average price is $848.30.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $7.38 by $0.35. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. The firm had revenue of $24.75 billion during the quarter, compared to analysts’ expectations of $24.18 billion. During the same period in the prior year, the company posted $7.50 EPS. The company’s revenue was up 22.2% on a year-over-year basis. On average, equities research analysts forecast that Alphabet will post $33.91 EPS for the current year.
In other Alphabet news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, April 5th. The shares were sold at an average price of $837.31, for a total transaction of $3,349,240.00. Following the transaction, the chief executive officer now directly owns 2,351 shares of the company’s stock, valued at $1,968,515.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP David C. Drummond sold 2,000 shares of Alphabet stock in a transaction that occurred on Wednesday, April 12th. The stock was sold at an average price of $830.20, for a total transaction of $1,660,400.00. Following the transaction, the senior vice president now directly owns 4,800 shares in the company, valued at $3,984,960. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,085 shares of company stock valued at $38,486,001. 13.92% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of GOOG. Mark Sheptoff Financial Planning LLC increased its position in shares of Alphabet by 0.7% in the first quarter. Mark Sheptoff Financial Planning LLC now owns 136 shares of the information services provider’s stock valued at $112,000 after buying an additional 1 shares during the last quarter. Founders Capital Management purchased a new position in shares of Alphabet during the first quarter valued at approximately $116,000. Quantbot Technologies LP increased its position in shares of Alphabet by 550.0% in the first quarter. Quantbot Technologies LP now owns 143 shares of the information services provider’s stock valued at $118,000 after buying an additional 121 shares during the last quarter. Jacobus Wealth Management Inc. purchased a new position in shares of Alphabet during the first quarter valued at approximately $119,000. Finally, Empirical Finance LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $115,000. 35.09% of the stock is currently owned by institutional investors.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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