Vetr Inc. Downgrades Alphabet Inc. (NASDAQ:GOOG) to Buy
Vetr downgraded shares of Alphabet Inc. (NASDAQ:GOOG) from a strong-buy rating to a buy rating in a research note released on Wednesday, July 12th. The brokerage currently has $1,047.63 price objective on the information services provider’s stock.
Several other analysts also recently commented on the company. Deutsche Bank AG restated a buy rating on shares of Alphabet in a research note on Monday, June 12th. Instinet reaffirmed a buy rating and issued a $925.00 price target on shares of Alphabet in a report on Wednesday, April 26th. Cantor Fitzgerald reaffirmed a buy rating on shares of Alphabet in a report on Friday, April 28th. Mizuho reissued a buy rating and set a $1,024.00 target price on shares of Alphabet in a report on Thursday, March 23rd. Finally, Cowen and Company boosted their target price on shares of Alphabet from $1,050.00 to $1,075.00 and gave the company an outperform rating in a report on Friday, April 28th. One research analyst has rated the stock with a sell rating, six have given a hold rating, forty have given a buy rating and one has given a strong buy rating to the company’s stock. Alphabet presently has a consensus rating of Buy and a consensus target price of $1,022.32.
Shares of Alphabet (GOOG) opened at 927.96 on Wednesday. The firm has a market capitalization of $642.96 billion, a price-to-earnings ratio of 33.63 and a beta of 0.94. Alphabet has a 12 month low of $727.54 and a 12 month high of $988.25. The firm has a 50-day moving average price of $943.17 and a 200 day moving average price of $884.16.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, topping the Zacks’ consensus estimate of $4.43 by $0.58. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The firm had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. During the same period last year, the business posted $8.42 EPS. The business’s revenue was up 21.0% compared to the same quarter last year. On average, analysts anticipate that Alphabet will post $30.59 EPS for the current fiscal year.
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In related news, VP James Grier Campbell sold 184 shares of Alphabet stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $932.38, for a total transaction of $171,557.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction dated Wednesday, August 2nd. The shares were sold at an average price of $930.46, for a total transaction of $3,721,840.00. Following the sale, the chief executive officer now owns 1,764 shares of the company’s stock, valued at approximately $1,641,331.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 47,218 shares of company stock valued at $44,511,312. 13.92% of the stock is owned by corporate insiders.
Several large investors have recently bought and sold shares of GOOG. State Street Corp raised its stake in Alphabet by 0.3% in the first quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock valued at $10,010,859,000 after buying an additional 36,864 shares in the last quarter. Dodge & Cox purchased a new position in Alphabet during the fourth quarter valued at approximately $2,387,502,000. Norges Bank purchased a new position in Alphabet during the fourth quarter valued at approximately $2,128,163,000. Harbour Capital Advisors LLC raised its position in Alphabet by 87,001.5% in the second quarter. Harbour Capital Advisors LLC now owns 1,993,754 shares of the information services provider’s stock valued at $2,194,000 after buying an additional 1,991,465 shares during the period. Finally, Bank of Montreal Can raised its position in Alphabet by 12.0% in the first quarter. Bank of Montreal Can now owns 1,692,542 shares of the information services provider’s stock valued at $1,404,065,000 after buying an additional 181,085 shares during the period. Institutional investors and hedge funds own 34.54% of the company’s stock.
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.
To view Vetr’s full report, visit Vetr’s official website.
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