Alphabet Inc. (GOOG) Earns “Hold” Rating from Canaccord Genuity
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “hold” rating reissued by analysts at Canaccord Genuity in a report issued on Thursday, July 27th. They presently have a $1,000.00 price target on the information services provider’s stock. Canaccord Genuity’s target price would suggest a potential upside of 7.76% from the stock’s current price.
A number of other brokerages have also recently commented on GOOG. MKM Partners reiterated a “buy” rating and set a $1,170.00 price target on shares of Alphabet in a research report on Wednesday, June 28th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research report on Monday, May 29th. Nomura reiterated a “buy” rating and set a $985.00 price target on shares of Alphabet in a research report on Monday, May 1st. Cowen and Company reiterated an “outperform” rating and set a $1,050.00 price target on shares of Alphabet in a research report on Wednesday, April 19th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $1,050.00 price target on shares of Alphabet in a research report on Monday, July 17th. One equities 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 issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $1,022.32.
Alphabet (NASDAQ GOOG) opened at 927.96 on Thursday. The firm has a market capitalization of $642.96 billion, a price-to-earnings ratio of 33.63 and a beta of 0.94. The stock’s 50 day moving average is $943.17 and its 200-day moving average is $884.16. Alphabet has a 12 month low of $727.54 and a 12 month high of $988.25.
Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating analysts’ consensus estimates of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The business had revenue of $26.01 billion for the quarter, compared to analysts’ expectations of $25.61 billion. During the same period last year, the business earned $8.42 earnings per share. The business’s quarterly revenue was up 21.0% on a year-over-year basis. Equities analysts anticipate that Alphabet will post $30.59 earnings per share for the current fiscal year.
In other news, VP James Grier Campbell sold 183 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $968.95, for a total transaction of $177,317.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ann Mather sold 629 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $932.28, for a total value of $586,404.12. Following the transaction, the director now directly owns 1,781 shares in the company, valued at approximately $1,660,390.68. The disclosure for this sale can be found here. Insiders have sold a total of 47,218 shares of company stock worth $44,511,312 over the last ninety days. Insiders own 13.92% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Marietta Wealth Management LLC acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $235,000. Gardner Russo & Gardner LLC increased its position in shares of Alphabet by 43.7% in the fourth quarter. Gardner Russo & Gardner LLC now owns 2,449 shares of the information services provider’s stock valued at $1,890,000 after buying an additional 745 shares during the period. InterOcean Capital LLC increased its position in shares of Alphabet by 10.9% in the fourth quarter. InterOcean Capital LLC now owns 15,694 shares of the information services provider’s stock valued at $12,113,000 after buying an additional 1,537 shares during the period. Parallel Advisors LLC acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $2,036,000. Finally, Brenner West Capital Advisors LP acquired a new position in shares of Alphabet during the fourth quarter valued at approximately $102,649,000. 34.60% of the stock is currently owned by hedge funds and other institutional investors.
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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