Alphabet Inc. (GOOGL) Downgraded by Zacks Investment Research
Alphabet Inc. (NASDAQ:GOOGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Monday, July 24th.
According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. Over the last one year, the stock has outperformed the Zacks Internet-Services industry. Alphabet 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. “
GOOGL has been the subject of a number of other reports. JMP Securities reissued an “outperform” rating and issued a $1,095.00 price target (up from $1,020.00) on shares of Alphabet in a report on Monday, May 1st. Cowen and Company reiterated an “outperform” rating and issued a $1,050.00 target price on shares of Alphabet in a research note on Monday, April 24th. Societe Generale set a $1,210.00 target price on Alphabet and gave the company a “buy” rating in a research note on Friday, July 7th. They noted that the move was a valuation call. MKM Partners reiterated a “buy” rating and issued a $1,170.00 target price (up from $1,000.00) on shares of Alphabet in a research note on Monday, May 8th. Finally, Vetr lowered Alphabet from a “buy” rating to a “hold” rating and set a $893.60 target price for the company. in a research note on Monday, April 24th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, forty-two have given a buy rating and one has assigned a strong buy rating to the stock. Alphabet has an average rating of “Buy” and a consensus target price of $1,053.45.
Shares of Alphabet (GOOGL) traded down 0.16% on Monday, reaching $926.18. The company’s stock had a trading volume of 1,337,404 shares. Alphabet has a 1-year low of $743.59 and a 1-year high of $1,008.61. The company has a market capitalization of $641.73 billion, a price-to-earnings ratio of 33.57 and a beta of 0.99. The stock has a 50-day moving average price of $952.51 and a 200-day moving average price of $912.15.
Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, missing the consensus estimate of $8.25 by $3.24. The firm had revenue of $20.92 billion for the quarter, compared to analyst estimates of $20.83 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. During the same period in the prior year, the firm posted $8.42 earnings per share. On average, equities research analysts forecast that Alphabet will post $30.60 EPS for the current year.
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A number of hedge funds and other institutional investors have recently bought and sold shares of GOOGL. Norges Bank bought a new position in Alphabet during the fourth quarter valued at $2,411,505,000. Koch Industries Inc. raised its stake in Alphabet by 181,219.4% in the second quarter. Koch Industries Inc. now owns 1,086,103 shares of the information services provider’s stock worth $1,085,000 after buying an additional 1,085,504 shares in the last quarter. Glenview Capital Management LLC acquired a new stake in Alphabet during the fourth quarter worth approximately $605,119,000. Harbour Capital Advisors LLC raised its stake in Alphabet by 65,026.4% in the second quarter. Harbour Capital Advisors LLC now owns 743,744 shares of the information services provider’s stock worth $800,000 after buying an additional 742,602 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Alphabet by 3.3% in the second quarter. Vanguard Group Inc. now owns 20,570,476 shares of the information services provider’s stock worth $19,123,960,000 after buying an additional 662,279 shares in the last quarter. Hedge funds and other institutional investors own 34.12% 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.
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