Alphabet Inc. (GOOG) Rating Increased to Buy at BidaskClub
BidaskClub upgraded shares of Alphabet Inc. (NASDAQ:GOOG) from a hold rating to a buy rating in a research report sent to investors on Friday morning.
Other equities research analysts have also issued reports about the stock. UBS AG reaffirmed a buy rating and issued a $1,050.00 price target (up from $980.00) on shares of Alphabet in a report on Friday, April 28th. Morgan Stanley reaffirmed a buy rating on shares of Alphabet in a report on Monday, May 29th. J P Morgan Chase & Co reaffirmed a buy rating on shares of Alphabet in a report on Tuesday, July 25th. Canaccord Genuity reaffirmed a hold rating and issued a $1,000.00 price target on shares of Alphabet in a report on Thursday, July 27th. Finally, SunTrust Banks, Inc. assumed coverage on shares of Alphabet in a report on Wednesday, August 16th. They issued a buy rating and a $1,100.00 price target on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, forty have issued a buy rating and one has issued a strong buy rating to the company. Alphabet currently has a consensus rating of Buy and an average target price of $1,030.47.
Shares of Alphabet (GOOG) opened at 913.81 on Friday. The company has a market capitalization of $633.16 billion, a price-to-earnings ratio of 33.12 and a beta of 0.94. The firm has a 50 day moving average price of $934.52 and a 200 day moving average price of $896.81. Alphabet has a 52 week low of $727.54 and a 52 week high of $988.25.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating the consensus estimate of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. During the same period in the prior year, the company earned $8.42 earnings per share. The firm’s revenue was up 21.0% on a year-over-year basis. Equities analysts forecast that Alphabet will post $30.60 EPS for the current year.
In related news, VP James Grier Campbell sold 183 shares of the business’s stock in a transaction dated Thursday, June 1st. The shares were 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, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total transaction of $3,925,800.00. Following the sale, the chief executive officer now directly owns 2,058 shares in the company, valued at approximately $2,019,824.10. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 47,169 shares of company stock worth $44,206,482. 13.92% of the stock is currently owned by company insiders.
Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Alphabet by 3.0% in the second quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock worth $18,574,476,000 after buying an additional 589,654 shares during the last quarter. BlackRock Inc. boosted its position in shares of Alphabet by 4.8% in the second quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock worth $16,409,850,000 after buying an additional 826,480 shares during the last quarter. FMR LLC boosted its position in shares of Alphabet by 0.4% in the second quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock worth $12,696,484,000 after buying an additional 62,507 shares during the last quarter. State Street Corp boosted its position in shares of Alphabet by 0.3% in the first quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock worth $10,010,859,000 after buying an additional 36,864 shares during the last quarter. Finally, Capital World Investors boosted its position in shares of Alphabet by 13.9% in the second quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock worth $5,789,842,000 after buying an additional 776,853 shares during the last quarter. Institutional investors 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.
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