Royal Bank Of Canada Reiterates Outperform Rating for Alphabet Inc. (GOOG)
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “outperform” rating reiterated by stock analysts at Royal Bank Of Canada in a report issued on Monday. They presently have a $1,050.00 price objective on the information services provider’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 12.65% from the stock’s current price.
GOOG has been the subject of several other reports. Citigroup Inc. reissued a “buy” rating and issued a $1,180.00 price objective on shares of Alphabet in a report on Thursday, July 27th. Deutsche Bank AG reissued a “buy” rating on shares of Alphabet in a report on Monday, June 12th. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $995.83 price objective for the company in a report on Monday, June 26th. BidaskClub raised Alphabet from a “hold” rating to a “buy” rating in a report on Friday, August 25th. Finally, Robert W. Baird reissued an “outperform” rating and issued a $1,100.00 price objective on shares of Alphabet in a report on Saturday, August 26th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and forty-one have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $1,031.14.
Shares of Alphabet (NASDAQ GOOG) opened at 932.07 on Monday. The firm’s 50-day moving average is $927.90 and its 200 day moving average is $905.79. Alphabet has a 52 week low of $727.54 and a 52 week high of $988.25. The firm has a market capitalization of $645.81 billion, a PE ratio of 33.78 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The business had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The company’s revenue was up 21.0% compared to the same quarter last year. During the same period in the prior year, the company earned $8.42 earnings per share. On average, equities analysts forecast that Alphabet will post $30.59 earnings per share for the current year.
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In other news, Director Ann Mather sold 629 shares of Alphabet stock in a transaction dated Tuesday, August 1st. The stock was 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 of the company’s stock, valued at approximately $1,660,390.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP David C. Drummond sold 1,496 shares of Alphabet stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $939.76, for a total value of $1,405,880.96. Following the completion of the transaction, the senior vice president now directly owns 52 shares in the company, valued at $48,867.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,680 shares of company stock worth $43,521,363. 13.92% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Burt Wealth Advisors lifted its stake in shares of Alphabet by 17.2% in the 2nd quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock valued at $123,000 after purchasing an additional 20 shares in the last quarter. Signature Estate & Investment Advisors LLC lifted its stake in shares of Alphabet by 3.8% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 137 shares of the information services provider’s stock valued at $124,000 after purchasing an additional 5 shares in the last quarter. Riggs Asset Managment Co. Inc. lifted its stake in shares of Alphabet by 39.6% in the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 141 shares of the information services provider’s stock valued at $128,000 after purchasing an additional 40 shares in the last quarter. Farmers National Bank lifted its stake in shares of Alphabet by 15.0% in the 1st quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock valued at $134,000 after purchasing an additional 21 shares in the last quarter. Finally, Archford Capital Strategies LLC lifted its stake in shares of Alphabet by 400.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,040 shares of the information services provider’s stock valued at $139,000 after purchasing an additional 832 shares in the last quarter. 34.55% of the stock is currently owned by institutional investors and hedge funds.
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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