Alphabet’s (GOOG) Buy Rating Reaffirmed at Bank of America Corporation
Bank of America Corporation reaffirmed their buy rating on shares of Alphabet Inc. (NASDAQ:GOOG) in a research report report published on Tuesday morning. They currently have a $1,100.00 target price on the information services provider’s stock.
GOOG has been the subject of several other research reports. Citigroup Inc. reaffirmed a buy rating and set a $1,180.00 target price on shares of Alphabet in a report on Thursday, July 27th. Deutsche Bank AG reaffirmed a buy rating on shares of Alphabet in a report on Monday, June 12th. Vetr raised shares of Alphabet from a hold rating to a buy rating and set a $995.83 target price for the company in a report on Monday, June 26th. BidaskClub raised shares of Alphabet from a hold rating to a buy rating in a report on Friday, August 25th. Finally, Robert W. Baird reaffirmed an outperform rating and set a $1,100.00 target price 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 have issued a buy rating to the company’s stock. Alphabet has an average rating of Buy and a consensus target price of $1,035.40.
Alphabet (GOOG) opened at 959.11 on Tuesday. Alphabet has a 52-week low of $727.54 and a 52-week high of $988.25. The firm’s 50-day moving average is $924.03 and its 200-day moving average is $909.94. The firm has a market cap of $664.55 billion, a price-to-earnings ratio of 34.76 and a beta of 0.94. Alphabet also saw some unusual options trading activity on Wednesday. Investors bought 15,978 call options on the company. This is an increase of approximately 150% compared to the average daily volume of 6,399 call options.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data 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 company had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. During the same quarter last year, the firm posted $8.42 EPS. The company’s quarterly revenue was up 21.0% on a year-over-year basis. Analysts forecast that Alphabet will post $30.59 EPS for the current fiscal year.
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In other Alphabet news, SVP David C. Drummond sold 1,496 shares of Alphabet stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $939.76, for a total transaction of $1,405,880.96. Following the transaction, the senior vice president now directly owns 52 shares of the company’s stock, valued at $48,867.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP James Grier Campbell sold 183 shares of Alphabet stock in a transaction that occurred on Monday, July 3rd. The stock was sold at an average price of $911.16, for a total transaction of $166,742.28. The disclosure for this sale can be found here. Insiders have sold 42,680 shares of company stock worth $39,700,363 over the last three months. Insiders own 13.92% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Burt Wealth Advisors raised its stake in shares of Alphabet by 17.2% during the second quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock worth $123,000 after acquiring an additional 20 shares in the last quarter. Signature Estate & Investment Advisors LLC raised its stake in shares of Alphabet by 3.8% during the second quarter. Signature Estate & Investment Advisors LLC now owns 137 shares of the information services provider’s stock worth $124,000 after acquiring an additional 5 shares in the last quarter. Riggs Asset Managment Co. Inc. raised its stake in shares of Alphabet by 39.6% during the second quarter. Riggs Asset Managment Co. Inc. now owns 141 shares of the information services provider’s stock worth $128,000 after acquiring an additional 40 shares in the last quarter. Farmers National Bank raised its stake in shares of Alphabet by 15.0% during the first quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock worth $134,000 after acquiring an additional 21 shares in the last quarter. Finally, Archford Capital Strategies LLC raised its stake in shares of Alphabet by 400.0% during the second quarter. Archford Capital Strategies LLC now owns 1,040 shares of the information services provider’s stock worth $139,000 after acquiring an additional 832 shares in the last quarter. 34.52% 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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