Traders Buy Alphabet Inc. (GOOGL) on Weakness
Traders bought shares of Alphabet Inc. (NASDAQ:GOOGL) on weakness during trading hours on Thursday. $388.82 million flowed into the stock on the tick-up and $347.59 million flowed out of the stock on the tick-down, for a money net flow of $41.23 million into the stock. Of all companies tracked, Alphabet had the 5th highest net in-flow for the day. Alphabet traded down ($10.90) for the day and closed at $1,001.84
A number of brokerages have recently commented on GOOGL. J P Morgan Chase & Co boosted their price target on Alphabet from $1,075.00 to $1,115.00 and gave the company an “overweight” rating in a report on Saturday, July 22nd. Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $1,020.52 price target on the stock in a report on Tuesday, July 25th. UBS AG restated an “overweight” rating on shares of Alphabet in a report on Thursday, August 24th. Bank of America Corporation restated a “buy” rating and issued a $1,100.00 price target on shares of Alphabet in a report on Tuesday, September 26th. Finally, FBR & Co restated an “outperform” rating and issued a $1,050.00 price target (up from $1,032.00) on shares of Alphabet in a report on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, thirty-nine have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $1,061.20.
The stock has a 50-day moving average of $963.83 and a 200 day moving average of $946.86. The stock has a market cap of $694.15 billion, a PE ratio of 36.31 and a beta of 0.96.
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 analysts’ consensus estimates of $8.25 by ($3.24). Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The firm had revenue of $20.92 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same period in the previous year, the firm earned $8.42 EPS. Analysts forecast that Alphabet Inc. will post $30.62 EPS for the current year.
A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Alphabet by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 20,570,476 shares of the information services provider’s stock worth $19,123,960,000 after purchasing an additional 662,279 shares in the last quarter. BlackRock Inc. lifted its stake in Alphabet by 3.1% during the 2nd quarter. BlackRock Inc. now owns 18,633,934 shares of the information services provider’s stock valued at $17,323,595,000 after acquiring an additional 567,337 shares during the period. FMR LLC lifted its stake in Alphabet by 2.1% during the 2nd quarter. FMR LLC now owns 17,647,327 shares of the information services provider’s stock valued at $16,406,366,000 after acquiring an additional 367,634 shares during the period. State Street Corp lifted its stake in Alphabet by 1.2% during the 1st quarter. State Street Corp now owns 11,946,348 shares of the information services provider’s stock valued at $10,128,119,000 after acquiring an additional 142,214 shares during the period. Finally, Capital Research Global Investors lifted its stake in Alphabet by 2.4% during the 2nd quarter. Capital Research Global Investors now owns 4,308,195 shares of the information services provider’s stock valued at $4,005,243,000 after acquiring an additional 102,133 shares during the period. Institutional investors own 33.82% of the company’s stock.
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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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