Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOGL) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $1,248.00 price objective on the information services provider’s stock.
According to Zacks, “Alphabet's stock has outperformed the industry it belongs to on a 12-month basis. Alphabet's strong advertising revenues and improving paid click growth remain the growth drivers. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. 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. However, increasing litigation issues could continue to impact the company’s profits.”
Several other equities analysts also recently weighed in on the stock. SunTrust Banks reissued a buy rating and issued a $1,100.00 price target on shares of Alphabet in a research note on Saturday, September 23rd. Cantor Fitzgerald reissued a buy rating and issued a $1,100.00 price target on shares of Alphabet in a research note on Tuesday, October 24th. Vetr downgraded shares of Alphabet from a buy rating to a hold rating and set a $1,007.29 price target on the stock. in a research note on Friday, October 6th. Citigroup reissued a buy rating and issued a $1,180.00 price target on shares of Alphabet in a research note on Tuesday, October 24th. They noted that the move was a valuation call. Finally, Piper Jaffray Companies reissued a buy rating and issued a $1,150.00 price target on shares of Alphabet in a research note on Thursday, October 19th. One analyst has rated the stock with a sell rating, five have given a hold rating, forty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $1,100.06.
Alphabet (GOOGL) traded up $18.60 on Tuesday, reaching $1,130.65. 1,926,714 shares of the company’s stock traded hands, compared to its average volume of 1,520,000. The company has a current ratio of 5.77, a quick ratio of 5.73 and a debt-to-equity ratio of 0.03. The stock has a market capitalization of $783,260.00, a P/E ratio of 37.66, a price-to-earnings-growth ratio of 1.45 and a beta of 0.90. Alphabet has a fifty-two week low of $812.05 and a fifty-two week high of $1,131.30.
Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $8.43 by $1.14. The business had revenue of $22.27 billion for the quarter, compared to the consensus estimate of $21.94 billion. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. During the same period last year, the firm posted $9.06 earnings per share. sell-side analysts expect that Alphabet will post 32.34 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in GOOGL. Koch Industries Inc. increased its position in shares of Alphabet by 181,219.4% during the second quarter. Koch Industries Inc. now owns 1,086,103 shares of the information services provider’s stock valued at $1,085,000 after acquiring an additional 1,085,504 shares during the last quarter. Harbour Capital Advisors LLC increased its position in shares of Alphabet by 65,026.4% during the second quarter. Harbour Capital Advisors LLC now owns 743,744 shares of the information services provider’s stock valued at $800,000 after acquiring an additional 742,602 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Alphabet by 3.3% during the second quarter. Vanguard Group Inc. now owns 20,570,476 shares of the information services provider’s stock valued at $19,123,960,000 after acquiring an additional 662,279 shares during the last quarter. BlackRock Inc. increased its position in shares of Alphabet by 3.1% during the second 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 last quarter. Finally, FMR LLC grew its holdings in shares of Alphabet by 2.1% in the second quarter. FMR LLC now owns 17,647,327 shares of the information services provider’s stock valued at $16,406,366,000 after purchasing an additional 367,634 shares in the last quarter. Institutional investors and hedge funds own 33.55% 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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