Google Given “Neutral” Rating at Wedbush (GOOG)
Google (NASDAQ:GOOG)‘s stock had its “neutral” rating restated by equities research analysts at Wedbush in a research note issued to investors on Friday, AnalystRatings.NET reports. They currently have a $980.00 target price on the stock, up from their previous target price of $860.00. Wedbush’s price target indicates a potential upside of 10.26% from the stock’s previous close.
The analysts wrote, “Google reported overall 3Q revenue and EPS modestly ahead of expectations. Given that sentiment was mixed heading into the print, we expect the reaction to the slight outperformance to be more positive than normal (stock is up ~8% after hours vs. ~4% EPS beat). We would note that for Google’s gross revenue (ex-Motorola) the outperformance was due to the “other” line item (digital sales of apps and content) and the gross advertising revenue was slightly below estimates. We maintain our NEUTRAL rating and are increasing our target to $980 (from $860).”
In other Google news, CEO Lawrence Page sold 20,835 shares of Google stock on the open market in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $890.31, for a total transaction of $18,549,608.85. The sale was disclosed in a document filed with the SEC, which is available at this link.
Google (NASDAQ:GOOG) traded up 13.79% during mid-day trading on Friday, hitting $1011.38. The stock had a trading volume of 9,751,486 shares. Google has a 52-week low of $636.00 and a 52-week high of $928.00. The stock’s 50-day moving average is $879.7 and its 200-day moving average is $868.9. The company has a market cap of $336.8 billion and a P/E ratio of 25.71. Google also was the target of some unusual options trading on Thursday. Investors purchased 73,980 call options on the stock. This represents an increase of approximately 311% compared to the average daily volume of 17,999 call options.
Google (NASDAQ:GOOG) last released its earnings data on Thursday, October 17th. The company reported $10.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.36 by $0.38. The company had revenue of $14.89 billion for the quarter, compared to the consensus estimate of $14.79 billion. During the same quarter in the previous year, the company posted $9.03 earnings per share. The company’s revenue for the quarter was up 31.4% on a year-over-year basis. On average, analysts predict that Google will post $43.48 earnings per share for the current fiscal year.
GOOG has been the subject of a number of other recent research reports. Analysts at Zacks reiterated a “neutral” rating on shares of Google in a research note to investors on Friday. They now have a $933.00 price target on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of Google to $1,100.00 in a research note to investors on Friday. They now have an “outperform” rating on the stock. Finally, analysts at Telsey Advisory Group raised their price target on shares of Google from $900.00 to $990.00 in a research note to investors on Friday. They now have a “not rated” rating on the stock. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twenty-eight have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $1,023.27.
Google Inc (NASDAQ:GOOG) is a global technology company focused on improving the ways people connect with information.
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