Google Stock Rating Reaffirmed by Oppenheimer (GOOG)
Google (NASDAQ:GOOG)‘s stock had its “market perform” rating restated by equities research analysts at Oppenheimer in a research note issued to investors on Friday, American Banking and Market News reports. They currently have a $1,067.00 price objective on the stock, up from their previous price objective of $920.00. Oppenheimer’s target price points to a potential upside of 20.05% from the stock’s previous close.
The analysts wrote, “We are increasing our 2013-14E non-GAAP EPS following better than expected 3Q operating results, reflecting a re-acceleration in core search revenues and lower core opex. As a result, we are increasing our price target to $1,067 from $920, implying 12% upside potential from after-hours trading, but maintaining our Perform rating. Non-GAAP EPS was 6%/4% above our/Street estimates, driven by 21% y/y growth in websites revenues ex-TAC vs. 16% in 2Q, partially offset by lower network revenue. Core non-GAAP operating income increased 17% y/y on flat margins y/y. Raising ’13-’14E core net revenue by 1% and 2%, respectively, and Core EBITDA by 3% and 5%, respectively. As a result, Non-GAAP EPS increases by 4% and 5%, respectively.”
In other Google news, CEO Lawrence Page sold 20,835 shares of Google stock on the open market in a transaction dated Thursday, October 17th. The stock was sold at an average price of $890.31, for a total transaction of $18,549,608.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Shares of Google (NASDAQ:GOOG) traded up 12.38% during mid-day trading on Friday, hitting $998.86. 7,074,228 shares of the company’s stock traded hands. Google has a one year low of $636.00 and a one year high of $928.00. The stock has a 50-day moving average of $879.7 and a 200-day moving average of $868.9. The company has a market cap of $332.6 billion and a price-to-earnings ratio of 25.71. Google also was the target of some unusual options trading on Thursday. Stock traders acquired 73,980 call options on the company. This represents an increase of approximately 311% compared to the average volume of 17,999 call options.
Google (NASDAQ:GOOG) last announced its earnings results 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. Analysts expect that Google will post $43.48 EPS for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Bank of America Corp. reiterated a “buy” rating on shares of Google in a research note to investors on Friday. They now have a $1,100.00 price target on the stock, up previously from $975.00. Separately, analysts at Canaccord Genuity reiterated a “buy” rating on shares of Google in a research note to investors on Friday. They now have a $1,000.00 price target on the stock, up previously from $940.00. Finally, analysts at Topeka Capital Markets reiterated a “buy” rating on shares of Google in a research note to investors on Friday. They now have a $1,100.00 price target on the stock, up previously from $1,035.00. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $1,012.78.
Google Inc (NASDAQ:GOOG) is a global technology company focused on improving the ways people connect with information.
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