Alphabet Inc. (GOOGL) Earns Buy Rating from Needham & Company LLC
Alphabet Inc. (NASDAQ:GOOGL)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a note issued to investors on Friday. They currently have a $900.00 price objective on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 12.40% from the stock’s current price.
Several other research analysts also recently issued reports on GOOGL. Vetr raised Alphabet from a “buy” rating to a “strong-buy” rating and set a $833.54 price objective on the stock in a report on Monday, June 13th. Goldman Sachs Group Inc. reaffirmed a “buy” rating on shares of Alphabet in a report on Monday, June 13th. Citigroup Inc. reaffirmed a “buy” rating and set a $900.00 price objective on shares of Alphabet in a report on Friday, June 17th. Evercore ISI reaffirmed a “buy” rating and set a $830.00 price objective (down previously from $950.00) on shares of Alphabet in a report on Thursday, June 23rd. Finally, Pacific Crest reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, June 22nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, forty-seven have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $926.06.
Shares of Alphabet (NASDAQ:GOOGL) traded down 0.30% on Friday, hitting $800.71. The stock had a trading volume of 1,165,231 shares. The company has a market capitalization of $550.31 billion, a P/E ratio of 31.02 and a beta of 1.00. Alphabet has a one year low of $662.36 and a one year high of $819.06. The firm has a 50 day moving average price of $799.80 and a 200 day moving average price of $759.50.
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Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.04 by $0.38. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. On average, equities research analysts predict that Alphabet will post $34.11 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of GOOGL. Vanguard Group Inc. raised its position in shares of Alphabet by 2.1% in the second quarter. Vanguard Group Inc. now owns 18,198,649 shares of the company’s stock worth $12,803,295,000 after buying an additional 375,941 shares during the period. State Street Corp raised its position in shares of Alphabet by 0.4% in the first quarter. State Street Corp now owns 11,181,006 shares of the company’s stock worth $8,529,984,000 after buying an additional 39,282 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of Alphabet by 1.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 7,747,794 shares of the company’s stock worth $5,450,806,000 after buying an additional 129,555 shares during the period. Bank of New York Mellon Corp raised its position in shares of Alphabet by 0.3% in the second quarter. Bank of New York Mellon Corp now owns 4,096,211 shares of the company’s stock worth $2,881,806,000 after buying an additional 14,001 shares during the period. Finally, BlackRock Fund Advisors raised its position in shares of Alphabet by 2.5% in the second quarter. BlackRock Fund Advisors now owns 3,829,095 shares of the company’s stock worth $2,693,883,000 after buying an additional 93,453 shares during the period. Institutional investors own 34.12% of the company’s stock.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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