Alphabet Inc. (GOOGL) Upgraded to Buy by Zacks Investment Research
Alphabet Inc. (NASDAQ:GOOGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage currently has a $907.00 target price on the stock. Zacks Investment Research’s price target suggests a potential upside of 12.03% from the stock’s previous close.
According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. The company has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its focus on innovation, strategic acquisitions and Android OS should continue to generate strong cash flows. 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. We also see growing competition and legal hassles that could intensify with Brexit. “
A number of other equities research analysts have also recently issued reports on the stock. Deutsche Bank AG reissued a “buy” rating on shares of Alphabet in a research report on Sunday, July 10th. Royal Bank Of Canada reissued an “outperform” rating and issued a $1,000.00 target price on shares of Alphabet in a research report on Tuesday, June 28th. Robert W. Baird reissued a “buy” rating on shares of Alphabet in a research report on Sunday, July 17th. Credit Suisse Group AG reissued a “buy” rating and issued a $920.00 target price on shares of Alphabet in a research report on Sunday, July 17th. Finally, Bank of America Corp. reissued a “buy” rating and issued a $925.00 target price on shares of Alphabet in a research report on Sunday, July 17th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-seven have given a buy rating and one has issued a strong buy rating to the stock. Alphabet has an average rating of “Buy” and a consensus price target of $926.50.
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Shares of Alphabet (NASDAQ:GOOGL) opened at 809.57 on Wednesday. The company has a market capitalization of $556.40 billion, a P/E ratio of 31.37 and a beta of 1.00. The firm has a 50-day moving average of $800.52 and a 200-day moving average of $760.57. Alphabet has a one year low of $670.70 and a one year high of $819.86.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, July 28th. The company reported $8.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $8.04 by $0.38. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. Equities research analysts expect that Alphabet will post $34.11 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GOOGL. Park National Corp OH boosted its position in Alphabet by 0.3% in the third quarter. Park National Corp OH now owns 742 shares of the company’s stock worth $597,000 after buying an additional 2 shares during the period. MCF Advisors LLC boosted its position in Alphabet by 1.9% in the second quarter. MCF Advisors LLC now owns 159 shares of the company’s stock worth $112,000 after buying an additional 3 shares during the period. Independence Advisors LLC boosted its position in Alphabet by 0.5% in the third quarter. Independence Advisors LLC now owns 618 shares of the company’s stock worth $497,000 after buying an additional 3 shares during the period. Coldstream Capital Management Inc. boosted its position in Alphabet by 0.6% in the second quarter. Coldstream Capital Management Inc. now owns 711 shares of the company’s stock worth $500,000 after buying an additional 4 shares during the period. Finally, Frontier Investment Mgmt Co. boosted its position in Alphabet by 0.4% in the second quarter. Frontier Investment Mgmt Co. now owns 894 shares of the company’s stock worth $629,000 after buying an additional 4 shares during the period. Hedge funds and other 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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