Credit Suisse Group Reaffirms “Outperform” Rating for Alphabet Inc. (GOOG)
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “outperform” rating reiterated by equities researchers at Credit Suisse Group in a report released on Friday.
A number of other brokerages have also weighed in on GOOG. MKM Partners reiterated a “buy” rating and set a $1,170.00 price objective on shares of Alphabet in a report on Wednesday. Morgan Stanley restated a “buy” rating on shares of Alphabet in a report on Monday, May 29th. BMO Capital Markets restated an “outperform” rating and issued a $1,005.00 price target on shares of Alphabet in a report on Monday, March 27th. Nomura restated a “buy” rating and issued a $985.00 price target on shares of Alphabet in a report on Monday, May 1st. Finally, Cowen and Company restated an “outperform” rating and issued a $1,050.00 price target on shares of Alphabet in a report on Wednesday, April 19th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and forty have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $992.82.
Shares of Alphabet (GOOG) traded down 0.06% during mid-day trading on Friday, hitting $917.25. The stock had a trading volume of 894,281 shares. The firm has a market cap of $634.51 billion, a price-to-earnings ratio of 31.00 and a beta of 0.94. The company has a 50-day moving average of $952.24 and a 200 day moving average of $860.20. Alphabet has a one year low of $688.22 and a one year high of $988.25. Alphabet also saw some unusual options trading activity on Tuesday. Investors acquired 2,914 put options on the company. This represents an increase of approximately 173% compared to the typical volume of 1,066 put options.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, beating analysts’ consensus estimates of $7.38 by $0.35. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. The company had revenue of $24.75 billion during the quarter, compared to analyst estimates of $24.18 billion. During the same quarter last year, the business posted $7.50 EPS. The firm’s revenue for the quarter was up 22.2% on a year-over-year basis. On average, equities research analysts forecast that Alphabet will post $33.91 earnings per share for the current year.
In other news, SVP David C. Drummond sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 12th. The shares were sold at an average price of $830.20, for a total transaction of $1,660,400.00. Following the transaction, the senior vice president now directly owns 4,800 shares in the company, valued at $3,984,960. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 19th. The stock was sold at an average price of $841.50, for a total transaction of $3,366,000.00. Following the transaction, the chief executive officer now owns 1,976 shares in the company, valued at $1,662,804. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,085 shares of company stock worth $42,307,001. Insiders own 13.92% of the company’s stock.
Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its position in Alphabet by 2,553.3% in the first quarter. BlackRock Inc. now owns 17,231,526 shares of the information services provider’s stock worth $14,294,584,000 after buying an additional 16,582,087 shares during the period. Dodge & Cox purchased a new position in Alphabet during the fourth quarter worth $2,387,502,000. Norges Bank purchased a new position in Alphabet during the fourth quarter worth $2,128,163,000. Bank of Montreal Can purchased a new position in Alphabet during the second quarter worth $927,982,000. Finally, Magellan Asset Management Ltd raised its position in Alphabet by 186.5% in the second quarter. Magellan Asset Management Ltd now owns 1,435,391 shares of the information services provider’s stock worth $993,434,000 after buying an additional 934,412 shares during the period. Institutional investors and hedge funds own 35.04% of the company’s stock.
Alphabet Company Profile
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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