BidaskClub Upgrades Alphabet Inc. (NASDAQ:GOOG) to “Strong-Buy”
Alphabet Inc. (NASDAQ:GOOG) was upgraded by stock analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Thursday.
Other equities analysts have also issued research reports about the company. UBS AG reissued a “buy” rating and set a $980.00 price objective on shares of Alphabet in a research report on Monday, March 27th. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research report on Monday, May 29th. Vetr raised Alphabet from a “sell” rating to a “hold” rating and set a $907.74 price objective for the company in a research report on Wednesday, May 17th. Aegis reissued a “buy” rating on shares of Alphabet in a research report on Monday, May 22nd. Finally, Societe Generale reissued a “buy” rating on shares of Alphabet in a research report on Friday, July 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, forty have given a buy rating and one has given a strong buy rating to the company’s stock. Alphabet presently has a consensus rating of “Buy” and a consensus price target of $993.97.
Shares of Alphabet (GOOG) traded up 0.93% during mid-day trading on Thursday, reaching $955.99. 1,053,774 shares of the company’s stock were exchanged. Alphabet has a one year low of $719.05 and a one year high of $988.25. The firm has a market capitalization of $331.70 billion, a P/E ratio of 44.78 and a beta of 0.94. The stock has a 50-day moving average of $952.24 and a 200 day moving average of $860.20.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, April 27th. The information services provider reported $7.73 EPS for the quarter, topping analysts’ consensus estimates of $7.38 by $0.35. Alphabet had a return on equity of 15.16% and a net margin of 21.84%. 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 firm posted $7.50 earnings per share. The firm’s revenue was up 22.2% on a year-over-year basis. On average, analysts forecast that Alphabet will post $33.99 EPS for the current fiscal year.
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In related news, CEO Sundar Pichai sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total value of $3,925,800.00. Following the transaction, the chief executive officer now directly owns 2,058 shares of the company’s stock, valued at approximately $2,019,824.10. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP David C. Drummond sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $949.77, for a total value of $1,899,540.00. Following the completion of the transaction, the senior vice president now directly owns 1,800 shares in the company, valued at $1,709,586. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,268 shares of company stock worth $42,981,057. 13.92% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Rafferty Asset Management LLC increased its stake in Alphabet by 4.0% in the fourth quarter. Rafferty Asset Management LLC now owns 1,235 shares of the information services provider’s stock worth $953,000 after buying an additional 47 shares during the last quarter. Fiduciary Financial Services of The Southwest Inc. TX increased its stake in Alphabet by 3.2% in the fourth quarter. Fiduciary Financial Services of The Southwest Inc. TX now owns 867 shares of the information services provider’s stock worth $669,000 after buying an additional 27 shares during the last quarter. Koch Industries Inc. purchased a new stake in Alphabet during the fourth quarter worth about $228,000. Sii Investments Inc. WI increased its stake in Alphabet by 13.7% in the fourth quarter. Sii Investments Inc. WI now owns 1,237 shares of the information services provider’s stock worth $964,000 after buying an additional 149 shares during the last quarter. Finally, Good Life Advisors LLC purchased a new stake in Alphabet during the fourth quarter worth about $216,000. 34.62% of the stock is currently owned by institutional investors and hedge funds.
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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