Alphabet Inc. (NASDAQ:GOOG) Stock Rating Reaffirmed by Pivotal Research
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “hold” rating reissued by research analysts at Pivotal Research in a research report issued to clients and investors on Monday. They currently have a $980.00 price target on the information services provider’s stock, down from their previous price target of $990.00. Pivotal Research’s target price would suggest a potential upside of 2.51% from the stock’s previous close.
A number of other equities research analysts also recently weighed in on the stock. Nomura reiterated a “buy” rating and issued a $985.00 price target on shares of Alphabet in a research report on Monday, May 1st. Barclays PLC reiterated an “overweight” rating on shares of Alphabet in a research report on Monday, April 17th. Wedbush reiterated an “underperform” rating and issued a $725.00 price target (up from $700.00) on shares of Alphabet in a research report on Saturday, April 29th. Cantor Fitzgerald reiterated a “buy” rating on shares of Alphabet in a research report on Friday, April 28th. Finally, Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research report on Friday, April 28th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, forty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $994.64.
Alphabet (NASDAQ:GOOG) opened at 955.99 on Monday. The firm has a market capitalization of $661.30 billion, a PE ratio of 32.30 and a beta of 0.95. Alphabet has a one year low of $719.05 and a one year high of $988.25. The stock has a 50 day moving average price of $952.24 and a 200-day moving average price of $860.20.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results 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 the consensus estimate of $24.18 billion. During the same period in the previous year, the business earned $7.50 earnings per share. The firm’s quarterly revenue was up 22.2% on a year-over-year basis. On average, equities analysts forecast that Alphabet will post $33.99 earnings per share for the current year.
In other news, SVP David C. Drummond sold 2,000 shares of the stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $945.65, for a total transaction of $1,891,300.00. Following the transaction, the senior vice president now owns 3,800 shares of the company’s stock, valued at approximately $3,593,470. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total transaction of $3,925,800.00. Following the transaction, the chief executive officer now directly owns 2,058 shares in the company, valued at approximately $2,019,824.10. The disclosure for this sale can be found here. Insiders have sold 46,268 shares of company stock worth $42,981,057 in the last ninety days. Insiders own 13.92% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in GOOG. Dodge & Cox bought a new position in Alphabet during the fourth quarter worth about $2,387,502,000. Norges Bank bought a new position in Alphabet during the fourth quarter worth about $2,128,163,000. Asset Management One Co. Ltd. boosted its position in Alphabet by 696.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 562,109 shares of the information services provider’s stock worth $434,371,000 after buying an additional 491,509 shares during the period. Putnam Investments LLC boosted its position in Alphabet by 50.3% in the fourth quarter. Putnam Investments LLC now owns 1,094,771 shares of the information services provider’s stock worth $844,967,000 after buying an additional 366,456 shares during the period. Finally, Sanders Capital LLC boosted its position in Alphabet by 37.1% in the first quarter. Sanders Capital LLC now owns 1,199,405 shares of the information services provider’s stock worth $1,019,026,000 after buying an additional 324,596 shares during the period. 34.59% of the stock is currently owned by institutional investors.
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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