Alphabet’s (GOOGL) “Buy” Rating Reiterated at Needham & Company LLC
Alphabet Inc (NASDAQ:GOOGL)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research note issued on Monday. They presently have a $1,050.00 target price on the information services provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 7.59% from the stock’s previous close.
Several other research analysts also recently issued reports on GOOGL. Susquehanna Bancshares Inc reiterated a “positive” rating and issued a $1,000.00 target price on shares of Alphabet in a research note on Sunday, March 19th. Vetr cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $906.58 price objective for the company. in a report on Monday, March 20th. Pivotal Research cut shares of Alphabet from a “buy” rating to a “hold” rating and decreased their price objective for the company from $970.00 to $950.00 in a report on Monday, March 20th. Bank of America Corporation reissued a “buy” rating and set a $1,025.00 price objective on shares of Alphabet in a report on Thursday, March 23rd. Finally, Morgan Stanley reissued an “overweight” rating and set a $1,000.00 price objective on shares of Alphabet in a report on Saturday, March 25th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and forty-one have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $1,018.89.
Alphabet (NASDAQ:GOOGL) traded down 0.10% during midday trading on Monday, hitting $975.96. 1,660,464 shares of the company were exchanged. Alphabet has a 1-year low of $734.64 and a 1-year high of $1,008.61. The stock has a 50 day moving average of $972.78 and a 200 day moving average of $880.30. The firm has a market capitalization of $675.12 billion, a PE ratio of 32.98 and a beta of 1.00.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.24 by $0.49. The firm had revenue of $20.12 billion for the quarter, compared to the consensus estimate of $19.65 billion. Alphabet had a net margin of 21.92% and a return on equity of 15.33%. During the same quarter in the prior year, the firm posted $7.50 earnings per share. On average, equities analysts predict that Alphabet will post $34.03 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Alphabet by 1.2% in the first quarter. State Street Corp now owns 11,946,348 shares of the information services provider’s stock valued at $10,128,119,000 after buying an additional 142,214 shares during the last quarter. Norges Bank purchased a new position in shares of Alphabet during the fourth quarter valued at $2,411,505,000. Franklin Resources Inc. boosted its position in shares of Alphabet by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 1,575,345 shares of the information services provider’s stock valued at $1,248,643,000 after buying an additional 16,006 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Alphabet by 0.8% in the second quarter. Bank of Montreal Can now owns 1,094,698 shares of the information services provider’s stock valued at $1,017,719,000 after buying an additional 8,375 shares during the last quarter. Finally, Fisher Asset Management LLC boosted its position in shares of Alphabet by 2.6% in the first quarter. Fisher Asset Management LLC now owns 1,071,363 shares of the information services provider’s stock valued at $908,302,000 after buying an additional 27,598 shares during the last quarter. 34.33% of the stock is owned by institutional investors and hedge funds.
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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