Alphabet Inc. (NASDAQ:GOOG) Stock Rating Reaffirmed by Morgan Stanley
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “overweight” rating restated by research analysts at Morgan Stanley in a research note issued to investors on Saturday. They currently have a $1,050.00 price objective on the information services provider’s stock. Morgan Stanley’s target price suggests a potential upside of 7.92% from the company’s current price.
GOOG has been the topic of several other research reports. Deutsche Bank AG restated a “buy” rating on shares of Alphabet in a research report on Monday, June 12th. Vetr upgraded shares of Alphabet from a “hold” rating to a “buy” rating and set a $995.83 price target on the stock in a research report on Monday, June 26th. Instinet restated a “buy” rating and set a $925.00 price target on shares of Alphabet in a research report on Wednesday, April 26th. Cantor Fitzgerald restated a “buy” rating on shares of Alphabet in a research report on Friday, April 28th. Finally, Cowen and Company raised their price target on shares of Alphabet from $1,050.00 to $1,075.00 and gave the company an “outperform” rating 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, thirty-nine have given a buy rating and one has issued a strong buy rating to the company. Alphabet presently has a consensus rating of “Buy” and an average target price of $994.64.
Alphabet (GOOG) traded up 0.49% on Friday, hitting $972.92. 1,711,000 shares of the company were exchanged. The company has a market capitalization of $673.02 billion, a P/E ratio of 32.88 and a beta of 0.94. Alphabet has a 52 week low of $727.54 and a 52 week high of $988.25. The firm’s 50 day moving average is $948.07 and its 200 day moving average is $874.98.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, April 27th. The information services provider reported $7.73 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $7.38 by $0.35. The company had revenue of $24.75 billion for the quarter, compared to analyst estimates of $24.18 billion. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. The firm’s revenue was up 22.2% on a year-over-year basis. During the same quarter last year, the business earned $7.50 earnings per share. On average, equities research analysts forecast that Alphabet will post $33.97 earnings per share for the current fiscal year.
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In related news, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 3rd. The shares were sold at an average price of $915.16, for a total value of $3,660,640.00. Following the completion of the sale, the chief executive officer now owns 2,205 shares in the company, valued at approximately $2,017,927.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Diane B. Greene sold 1,863 shares of the company’s stock in a transaction on Monday, May 1st. The shares were sold at an average price of $902.72, for a total transaction of $1,681,767.36. Following the completion of the sale, the insider now owns 85,916 shares of the company’s stock, valued at approximately $77,558,091.52. The disclosure for this sale can be found here. In the last quarter, insiders sold 46,268 shares of company stock valued at $43,494,737. 13.92% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Monetary Management Group Inc. boosted its position in shares of Alphabet by 3.7% in the fourth quarter. Monetary Management Group Inc. now owns 2,947 shares of the information services provider’s stock valued at $2,275,000 after buying an additional 106 shares in the last quarter. Steel Canyon Capital LLC purchased a new position in shares of Alphabet during the fourth quarter valued at about $5,481,000. Steginsky Capital LLC purchased a new position in shares of Alphabet during the fourth quarter valued at about $11,494,000. Edge Asset Management Inc. boosted its position in shares of Alphabet by 3.0% in the fourth quarter. Edge Asset Management Inc. now owns 33,186 shares of the information services provider’s stock valued at $25,614,000 after buying an additional 963 shares in the last quarter. Finally, Allianz Asset Management AG boosted its position in shares of Alphabet by 14.2% in the fourth quarter. Allianz Asset Management AG now owns 538,269 shares of the information services provider’s stock valued at $415,447,000 after buying an additional 66,986 shares in the last quarter. Hedge funds and other institutional investors own 34.59% of the company’s stock.
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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