Alphabet Inc. (NASDAQ:GOOG) Earns Buy Rating from Bank of America Corporation
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “buy” rating reaffirmed by equities researchers at Bank of America Corporation in a research report issued to clients and investors on Tuesday.
A number of other research analysts have also recently commented on GOOG. UBS AG restated a “buy” rating and issued a $980.00 price target on shares of Alphabet in a report on Monday, March 27th. Goldman Sachs Group, Inc. (The) restated a “buy” rating on shares of Alphabet in a report on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $1,100.00 price target (up from $1,050.00) on shares of Alphabet in a report on Tuesday. Cantor Fitzgerald restated an “overweight” rating and issued a $1,100.00 price target (up from $1,070.00) on shares of Alphabet in a report on Tuesday. Finally, Barclays PLC restated a “buy” rating on shares of Alphabet in a report on Tuesday. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. Alphabet has a consensus rating of “Buy” and an average target price of $999.97.
Shares of Alphabet (NASDAQ GOOG) traded down 3.02% during midday trading on Tuesday, reaching $950.70. 4,660,979 shares of the company’s stock were exchanged. The stock’s 50 day moving average is $948.37 and its 200-day moving average is $878.35. Alphabet has a 12-month low of $727.54 and a 12-month high of $988.25. The stock has a market cap of $657.64 billion, a PE ratio of 32.13 and a beta of 0.95. Alphabet also was the target of some unusual options trading activity on Monday. Investors acquired 19,762 put options on the stock. This is an increase of approximately 232% compared to the average volume of 5,961 put options.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The business had revenue of $26.01 billion for the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $8.42 earnings per share. On average, equities analysts expect that Alphabet will post $31.00 EPS for the current year.
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In related news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $969.92, for a total value of $3,879,680.00. Following the sale, the chief executive officer now owns 1,536 shares of the company’s stock, valued at approximately $1,489,797.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP James Grier Campbell sold 183 shares of Alphabet stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $968.95, for a total transaction of $177,317.85. The disclosure for this sale can be found here. Insiders have sold a total of 46,268 shares of company stock worth $43,494,737 in the last ninety days. Corporate insiders own 13.92% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GOOG. Riggs Asset Managment Co. Inc. boosted its stake in Alphabet by 39.6% in the second quarter. Riggs Asset Managment Co. Inc. now owns 141 shares of the information services provider’s stock worth $128,000 after buying an additional 40 shares in the last quarter. Farmers National Bank boosted its stake in Alphabet by 15.0% in the first quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock worth $134,000 after buying an additional 21 shares in the last quarter. St. Johns Investment Management Company LLC boosted its stake in Alphabet by 1,046.7% in the second quarter. St. Johns Investment Management Company LLC now owns 172 shares of the information services provider’s stock worth $156,000 after buying an additional 157 shares in the last quarter. Pacific Center for Financial Services bought a new stake in Alphabet during the fourth quarter worth about $142,000. Finally, Cribstone Capital Management LLC boosted its stake in Alphabet by 5.7% in the second quarter. Cribstone Capital Management LLC now owns 184 shares of the information services provider’s stock worth $167,000 after buying an additional 10 shares in the last quarter. 34.60% of the stock is currently owned by hedge funds and other institutional investors.
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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