Alphabet Inc. (GOOG) Earns “Buy” Rating from B. Riley
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “buy” rating reissued by equities research analysts at B. Riley in a report issued on Thursday. They currently have a $1,050.00 target price on the information services provider’s stock, up from their previous target price of $1,032.00. B. Riley’s price target indicates a potential upside of 12.41% from the company’s current price.
Several other analysts also recently weighed in on the company. KeyCorp reaffirmed an “overweight” rating and set a $1,100.00 target price on shares of Alphabet in a research note on Thursday. BMO Capital Markets reaffirmed a “market perform” rating and set a $970.00 target price on shares of Alphabet in a research note on Thursday. Citigroup Inc. reaffirmed a “buy” rating and set a $1,180.00 target price on shares of Alphabet in a research note on Thursday. Canaccord Genuity reaffirmed a “hold” rating and set a $1,000.00 target price on shares of Alphabet in a research note on Thursday. Finally, Bank of America Corporation reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, forty-one have issued a buy rating and one has issued a strong buy rating to the stock. Alphabet currently has an average rating of “Buy” and a consensus price target of $1,012.03.
Alphabet (NASDAQ GOOG) traded down 1.45% during midday trading on Thursday, hitting $934.09. The stock had a trading volume of 3,112,879 shares. The firm has a market cap of $646.15 billion, a PE ratio of 31.56 and a beta of 0.94. The stock has a 50-day moving average price of $946.61 and a 200 day moving average price of $879.90. Alphabet has a one year low of $727.54 and a one year high of $988.25. Alphabet also was the target of unusually large options trading on Monday. Investors purchased 19,762 put options on the stock. This is an increase of approximately 232% compared to the typical daily 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 consensus estimate of $4.43 by $0.58. The firm had revenue of $26.01 billion for the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The firm’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $8.42 EPS. On average, analysts predict that Alphabet will post $31.00 earnings per share for the current year.
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In other news, insider Diane B. Greene sold 1,863 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $902.72, for a total value of $1,681,767.36. Following the transaction, the insider now owns 85,916 shares of the company’s stock, valued at approximately $77,558,091.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP James Grier Campbell sold 366 shares of the stock in a transaction on Monday, May 1st. The shares were sold at an average price of $902.72, for a total value of $330,395.52. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,268 shares of company stock worth $43,494,737. Company insiders own 13.92% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Riggs Asset Managment Co. Inc. increased its position 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 during the period. Farmers National Bank increased its position 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 during the period. Pacific Center for Financial Services bought a new position in Alphabet during the fourth quarter worth $142,000. St. Johns Investment Management Company LLC increased its position 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 during the period. Finally, Israel Discount Bank of New York GFN bought a new position in Alphabet during the fourth quarter worth $166,000. 34.60% of the stock is currently owned by 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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