Alphabet Inc (GOOG) Downgraded by Vetr Inc.
Alphabet Inc (NASDAQ:GOOG) was downgraded by Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday. They currently have a $1,034.88 price objective on the information services provider’s stock. Vetr‘s price objective would suggest a potential upside of 11.64% from the company’s current price.
A number of other brokerages have also recently issued reports on GOOG. MKM Partners reaffirmed a “buy” rating and issued a $1,170.00 target price on shares of Alphabet in a report on Wednesday, June 28th. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet in a report on Monday, May 29th. Nomura reaffirmed a “buy” rating and issued a $985.00 target price on shares of Alphabet in a report on Monday, May 1st. Cowen and Company reaffirmed an “outperform” rating and issued a $1,075.00 target price on shares of Alphabet in a report on Thursday, August 10th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $1,050.00 price target on shares of Alphabet in a research report on Monday, July 17th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and forty-one have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $1,030.56.
Shares of Alphabet (NASDAQ GOOG) traded up 0.51% during midday trading on Wednesday, reaching $926.96. 1,006,711 shares of the company’s stock traded hands. The firm has a market capitalization of $642.27 billion, a P/E ratio of 33.59 and a beta of 0.94. Alphabet has a 52-week low of $727.54 and a 52-week high of $988.25. The stock’s 50 day moving average price is $934.56 and its 200 day moving average price is $891.60.
Alphabet (NASDAQ:GOOG) last issued its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.43 by $0.58. Alphabet had a return on equity of 9.64% and a net margin of 13.55%. The business had revenue of $26.01 billion during the quarter, compared to analysts’ expectations of $25.61 billion. During the same quarter in the prior year, the firm earned $8.42 EPS. The business’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet will post $30.59 EPS for the current fiscal year.
In related news, Director L John Doerr sold 13,556 shares of Alphabet stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $922.15, for a total transaction of $12,500,665.40. Following the completion of the sale, the director now owns 3,485 shares of the company’s stock, valued at $3,213,692.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 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 value of $177,317.85. The disclosure for this sale can be found here. Insiders have sold 47,169 shares of company stock valued at $44,206,482 in the last three months. 13.92% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in GOOG. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main purchased a new stake in Alphabet during the fourth quarter worth $249,975,000. LeJeune Puetz Investment Counsel LLC purchased a new stake in Alphabet during the fourth quarter worth $1,979,000. Wall Street Access Asset Management LLC increased its stake in Alphabet by 16.7% in the fourth quarter. Wall Street Access Asset Management LLC now owns 1,228 shares of the information services provider’s stock worth $957,000 after buying an additional 176 shares during the last quarter. IFM Investors Pty Ltd purchased a new stake in Alphabet during the fourth quarter worth $3,007,000. Finally, Pacific Center for Financial Services purchased a new stake in Alphabet during the fourth quarter worth $142,000. Institutional investors and hedge funds own 34.57% 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.
To view Vetr’s full report, visit Vetr’s official website.
Receive News & Ratings for Alphabet Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet Inc and related companies with MarketBeat.com's FREE daily email newsletter.