Piper Jaffray Companies Reaffirms “Overweight” Rating for Alphabet Inc. (GOOG)
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “overweight” rating reaffirmed by stock analysts at Piper Jaffray Companies in a research report issued on Thursday, The Fly reports. They presently have a $1,150.00 price target on the information services provider’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 16.37% from the stock’s previous close.
Other analysts have also recently issued reports about the company. MKM Partners reissued a “buy” rating and set a $1,170.00 price target on shares of Alphabet in a report on Wednesday, June 28th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Alphabet in a report on Wednesday, June 28th. Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $995.83 price objective for the company in a report on Monday, June 26th. Societe Generale reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, July 7th. Finally, BidaskClub cut Alphabet from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty-nine have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $1,036.51.
Shares of Alphabet (NASDAQ:GOOG) traded up 0.38% on Thursday, hitting $988.20. The company had a trading volume of 1,183,186 shares. Alphabet has a 12-month low of $727.54 and a 12-month high of $997.21. The firm has a 50-day moving average price of $951.53 and a 200 day moving average price of $930.09. The company has a market capitalization of $684.70 billion, a P/E ratio of 35.81 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The business had revenue of $26.01 billion during the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $8.42 EPS. Equities analysts expect that Alphabet will post $30.64 EPS for the current year.
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In other news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $993.58, for a total transaction of $3,974,320.00. Following the completion of the transaction, the chief executive officer now directly owns 1,471 shares in the company, valued at $1,461,556.18. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann Mather sold 629 shares of Alphabet stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $932.28, for a total transaction of $586,404.12. Following the transaction, the director now owns 1,781 shares of the company’s stock, valued at $1,660,390.68. The disclosure for this sale can be found here. Insiders sold 40,694 shares of company stock worth $38,136,904 over the last three months. 13.92% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Alphabet by 3.0% in the 2nd quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock worth $18,574,476,000 after acquiring an additional 589,654 shares during the last quarter. BlackRock Inc. raised its holdings in Alphabet by 4.8% in the 2nd quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock worth $16,409,850,000 after acquiring an additional 826,480 shares during the last quarter. FMR LLC raised its holdings in Alphabet by 0.4% in the 2nd quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock worth $12,696,484,000 after acquiring an additional 62,507 shares during the last quarter. State Street Corp raised its holdings in Alphabet by 0.3% in the 1st quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock worth $10,010,859,000 after acquiring an additional 36,864 shares during the last quarter. Finally, Capital World Investors raised its holdings in Alphabet by 13.9% in the 2nd quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock worth $5,789,842,000 after acquiring an additional 776,853 shares during the last quarter. Institutional investors own 34.52% 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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