Alphabet Inc. (GOOGL) Stock Rating Upgraded by Zacks Investment Research
Alphabet Inc. (NASDAQ:GOOGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage presently has a $1,157.00 price objective on the information services provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 12.00% from the company’s previous close.
According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. The company delivered strong top line in the third quarter on the back of higher overall advertising revenues and strong paid click growth. On a year to date basis, the stock has outperformed the industry it belongs to. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Its diversification strategy is also positive, but requires significant investment and involves uncertain payback periods, particularly since these efforts are at the cutting edge of technology. However, increasing litigation issues could continue to impact the company’s profits.”
Several other research firms have also recently weighed in on GOOGL. Stifel Nicolaus restated a “buy” rating and set a $1,075.00 target price on shares of Alphabet in a research note on Monday, September 25th. UBS AG restated a “buy” rating and set a $1,080.00 target price on shares of Alphabet in a research note on Friday, September 8th. Jefferies Group LLC restated a “buy” rating and set a $1,200.00 target price on shares of Alphabet in a research note on Tuesday, October 10th. They noted that the move was a valuation call. Mizuho restated a “buy” rating on shares of Alphabet in a research note on Tuesday, October 17th. Finally, Vetr cut Alphabet from a “buy” rating to a “hold” rating and set a $1,007.29 target price for the company. in a research note on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, forty have assigned a buy rating and one has given a strong buy rating to the stock. Alphabet presently has a consensus rating of “Buy” and a consensus price target of $1,088.02.
Alphabet (NASDAQ:GOOGL) last released its earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, topping the consensus estimate of $8.43 by $1.14. Alphabet had a return on equity of 14.26% and a net margin of 20.09%. The firm had revenue of $22.27 billion during the quarter, compared to analysts’ expectations of $21.94 billion. During the same period in the prior year, the company earned $9.06 earnings per share.
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Hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue purchased a new stake in shares of Alphabet during the 2nd quarter worth approximately $102,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of Alphabet during the 1st quarter worth approximately $108,000. Delta Asset Management LLC TN increased its stake in shares of Alphabet by 1.5% during the 1st quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock worth $116,000 after purchasing an additional 2 shares during the last quarter. Parkside Financial Bank & Trust increased its stake in shares of Alphabet by 39.6% during the 2nd quarter. Parkside Financial Bank & Trust now owns 127 shares of the information services provider’s stock worth $118,000 after purchasing an additional 36 shares during the last quarter. Finally, Odey Holdings AG increased its stake in shares of Alphabet by 18.2% during the 2nd quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock worth $121,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 33.87% 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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