Alphabet (NASDAQ:GOOGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The brokerage presently has a $1,330.00 price objective on the information services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.95% from the stock’s current price.
According to Zacks, “Alphabet's stock has outperformed the industry it belongs to on a 12-month basis. Alphabet's strong advertising revenues and improving paid click growth remain the growth drivers. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. 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.”
GOOGL has been the topic of several other research reports. CIBC restated an “outperform” rating and set a $1,180.00 target price (up previously from $1,050.00) on shares of Alphabet in a research report on Friday, October 27th. Pivotal Research restated a “hold” rating and set a $970.00 target price on shares of Alphabet in a research report on Friday, October 13th. Citigroup restated a “buy” rating and set a $1,180.00 target price on shares of Alphabet in a research report on Tuesday, October 24th. They noted that the move was a valuation call. Vetr lowered Alphabet from a “buy” rating to a “hold” rating and set a $1,007.29 target price on the stock. in a research report on Friday, October 6th. Finally, Credit Suisse Group restated an “outperform” rating on shares of Alphabet in a research report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, six have given a hold rating, forty have assigned 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 $1,110.83.
Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, beating the consensus estimate of $8.43 by $1.14. The company had revenue of $22.27 billion during the quarter, compared to analysts’ expectations of $21.94 billion. Alphabet had a return on equity of 14.26% and a net margin of 20.09%. During the same quarter in the prior year, the firm posted $9.06 earnings per share. equities analysts forecast that Alphabet will post 32.36 earnings per share for the current year.
Hedge funds have recently bought and sold shares of the company. Novare Capital Management LLC increased its position in shares of Alphabet by 0.9% during the second quarter. Novare Capital Management LLC now owns 8,590 shares of the information services provider’s stock valued at $7,986,000 after acquiring an additional 80 shares during the last quarter. Camelot Portfolios LLC purchased a new stake in shares of Alphabet during the second quarter valued at approximately $211,000. Gardiner Nancy B increased its position in shares of Alphabet by 5.4% during the third quarter. Gardiner Nancy B now owns 1,450 shares of the information services provider’s stock valued at $1,412,000 after acquiring an additional 74 shares during the last quarter. Country Trust Bank purchased a new stake in shares of Alphabet during the second quarter valued at approximately $44,071,000. Finally, Anchor Capital Advisors LLC increased its position in shares of Alphabet by 3.0% during the second quarter. Anchor Capital Advisors LLC now owns 378 shares of the information services provider’s stock valued at $351,000 after acquiring an additional 11 shares during the last quarter. Institutional investors own 33.63% 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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