Alphabet (NASDAQ:GOOG) was downgraded by equities research analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a note issued to investors on Friday. They presently have a $1,150.00 target price on the information services provider’s stock. Stifel Nicolaus’ target price would suggest a potential upside of 3.43% from the company’s previous close.
GOOG has been the topic of several other research reports. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a report on Friday, October 27th. Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a report on Friday, October 20th. Wells Fargo & Co reiterated a “buy” rating on shares of Alphabet in a report on Friday, October 6th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $1,150.00 price objective on shares of Alphabet in a report on Thursday, October 19th. Finally, Royal Bank of Canada reiterated a “buy” rating on shares of Alphabet in a report on Friday, October 27th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $1,061.56.
Alphabet (NASDAQ GOOG) opened at $1,111.90 on Friday. The company has a market capitalization of $738,030.00, a PE ratio of 61.94 and a beta of 1.01. The company has a quick ratio of 5.73, a current ratio of 5.77 and a debt-to-equity ratio of 0.03. Alphabet has a twelve month low of $795.25 and a twelve month high of $1,186.89.
Alphabet announced that its board has authorized a stock buyback plan on Thursday, February 1st that permits the company to buyback $8.59 billion in outstanding shares. This buyback authorization permits the information services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.
In other news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $1,020.69, for a total transaction of $4,082,760.00. Following the completion of the transaction, the chief executive officer now directly owns 949 shares in the company, valued at $968,634.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director L John Doerr sold 12,236 shares of Alphabet stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $1,021.57, for a total transaction of $12,499,930.52. Following the transaction, the director now owns 3,485 shares of the company’s stock, valued at $3,560,171.45. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 32,955 shares of company stock worth $34,431,704. Insiders own 13.92% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in GOOG. Stuart Chaussee & Associates Inc. raised its holdings in Alphabet by 108.3% in the 4th quarter. Stuart Chaussee & Associates Inc. now owns 100 shares of the information services provider’s stock worth $105,000 after acquiring an additional 52 shares during the last quarter. Burt Wealth Advisors raised its holdings in Alphabet by 17.2% in the 2nd quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock worth $123,000 after acquiring an additional 20 shares during the last quarter. Signature Estate & Investment Advisors LLC raised its holdings in Alphabet by 3.8% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 137 shares of the information services provider’s stock worth $124,000 after acquiring an additional 5 shares during the last quarter. Price Wealth Management Inc. purchased a new position in Alphabet in the 4th quarter worth approximately $125,000. Finally, Archford Capital Strategies LLC raised its holdings in Alphabet by 400.0% in the 2nd quarter. Archford Capital Strategies LLC now owns 1,040 shares of the information services provider’s stock worth $139,000 after acquiring an additional 832 shares during the last quarter. Hedge funds and other institutional investors own 34.66% of the company’s stock.
TRADEMARK VIOLATION WARNING: “Alphabet (GOOG) Stock Rating Lowered by Stifel Nicolaus” was first posted by American Banking and Market News and is the sole property of of American Banking and Market News. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.americanbankingnews.com/2018/02/03/alphabet-goog-stock-rating-lowered-by-stifel-nicolaus.html.
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.
