Alphabet (NASDAQ:GOOGL) had its price objective boosted by Citigroup to $1,350.00 in a research report issued to clients and investors on Friday. The firm presently has a “buy” rating on the information services provider’s stock. Citigroup’s target price points to a potential upside of 20.62% from the stock’s previous close. The analysts noted that the move was a valuation call.
GOOGL has been the topic of a number of other reports. Wells Fargo & Co reiterated a “buy” rating and issued a $1,275.00 price target on shares of Alphabet in a report on Friday. Stifel Nicolaus boosted their target price on Alphabet from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a research note on Monday, October 30th. Cowen boosted their target price on Alphabet from $1,150.00 to $1,230.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Piper Jaffray Companies restated a “buy” rating and set a $1,150.00 target price on shares of Alphabet in a research note on Thursday, October 19th. Finally, BMO Capital Markets restated a “market perform” rating and set a $970.00 target price on shares of Alphabet in a research note on Friday, October 27th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $1,144.31.
Shares of Alphabet (NASDAQ GOOGL) traded down $62.39 during trading hours on Friday, hitting $1,119.20. The stock had a trading volume of 5,826,990 shares, compared to its average volume of 1,520,000. Alphabet has a twelve month low of $814.29 and a twelve month high of $1,198.00. The stock has a market cap of $734,150.00, a P/E ratio of 62.35, a PEG ratio of 1.54 and a beta of 0.95. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.77 and a quick ratio of 5.73.
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 reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Alphabet by 3.3% in the 2nd quarter. Vanguard Group Inc. now owns 20,570,476 shares of the information services provider’s stock worth $19,123,960,000 after purchasing an additional 662,279 shares during the period. BlackRock Inc. raised its holdings in Alphabet by 3.1% in the 2nd quarter. BlackRock Inc. now owns 18,633,934 shares of the information services provider’s stock worth $17,323,595,000 after purchasing an additional 567,337 shares during the period. FMR LLC raised its holdings in Alphabet by 2.1% in the 2nd quarter. FMR LLC now owns 17,647,327 shares of the information services provider’s stock worth $16,406,366,000 after purchasing an additional 367,634 shares during the period. Capital Research Global Investors raised its holdings in Alphabet by 2.4% in the 2nd quarter. Capital Research Global Investors now owns 4,308,195 shares of the information services provider’s stock worth $4,005,243,000 after purchasing an additional 102,133 shares during the period. Finally, Capital World Investors raised its holdings in Alphabet by 7.8% in the 2nd quarter. Capital World Investors now owns 3,879,982 shares of the information services provider’s stock worth $3,607,142,000 after purchasing an additional 280,710 shares during the period. 33.63% of the stock is owned by institutional investors and hedge funds.
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About Alphabet
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.
