Alphabet (NASDAQ:GOOGL) was downgraded by investment analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a research note issued on Friday, Marketbeat.com reports. They currently have a $1,150.00 price target on the information services provider’s stock. Stifel Nicolaus’ target price points to a potential upside of 2.75% from the company’s current price.
A number of other brokerages have also weighed in on GOOGL. Vetr lowered Alphabet from a “buy” rating to a “hold” rating and set a $1,007.29 price objective on the stock. in a report on Friday, October 6th. Royal Bank of Canada reaffirmed a “buy” rating and set a $1,050.00 price objective on shares of Alphabet in a report on Sunday, October 8th. Jefferies Group reaffirmed a “buy” rating and set a $1,200.00 price objective on shares of Alphabet in a report on Tuesday, October 10th. They noted that the move was a valuation call. Credit Suisse Group reaffirmed an “outperform” rating on shares of Alphabet in a report on Wednesday, October 11th. Finally, Pivotal Research reaffirmed a “hold” rating and set a $970.00 price objective on shares of Alphabet in a report on Friday, October 13th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Alphabet has a consensus rating of “Buy” and a consensus target price of $1,144.31.
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. The firm has a market capitalization of $734,150.00, a price-to-earnings ratio of 62.35, a P/E/G ratio of 1.54 and a beta of 0.95. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.73 and a current ratio of 5.77. Alphabet has a 1-year low of $814.29 and a 1-year high of $1,198.00.
Alphabet declared that its board has authorized a stock buyback program on Thursday, February 1st that allows the company to buyback $8.59 billion in outstanding shares. This buyback authorization allows the information services provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Parkside Financial Bank & Trust raised its holdings in shares of Alphabet by 39.6% in 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 period. Odey Holdings AG grew its stake in shares of Alphabet by 18.2% in the second quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock valued at $121,000 after buying an additional 20 shares in the last quarter. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Alphabet in the fourth quarter valued at about $123,000. Stelac Advisory Services LLC acquired a new stake in shares of Alphabet in the third quarter valued at about $126,000. Finally, Lloyds Banking Group plc acquired a new stake in shares of Alphabet in the second quarter valued at about $133,000. Hedge funds and other institutional investors own 33.63% of the company’s stock.
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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.
