Vetr Downgrades Alphabet (GOOGL) to Buy

Alphabet (NASDAQ:GOOGL) was downgraded by stock analysts at Vetr from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday. They currently have a $1,211.78 target price on the information services provider’s stock. Vetr‘s price objective would suggest a potential upside of 11.74% from the company’s previous close.

Other equities analysts have also recently issued reports about the stock. Zacks Investment Research cut shares of Alphabet from a “buy” rating to a “hold” rating in a research note on Wednesday, January 17th. William Blair reaffirmed an “outperform” rating on shares of Alphabet in a research note on Thursday, February 1st. Barclays raised their target price on shares of Alphabet from $1,260.00 to $1,330.00 and gave the company an “overweight” rating in a research note on Friday. Stifel Nicolaus cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $1,150.00 target price for the company. in a research note on Friday. Finally, Cantor Fitzgerald reaffirmed a “buy” rating and set a $1,100.00 target price on shares of Alphabet in a research note on Tuesday, October 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-nine have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $1,157.02.

Shares of Alphabet (NASDAQ:GOOGL) traded up $22.04 during midday trading on Tuesday, hitting $1,084.43. 3,804,557 shares of the stock were exchanged, compared to its average volume of 1,770,000. The stock has a market capitalization of $751,110.00, a PE ratio of 60.41, a PEG ratio of 1.45 and a beta of 0.95. Alphabet has a 1 year low of $814.29 and a 1 year high of $1,198.00. The company has a current ratio of 5.14, a quick ratio of 5.11 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $10.12 by ($0.42). The company had revenue of $25.87 billion for the quarter, compared to analysts’ expectations of $25.65 billion. Alphabet had a net margin of 11.42% and a return on equity of 14.94%. sell-side analysts expect that Alphabet will post 41.91 earnings per share for the current fiscal year.

Alphabet announced that its board has initiated a stock buyback program on Thursday, February 1st that permits the company to repurchase $8.59 billion in shares. This repurchase authorization permits the information services provider to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s management believes its shares are undervalued.

Several institutional investors have recently added to or reduced their stakes in the company. Sadoff Investment Management LLC purchased a new position in Alphabet during the 4th quarter valued at about $241,000. BT Investment Management Ltd increased its position in Alphabet by 6.7% during the 4th quarter. BT Investment Management Ltd now owns 38,023 shares of the information services provider’s stock valued at $40,053,000 after purchasing an additional 2,404 shares during the period. Russell Investments Group Ltd. increased its position in Alphabet by 0.8% during the 4th quarter. Russell Investments Group Ltd. now owns 501,505 shares of the information services provider’s stock valued at $529,346,000 after purchasing an additional 4,109 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its position in Alphabet by 1.3% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 896,343 shares of the information services provider’s stock valued at $944,208,000 after purchasing an additional 11,837 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Alphabet by 1.7% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 45,700 shares of the information services provider’s stock valued at $49,882,000 after purchasing an additional 782 shares during the period. Hedge funds and other institutional investors own 33.61% of the company’s stock.

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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.

To view Vetr’s full report, visit Vetr’s official website.

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