Alphabet (NASDAQ:GOOGL) Cut to “Hold” at Stifel Nicolaus

Alphabet (NASDAQ:GOOGL) was downgraded by analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Friday, Marketbeat Ratings reports. They presently have a $1,600.00 price objective on the information services provider’s stock, up from their previous price objective of $1,550.00. Stifel Nicolaus’ target price would indicate a potential upside of 9.82% from the company’s previous close.

A number of other brokerages have also issued reports on GOOGL. Morgan Stanley boosted their price target on Alphabet from $1,400.00 to $1,700.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Jefferies Financial Group raised Alphabet to a “buy” rating in a research report on Monday, July 13th. Citigroup increased their target price on shares of Alphabet from $1,400.00 to $1,600.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Wells Fargo & Co reissued a “buy” rating and set a $1,750.00 target price (up from $1,575.00) on shares of Alphabet in a research note on Monday. Finally, Atlantic Securities reiterated a “buy” rating and issued a $1,500.00 price objective on shares of Alphabet in a report on Wednesday, April 29th. Four analysts have rated the stock with a hold rating and forty have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $1,655.19.

NASDAQ GOOGL traded down $81.43 on Friday, hitting $1,456.94. 2,874,911 shares of the company traded hands, compared to its average volume of 1,633,447. The company has a market capitalization of $994.54 billion, a price-to-earnings ratio of 29.40, a P/E/G ratio of 2.33 and a beta of 1.06. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.08. The business’s 50 day moving average price is $1,472.20 and its 200-day moving average price is $1,375.06. Alphabet has a 52-week low of $1,008.87 and a 52-week high of $1,587.05.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $8.21 by $1.92. Alphabet had a return on equity of 17.43% and a net margin of 20.71%. The firm had revenue of $31.60 billion for the quarter, compared to analysts’ expectations of $30.58 billion. As a group, sell-side analysts predict that Alphabet will post 42.06 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp increased its stake in shares of Alphabet by 0.4% during the first quarter. State Street Corp now owns 11,689,009 shares of the information services provider’s stock worth $13,582,044,000 after acquiring an additional 45,599 shares during the period. Geode Capital Management LLC increased its stake in shares of Alphabet by 3.5% during the first quarter. Geode Capital Management LLC now owns 4,844,024 shares of the information services provider’s stock worth $5,618,631,000 after acquiring an additional 165,173 shares during the period. Wellington Management Group LLP increased its stake in shares of Alphabet by 12.1% during the first quarter. Wellington Management Group LLP now owns 4,485,396 shares of the information services provider’s stock worth $5,211,807,000 after acquiring an additional 483,219 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Alphabet by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 3,069,831 shares of the information services provider’s stock worth $3,566,990,000 after acquiring an additional 38,653 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Alphabet by 5.1% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,869,843 shares of the information services provider’s stock worth $3,334,614,000 after acquiring an additional 138,226 shares during the period. Institutional investors own 34.14% of the company’s stock.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

Further Reading: What is meant by a buy rating?

Analyst Recommendations for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply