Alphabet (NASDAQ:GOOG) was downgraded by investment analysts at Vetr from a “strong-buy” rating to a “buy” rating in a report issued on Wednesday. They presently have a $1,177.20 price target on the information services provider’s stock. Vetr‘s price target points to a potential upside of 8.23% from the stock’s previous close.
A number of other equities analysts also recently commented on GOOG. TheStreet downgraded shares of Alphabet from an “a” rating to a “c+” rating in a research note on Thursday, February 1st. BidaskClub upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, January 10th. Morgan Stanley reiterated a “buy” rating on shares of Alphabet in a research note on Tuesday, April 10th. Stifel Nicolaus reiterated a “neutral” rating on shares of Alphabet in a research note on Friday, February 2nd. Finally, JPMorgan Chase reiterated a “buy” rating on shares of Alphabet in a research note on Tuesday, April 10th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirty-four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $1,088.68.
Alphabet stock opened at $1,087.70 on Wednesday. Alphabet has a one year low of $839.32 and a one year high of $1,186.89. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.14 and a quick ratio of 5.11. The stock has a market cap of $746,308.13, a PE ratio of 33.94 and a beta of 1.08.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, February 1st. The information services provider reported $9.70 EPS for the quarter, missing the Zacks’ consensus estimate of $10.07 by ($0.37). Alphabet had a return on equity of 14.94% and a net margin of 11.42%. The business had revenue of $32.32 billion for the quarter, compared to analyst estimates of $31.88 billion. During the same quarter in the prior year, the company earned $9.36 earnings per share. The company’s quarterly revenue was up 24.0% on a year-over-year basis.
Alphabet declared that its Board of Directors has approved 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. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
In other news, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 4th. The shares were sold at an average price of $993.80, for a total transaction of $3,975,200.00. Following the transaction, the chief executive officer now directly owns 940 shares of the company’s stock, valued at $934,172. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP James Grier Campbell sold 238 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $1,162.61, for a total transaction of $276,701.18. The disclosure for this sale can be found here. Insiders have sold 54,410 shares of company stock worth $58,408,136 over the last ninety days. Insiders own 13.92% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Beach Investment Management LLC. bought a new position in Alphabet in the second quarter valued at approximately $268,000. Modera Wealth Management LLC increased its stake in Alphabet by 4.3% in the second quarter. Modera Wealth Management LLC now owns 600 shares of the information services provider’s stock valued at $545,000 after acquiring an additional 25 shares during the last quarter. State of Tennessee Treasury Department increased its stake in Alphabet by 0.9% in the second quarter. State of Tennessee Treasury Department now owns 225,063 shares of the information services provider’s stock valued at $204,522,000 after acquiring an additional 1,920 shares during the last quarter. Pictet & Cie Europe SA increased its stake in Alphabet by 6.1% in the second quarter. Pictet & Cie Europe SA now owns 20,004 shares of the information services provider’s stock valued at $18,178,000 after acquiring an additional 1,155 shares during the last quarter. Finally, Community Bank & Trust Waco Texas increased its stake in Alphabet by 20.0% in the second quarter. Community Bank & Trust Waco Texas now owns 1,015 shares of the information services provider’s stock valued at $922,000 after acquiring an additional 169 shares during the last quarter. 34.84% of the stock is currently owned by institutional investors.
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Alphabet Company Profile
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.
To view Vetr’s full report, visit Vetr’s official website.
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