Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOGL) from a sell rating to a hold rating in a research note released on Monday morning, Zacks.com reports. The brokerage currently has $1,189.00 target price on the information services provider’s stock.
According to Zacks, “Alphabet’s strong initiatives toward elimination of bad ads and introducing useful major search updates are tailwinds. Further, Google’s robust mobile search is also a positive. Also, its strong focus toward bolstering presence in the cloud market on the back of expanding data centers and robust cloud offerings continues to aid growth. Further, Google’s strong focus on the innovation of its AI techniques and home automation space is aiding its business growth. The stock has outperformed the industry it belongs to in the past one year. However, the company’s growing litigation issues and increased spending on YouTube and consumer gadgets might hurt its profitability. Also, increasing competition in the advertising business and currency fluctations are concerns.”
Other equities analysts also recently issued research reports about the company. DZ Bank reaffirmed a hold rating and set a $1,197.00 price target on shares of Alphabet in a research report on Wednesday, May 1st. Loop Capital initiated coverage on TENCENT HOLDING/ADR in a research report on Monday, June 3rd. They set a buy rating for the company. JMP Securities reaffirmed an outperform rating and set a $1,375.00 price target (up previously from $1,300.00) on shares of Alphabet in a research report on Tuesday, April 30th. ValuEngine raised Zynerba Pharmaceuticals from a hold rating to a buy rating in a research report on Tuesday, April 30th. Finally, Argus increased their price objective on Thermo Fisher Scientific from $285.00 to $310.00 and gave the company a buy rating in a report on Wednesday, May 1st. Eight equities research analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company’s stock. Alphabet currently has a consensus rating of Buy and an average target price of $1,320.35.
NASDAQ:GOOGL traded up $3.17 during trading hours on Monday, reaching $1,144.08. 1,075,444 shares of the stock were exchanged, compared to its average volume of 1,640,779. Alphabet has a twelve month low of $977.66 and a twelve month high of $1,296.97. The company has a current ratio of 3.96, a quick ratio of 3.93 and a debt-to-equity ratio of 0.02. The company’s 50 day simple moving average is $1,103.25. The stock has a market capitalization of $792.07 billion, a PE ratio of 24.08, a PEG ratio of 1.34 and a beta of 0.96.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Monday, April 29th. The information services provider reported $11.90 earnings per share for the quarter, topping analysts’ consensus estimates of $10.56 by $1.34. Alphabet had a return on equity of 20.06% and a net margin of 19.71%. The firm had revenue of $29.48 billion during the quarter, compared to the consensus estimate of $29.99 billion. During the same quarter in the prior year, the firm posted $13.33 EPS. Analysts forecast that Alphabet will post 48.44 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of GOOGL. Belvedere Advisors LLC purchased a new position in shares of Alphabet during the first quarter valued at approximately $38,000. Thor Advisors LLC purchased a new position in Alphabet in the first quarter worth $45,000. Vestor Capital LLC purchased a new position in Alphabet in the third quarter worth $62,000. Lavaca Capital LLC purchased a new position in Alphabet in the fourth quarter worth $97,000. Finally, Sound Income Strategies LLC boosted its position in Alphabet by 71.4% in the fourth quarter. Sound Income Strategies LLC now owns 96 shares of the information services provider’s stock worth $100,000 after purchasing an additional 40 shares during the last quarter. Institutional investors and hedge funds own 33.46% of the company’s stock.
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.
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