Zacks Investment Research Lowers Alphabet (NASDAQ:GOOG) to Sell

Zacks Investment Research lowered shares of Alphabet (NASDAQ:GOOG) from a hold rating to a sell rating in a research report sent to investors on Thursday morning, Zacks.com reports.

According to Zacks, “Alphabet Inc. is engaged in technology business. The Company provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products through its subsidiaries. Alphabet Inc., formerly known as Google Inc., is headquartered in Mountain View, California. “

Several other brokerages have also recently commented on GOOG. Deutsche Bank raised their target price on shares of Alphabet from $1,300.00 to $1,400.00 and gave the stock a buy rating in a report on Wednesday, May 15th. Wedbush reaffirmed an outperform rating on shares of Alphabet in a report on Thursday, April 25th. UBS Group reissued a hold rating and issued a $130.00 price objective on shares of Continental in a research note on Wednesday, May 15th. Barclays reissued a buy rating on shares of Alphabet in a research note on Tuesday, April 30th. Finally, Stifel Nicolaus lifted their price objective on shares of Western Digital from $48.00 to $55.00 and gave the company a buy rating in a research note on Tuesday, April 30th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and twenty-five have given a buy rating to the company. Alphabet presently has an average rating of Buy and an average price target of $1,362.38.

Shares of GOOG opened at $1,130.10 on Thursday. Alphabet has a 12 month low of $970.11 and a 12 month high of $1,289.27. The stock’s 50 day simple moving average is $1,103.26. The company has a market capitalization of $784.56 billion, a PE ratio of 23.79, a PEG ratio of 1.33 and a beta of 0.95. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.96 and a quick ratio of 3.93.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Monday, April 29th. The information services provider reported $11.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $10.51 by $1.39. Alphabet had a net margin of 19.71% and a return on equity of 20.06%. The company had revenue of $36.34 billion for the quarter, compared to analysts’ expectations of $37.36 billion. During the same period last year, the firm earned $9.93 earnings per share. The business’s revenue for the quarter was up 16.7% on a year-over-year basis. As a group, sell-side analysts forecast that Alphabet will post 48.43 EPS for the current year.

In other Alphabet news, VP Amie Thuener O’toole sold 69 shares of the business’s stock in a transaction on Tuesday, July 2nd. The shares were sold at an average price of $1,100.52, for a total transaction of $75,935.88. Following the sale, the vice president now owns 388 shares of the company’s stock, valued at $427,001.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Capitalg Lp bought 140,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were bought at an average cost of $34.00 per share, for a total transaction of $4,760,000.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 403 shares of company stock worth $461,293. Insiders own 12.99% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Ayalon Holdings Ltd. bought a new position in shares of Alphabet in the 4th quarter valued at about $32,000. 1 North Wealth Services LLC bought a new position in shares of Alphabet in the 4th quarter valued at about $34,000. HMS Capital Management LLC bought a new position in shares of Alphabet in the 2nd quarter valued at about $38,000. TD Capital Management LLC grew its holdings in shares of Alphabet by 38.5% in the 4th quarter. TD Capital Management LLC now owns 36 shares of the information services provider’s stock valued at $37,000 after acquiring an additional 10 shares in the last quarter. Finally, Truehand Inc bought a new position in shares of Alphabet in the 4th quarter valued at about $38,000. 33.97% of the stock is currently owned by hedge funds and other institutional investors.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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