Royal Bank Of Canada Reaffirms “Buy” Rating for Alphabet Inc. (GOOGL)

Royal Bank Of Canada reissued their buy rating on shares of Alphabet Inc. (NASDAQ:GOOGL) in a research report report published on Sunday morning. They currently have a $1,050.00 price objective on the information services provider’s stock.

Other analysts have also recently issued research reports about the company. B. Riley restated a buy rating and issued a $1,050.00 price target on shares of Alphabet in a research report on Sunday, July 30th. MKM Partners restated a buy rating and issued a $1,210.00 price target (up previously from $1,170.00) on shares of Alphabet in a research report on Thursday, August 10th. Cowen and Company reiterated an outperform rating and set a $1,075.00 target price on shares of Alphabet in a research report on Thursday, August 10th. Jefferies Group LLC reiterated a buy rating and set a $1,200.00 target price on shares of Alphabet in a research report on Tuesday, July 4th. Finally, Vetr upgraded Alphabet from a buy rating to a strong-buy rating and set a $1,053.55 target price for the company in a research report on Monday, July 3rd. One analyst has rated the stock with a sell rating, eight have given a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $1,058.31.

Alphabet (NASDAQ:GOOGL) opened at 1005.65 on Friday. The stock has a market cap of $696.79 billion, a price-to-earnings ratio of 36.45 and a beta of 0.96. The firm’s 50-day moving average price is $953.18 and its 200-day moving average price is $940.96. Alphabet has a 12-month low of $743.59 and a 12-month high of $1,008.61.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, missing analysts’ consensus estimates of $8.25 by ($3.24). The company had revenue of $20.92 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. During the same quarter in the previous year, the company earned $8.42 EPS. On average, equities analysts predict that Alphabet will post $30.59 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of GOOGL. State of Alaska Department of Revenue acquired a new position in shares of Alphabet in the 2nd quarter valued at about $102,000. Franklin Parlapiano Turner & Welch LLC acquired a new position in shares of Alphabet in the 1st quarter valued at about $108,000. Delta Asset Management LLC TN lifted its holdings in shares of Alphabet by 1.5% in the 1st quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock valued at $116,000 after buying an additional 2 shares during the period. Parkside Financial Bank & Trust lifted its holdings in shares of Alphabet by 39.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 127 shares of the information services provider’s stock valued at $118,000 after buying an additional 36 shares during the period. Finally, Odey Holdings AG lifted its holdings in shares of Alphabet by 18.2% in the 2nd quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock valued at $121,000 after buying an additional 20 shares during the period. 33.85% of the stock is owned by institutional investors and hedge funds.

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.

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