Alphabet’s (GOOGL) “Hold” Rating Reaffirmed at Canaccord Genuity

Canaccord Genuity reiterated their hold rating on shares of Alphabet Inc. (NASDAQ:GOOGL) in a research note issued to investors on Friday morning, Marketbeat.com reports. The brokerage currently has a $1,050.00 target price on the information services provider’s stock, up from their prior target price of $1,000.00.

Several other research analysts have also recently weighed in on the stock. KeyCorp reissued a buy rating and set a $1,150.00 price objective on shares of Alphabet in a report on Friday. CIBC reissued an outperform rating and set a $1,180.00 price objective (up from $1,050.00) on shares of Alphabet in a report on Friday. Oppenheimer Holdings, Inc. boosted their price objective on shares of Alphabet from $1,050.00 to $1,180.00 and gave the company an outperform rating in a report on Friday. Royal Bank Of Canada boosted their price objective on shares of Alphabet from $1,050.00 to $1,125.00 and gave the company an outperform rating in a report on Friday. Finally, SunTrust Banks, Inc. reissued a buy rating and set a $1,180.00 price objective (up from $1,100.00) on shares of Alphabet in a report on Friday. One research 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 assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $1,087.02.

Alphabet (NASDAQ GOOGL) opened at 1032.0818 on Friday. The stock’s 50 day moving average is $976.09 and its 200-day moving average is $956.78. The company has a market capitalization of $715.11 billion, a P/E ratio of 37.4038 and a beta of 0.96. Alphabet has a 52-week low of $743.59 and a 52-week high of $1,063.62.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, beating the consensus estimate of $8.43 by $1.14. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. The firm had revenue of $22.27 billion during the quarter, compared to analysts’ expectations of $21.94 billion. During the same period in the previous year, the company earned $9.06 earnings per share. Analysts predict that Alphabet will post $31.99 EPS for the current fiscal year.

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Several hedge funds and other institutional investors have recently bought and sold shares of GOOGL. State of Alaska Department of Revenue bought a new position in shares of Alphabet in the second quarter worth about $102,000. Franklin Parlapiano Turner & Welch LLC bought a new position in shares of Alphabet in the first quarter worth about $108,000. Delta Asset Management LLC TN grew its holdings in shares of Alphabet by 1.5% in the first quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock worth $116,000 after purchasing an additional 2 shares during the last quarter. Parkside Financial Bank & Trust grew its holdings in shares of Alphabet by 39.6% in the second quarter. Parkside Financial Bank & Trust now owns 127 shares of the information services provider’s stock worth $118,000 after purchasing an additional 36 shares during the last quarter. Finally, Odey Holdings AG grew its holdings in shares of Alphabet by 18.2% in the second quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock worth $121,000 after purchasing an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 33.87% of the company’s stock.

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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