Atlantic Securities Reiterates Buy Rating for Alphabet Inc. (GOOG)

Atlantic Securities reiterated their buy rating on shares of Alphabet Inc. (NASDAQ:GOOG) in a research report released on Friday morning.

Other analysts have also issued research reports about the stock. J P Morgan Chase & Co restated a buy rating on shares of Alphabet in a research report on Tuesday, July 25th. Canaccord Genuity restated a hold rating and set a $1,000.00 price target on shares of Alphabet in a research report on Thursday, July 27th. SunTrust Banks, Inc. assumed coverage on shares of Alphabet in a research report on Wednesday, August 16th. They set a buy rating and a $1,100.00 price target on the stock. JMP Securities restated a buy rating on shares of Alphabet in a research report on Friday. Finally, UBS AG restated a buy rating and set a $1,080.00 price target on shares of Alphabet in a research report on Tuesday, July 25th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-eight have issued a buy rating to the company. The company currently has an average rating of Buy and an average target price of $1,045.44.

Alphabet (NASDAQ GOOG) opened at 1017.11 on Friday. The firm’s 50-day moving average price is $960.24 and its 200-day moving average price is $938.55. Alphabet has a 1-year low of $727.54 and a 1-year high of $1,048.39. The company has a market cap of $704.73 billion, a price-to-earnings ratio of 36.86 and a beta of 0.94.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $8.31 by $1.26. The business had revenue of $27.77 billion during the quarter, compared to analysts’ expectations of $27.17 billion. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. The business’s quarterly revenue was up 23.7% on a year-over-year basis. During the same quarter last year, the company posted $9.06 earnings per share. Equities research analysts forecast that Alphabet will post $31.85 EPS for the current fiscal year.

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In other news, Director Ann Mather sold 37 shares of the business’s stock in a transaction that occurred on Friday, September 1st. The shares were sold at an average price of $940.67, for a total transaction of $34,804.79. Following the completion of the sale, the director now owns 1,789 shares in the company, valued at approximately $1,682,858.63. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP James Grier Campbell sold 183 shares of the business’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $933.08, for a total transaction of $170,753.64. The disclosure for this sale can be found here. Insiders have sold a total of 37,493 shares of company stock valued at $35,149,421 in the last 90 days. Insiders own 13.92% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in GOOG. Janus Henderson Group PLC raised its position in Alphabet by 759.0% in the 2nd quarter. Janus Henderson Group PLC now owns 3,204,087 shares of the information services provider’s stock valued at $2,911,734,000 after purchasing an additional 2,831,099 shares during the last quarter. Harbour Capital Advisors LLC raised its position in Alphabet by 87,001.5% during the 2nd quarter. Harbour Capital Advisors LLC now owns 1,993,754 shares of the information services provider’s stock worth $2,194,000 after buying an additional 1,991,465 shares during the last quarter. Koch Industries Inc. raised its position in Alphabet by 214,636.6% during the 2nd quarter. Koch Industries Inc. now owns 1,161,725 shares of the information services provider’s stock worth $1,160,000 after buying an additional 1,161,184 shares during the last quarter. BlackRock Inc. raised its position in Alphabet by 4.8% during the 2nd quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock worth $16,409,850,000 after buying an additional 826,480 shares during the last quarter. Finally, Capital World Investors raised its position in Alphabet by 13.9% during the 2nd quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock worth $5,789,842,000 after buying an additional 776,853 shares during the last quarter. Hedge funds and other institutional investors own 34.50% 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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