Zacks Investment Research Upgrades Alphabet Inc. (GOOGL) to “Buy”

Alphabet Inc. (NASDAQ:GOOGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm currently has a $1,157.00 price target on the information services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.00% from the stock’s previous close.

According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. The company delivered strong top line in the third quarter on the back of higher overall advertising revenues and strong paid click growth. On a year to date basis, the stock has outperformed the industry it belongs to. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Its diversification strategy is also positive, but requires significant investment and involves uncertain payback periods, particularly since these efforts are at the cutting edge of technology. However, increasing litigation issues could continue to impact the company’s profits.”

Several other research firms have also recently weighed in on GOOGL. Pivotal Research reaffirmed a “hold” rating and set a $990.00 price objective on shares of Alphabet in a research report on Sunday. Citigroup Inc. reaffirmed a “buy” rating on shares of Alphabet in a research report on Monday. Stifel Nicolaus lifted their price objective on Alphabet from $1,075.00 to $1,150.00 and gave the company a “buy” rating in a research report on Monday. Vetr cut Alphabet from a “hold” rating to a “sell” rating and set a $988.59 price objective on the stock. in a research report on Monday. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $1,150.00 price objective on shares of Alphabet in a research report on Thursday, October 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $1,088.02.

Alphabet (NASDAQ GOOGL) traded up 1.2193% on Wednesday, reaching $1045.6356. The company had a trading volume of 1,539,027 shares. The firm has a market capitalization of $724.50 billion, a price-to-earnings ratio of 37.8950 and a beta of 0.96. The company’s 50 day moving average is $978.58 and its 200-day moving average is $957.33. Alphabet has a one year low of $743.59 and a one year high of $1,063.62.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $8.43 by $1.14. The business had revenue of $22.27 billion for the quarter, compared to analysts’ expectations of $21.94 billion. Alphabet had a return on equity of 14.26% and a net margin of 20.09%. During the same period in the previous year, the firm posted $9.06 EPS. On average, equities research analysts expect that Alphabet will post $32.05 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Granite Capital LLC raised its position in shares of Alphabet by 10,000.0% during the 3rd quarter. Blue Granite Capital LLC now owns 404 shares of the information services provider’s stock valued at $393,000 after buying an additional 400 shares in the last quarter. Capital Management Corp VA raised its position in shares of Alphabet by 7.3% during the 3rd quarter. Capital Management Corp VA now owns 1,724 shares of the information services provider’s stock valued at $1,679,000 after buying an additional 118 shares in the last quarter. Norris Perne & French LLP MI raised its position in shares of Alphabet by 6.5% during the 3rd quarter. Norris Perne & French LLP MI now owns 22,958 shares of the information services provider’s stock valued at $22,355,000 after buying an additional 1,409 shares in the last quarter. Nwam LLC raised its position in shares of Alphabet by 3.7% during the 3rd quarter. Nwam LLC now owns 1,723 shares of the information services provider’s stock valued at $1,678,000 after buying an additional 61 shares in the last quarter. Finally, State of Wisconsin Investment Board raised its position in shares of Alphabet by 68.2% during the 3rd quarter. State of Wisconsin Investment Board now owns 708,458 shares of the information services provider’s stock valued at $689,840,000 after buying an additional 287,287 shares in the last quarter. Hedge funds and other institutional investors own 33.87% of the company’s stock.

Alphabet Company Profile

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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