Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOGL) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $1,199.00 price objective on the information services provider’s stock.
According to Zacks, “Alphabet's strong advertising revenues and improving paid click growth remain the growth drivers. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. 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. On a year to date basis, the stock has outperformed the industry it belongs to. However, increasing litigation issues could continue to impact the company’s profits.”
Several other equities research analysts have also recently weighed in on the company. Goldman Sachs Group boosted their price objective on Alphabet from $1,125.00 to $1,175.00 in a research note on Friday, October 27th. Citigroup reissued a buy rating and set a $1,180.00 price objective on shares of Alphabet in a research note on Wednesday, September 20th. SunTrust Banks reissued a buy rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Saturday, September 23rd. Cantor Fitzgerald reissued a buy rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Thursday, September 21st. Finally, Robert W. Baird reissued a buy rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Monday, September 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, forty-one have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $1,091.54.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.14. Alphabet had a return on equity of 14.26% and a net margin of 20.09%. The firm had revenue of $22.27 billion for the quarter, compared to analysts’ expectations of $21.94 billion. During the same period in the previous year, the firm posted $9.06 earnings per share. sell-side analysts predict that Alphabet will post 32.34 EPS for the current fiscal year.
Institutional investors and hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue acquired a new stake in Alphabet during the 2nd quarter worth about $102,000. Parkside Financial Bank & Trust grew its position in Alphabet by 39.6% during the 2nd 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 period. Odey Holdings AG grew its position in Alphabet by 18.2% during the 2nd 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 period. Stelac Advisory Services LLC acquired a new stake in Alphabet during the 3rd quarter worth about $126,000. Finally, Farmers National Bank grew its position in Alphabet by 2.7% during the 1st quarter. Farmers National Bank now owns 150 shares of the information services provider’s stock worth $127,000 after purchasing an additional 4 shares during the period. Hedge funds and other institutional investors own 33.55% 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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