Alphabet (GOOGL) Downgraded to Hold at Zacks Investment Research

Alphabet (NASDAQ:GOOGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Alphabet's stock has outperformed the industry it belongs to on a 12-month basis. 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.  However, increasing litigation issues could continue to impact the company’s profits.”

Other analysts have also issued reports about the company. Goldman Sachs Group raised their price objective on Alphabet from $1,125.00 to $1,175.00 in a report on Friday, October 27th. SunTrust Banks dropped their price objective on Alphabet from $1,250.00 to $1,180.00 in a report on Monday, January 15th. Cantor Fitzgerald reissued a “buy” rating and issued a $1,100.00 price objective on shares of Alphabet in a report on Thursday, September 21st. Citigroup reissued a “buy” rating and issued a $1,180.00 price objective on shares of Alphabet in a report on Wednesday, September 20th. Finally, Bank of America reissued a “buy” rating and issued a $1,100.00 price objective on shares of Alphabet in a report on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, forty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Alphabet presently has a consensus rating of “Buy” and an average price target of $1,101.79.

Shares of Alphabet (NASDAQ GOOGL) traded up $7.53 on Wednesday, reaching $1,143.50. The company’s stock had a trading volume of 1,530,000 shares, compared to its average volume of 1,440,000. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.73 and a current ratio of 5.77. Alphabet has a one year low of $812.05 and a one year high of $1,148.88. The firm has a market capitalization of $797,670.00, a price-to-earnings ratio of 38.09, a P/E/G ratio of 1.48 and a beta of 0.90.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 EPS for the quarter, beating the 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 company had revenue of $22.27 billion for the quarter, compared to analyst estimates of $21.94 billion. During the same period last year, the company earned $9.06 earnings per share. analysts anticipate that Alphabet will post 32.36 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. V Wealth Management LLC raised its position in Alphabet by 2.1% in the fourth quarter. V Wealth Management LLC now owns 3,079 shares of the information services provider’s stock valued at $3,487,000 after purchasing an additional 63 shares during the period. GW&K Investment Management LLC raised its position in Alphabet by 25.4% in the fourth quarter. GW&K Investment Management LLC now owns 14,653 shares of the information services provider’s stock valued at $15,435,000 after purchasing an additional 2,972 shares during the period. TRUE Private Wealth Advisors raised its position in Alphabet by 362.2% in the fourth quarter. TRUE Private Wealth Advisors now owns 1,567 shares of the information services provider’s stock valued at $1,650,000 after purchasing an additional 1,228 shares during the period. Personal Capital Advisors Corp raised its position in Alphabet by 31.4% in the fourth quarter. Personal Capital Advisors Corp now owns 1,895 shares of the information services provider’s stock valued at $1,996,000 after purchasing an additional 453 shares during the period. Finally, Cibc Bank USA raised its position in Alphabet by 4.4% in the fourth quarter. Cibc Bank USA now owns 3,017 shares of the information services provider’s stock valued at $3,179,000 after purchasing an additional 126 shares during the period. 33.57% of the stock is currently owned by institutional investors.

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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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