Investors Buy Shares of Alphabet (GOOGL) on Weakness

Traders bought shares of Alphabet Inc. (NASDAQ:GOOGL) on weakness during trading hours on Thursday. $434.26 million flowed into the stock on the tick-up and $284.31 million flowed out of the stock on the tick-down, for a money net flow of $149.95 million into the stock. Of all equities tracked, Alphabet had the 2nd highest net in-flow for the day. Alphabet traded down ($2.83) for the day and closed at $1,081.26

Several equities research analysts recently commented on GOOGL shares. Zacks Investment Research cut Alphabet from a “buy” rating to a “hold” rating in a research note on Wednesday, January 17th. KeyCorp reaffirmed an “overweight” rating and set a $1,280.00 target price (up previously from $1,150.00) on shares of Alphabet in a research note on Friday, January 19th. Vetr cut Alphabet from a “buy” rating to a “hold” rating and set a $1,212.65 target price for the company. in a research note on Tuesday, January 23rd. Morgan Stanley reaffirmed an “overweight” rating and set a $1,215.00 target price (up previously from $1,210.00) on shares of Alphabet in a research note on Friday, January 26th. Finally, Monness Crespi & Hardt reaffirmed a “buy” rating and set a $1,250.00 target price (up previously from $1,120.00) on shares of Alphabet in a research note on Monday, January 29th. Five analysts have rated the stock with a hold rating, thirty-eight have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $1,201.44.

The company has a quick ratio of 4.85, a current ratio of 4.87 and a debt-to-equity ratio of 0.02. The firm has a market cap of $753.93 billion, a price-to-earnings ratio of 33.74, a P/E/G ratio of 1.55 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Monday, April 23rd. The information services provider reported $9.93 earnings per share for the quarter, beating the Zacks’ consensus estimate of $9.21 by $0.72. Alphabet had a return on equity of 15.58% and a net margin of 14.19%. The company had revenue of $24.86 billion for the quarter, compared to analyst estimates of $24.20 billion. During the same quarter last year, the company earned $7.73 earnings per share. equities analysts forecast that Alphabet Inc. will post 40.75 earnings per share for the current fiscal year.

Alphabet declared that its board has authorized a share buyback plan on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Several hedge funds have recently bought and sold shares of GOOGL. Saratoga Research & Investment Management increased its position in Alphabet by 7.1% in the fourth quarter. Saratoga Research & Investment Management now owns 27,449 shares of the information services provider’s stock worth $28,915,000 after buying an additional 1,808 shares during the last quarter. Beacon Investment Advisory Services Inc. increased its position in Alphabet by 1,908.0% in the third quarter. Beacon Investment Advisory Services Inc. now owns 8,333 shares of the information services provider’s stock worth $8,114,000 after buying an additional 7,918 shares during the last quarter. Toronto Dominion Bank increased its position in Alphabet by 33.1% in the third quarter. Toronto Dominion Bank now owns 137,776 shares of the information services provider’s stock worth $134,144,000 after buying an additional 34,230 shares during the last quarter. Community Bank & Trust Waco Texas increased its position in Alphabet by 7.5% in the fourth quarter. Community Bank & Trust Waco Texas now owns 1,078 shares of the information services provider’s stock worth $1,136,000 after buying an additional 75 shares during the last quarter. Finally, Amalgamated Bank increased its position in Alphabet by 2.2% in the third quarter. Amalgamated Bank now owns 35,925 shares of the information services provider’s stock worth $34,981,000 after buying an additional 788 shares during the last quarter. Institutional investors own 34.38% of the company’s stock.

Alphabet Company Profile

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

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