Investors Buy Alphabet Inc. (GOOG) on Weakness
Investors purchased shares of Alphabet Inc. (NASDAQ:GOOG) on weakness during trading on Friday. $350.18 million flowed into the stock on the tick-up and $177.06 million flowed out of the stock on the tick-down, for a money net flow of $173.12 million into the stock. Of all equities tracked, Alphabet had the 7th highest net in-flow for the day. Alphabet traded down ($1.10) for the day and closed at $719.85
Several research analysts have weighed in on GOOG shares. Deutsche Bank AG reiterated a “buy” rating on shares of Alphabet in a research note on Monday, April 4th. Vetr lowered shares of Alphabet from a “strong-buy” rating to a “buy” rating and set a $770.61 price objective on the stock. in a research note on Tuesday, June 21st. Evercore ISI reiterated a “buy” rating and issued a $830.00 price objective (down previously from $950.00) on shares of Alphabet in a research note on Thursday, June 23rd. Robert W. Baird set a $860.00 price objective on shares of Alphabet and gave the company a “buy” rating in a research note on Friday, April 22nd. Finally, MKM Partners dropped their price objective on shares of Alphabet from $950.00 to $930.00 and set a “buy” rating on the stock in a research note on Sunday, May 15th. Four investment analysts have rated the stock with a hold rating, forty-five have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $891.35.
The firm has a market cap of $494.22 billion and a P/E ratio of 29.29. The stock’s 50 day moving average price is $708.75 and its 200-day moving average price is $717.86.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, April 21st. The company reported $7.50 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $7.96 by $0.46. During the same period in the prior year, the company earned $6.57 earnings per share. The firm earned $20.26 billion during the quarter, compared to the consensus estimate of $20.37 billion. Alphabet’s revenue for the quarter was up 17.4% compared to the same quarter last year. Analysts predict that Alphabet Inc. will post $33.48 EPS for the current fiscal year.
In related news, VP James Grier Campbell sold 505 shares of the company’s stock in a transaction that occurred on Thursday, April 28th. The stock was sold at an average price of $708.45, for a total value of $357,767.25. Following the sale, the vice president now directly owns 305 shares in the company, valued at $216,077.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP David C. Drummond sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, May 12th. The shares were sold at an average price of $724.53, for a total value of $3,622,650.00. Following the completion of the sale, the senior vice president now owns 25,832 shares in the company, valued at $18,716,058.96. The disclosure for this sale can be found here.
A number of hedge funds recently made changes to their positions in GOOG. Vanguard Group Inc. boosted its stake in shares of Alphabet by 3.1% in the fourth quarter. Vanguard Group Inc. now owns 17,492,413 shares of the company’s stock valued at $13,274,643,000 after buying an additional 528,943 shares during the last quarter. Jennison Associates LLC boosted its stake in shares of Alphabet by 0.5% in the fourth quarter. Jennison Associates LLC now owns 2,785,534 shares of the company’s stock valued at $2,113,886,000 after buying an additional 14,763 shares during the last quarter. Morgan Stanley boosted its stake in shares of Alphabet by 9.0% in the fourth quarter. Morgan Stanley now owns 2,148,597 shares of the company’s stock valued at $1,630,530,000 after buying an additional 178,225 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Alphabet by 1.7% in the fourth quarter. American Century Companies Inc. now owns 915,671 shares of the company’s stock valued at $694,884,000 after buying an additional 15,499 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Alphabet during the fourth quarter valued at approximately $649,879,000.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.