Traders Buy Shares of Alphabet Inc. (GOOGL) on Weakness
Investors bought shares of Alphabet Inc. (NASDAQ:GOOGL) on weakness during trading hours on Thursday. $205.63 million flowed into the stock on the tick-up and $198.53 million flowed out of the stock on the tick-down, for a money net flow of $7.10 million into the stock. Of all equities tracked, Alphabet had the 26th highest net in-flow for the day. Alphabet traded down ($0.29) for the day and closed at $808.20
Several analysts have recently issued reports on GOOGL shares. Bank of America Corp. reissued a “buy” rating and issued a $925.00 price target on shares of Alphabet in a research report on Monday, May 16th. Pivotal Research reissued a “buy” rating and issued a $1,000.00 price target (up previously from $970.00) on shares of Alphabet in a research report on Monday, July 11th. Stifel Nicolaus boosted their price target on shares of Alphabet from $888.00 to $925.00 and gave the company a “buy” rating in a research report on Friday, July 29th. Evercore ISI reissued a “buy” rating on shares of Alphabet in a research report on Saturday, April 23rd. Finally, Vetr lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $782.77 price target on the stock. in a research report on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating, forty-seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Alphabet currently has an average rating of “Buy” and a consensus target price of $920.30.
The stock’s 50 day moving average price is $749.32 and its 200 day moving average price is $740.31. The company has a market cap of $555.45 billion and a PE ratio of 31.31.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $8.04 by $0.38. On average, analysts forecast that Alphabet Inc. will post $34.26 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in GOOGL. Cantillon Capital Management LLC purchased a new stake in Alphabet during the fourth quarter valued at $392,813,000. Oppenheimer & Co. Inc. increased its stake in Alphabet by 6.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 20,252 shares of the company’s stock valued at $15,756,000 after buying an additional 1,141 shares during the last quarter. Banque Pictet & Cie SA purchased a new stake in Alphabet during the fourth quarter valued at $175,342,000. PICTET BANK & TRUST Ltd purchased a new stake in Alphabet during the fourth quarter valued at $10,712,000. Finally, LMR Partners LLP purchased a new stake in Alphabet during the fourth quarter valued at $6,564,000.
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.
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