Alphabet Inc. (GOOGL) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Alphabet Inc. (NASDAQ:GOOGL) from a hold rating to a buy rating in a research note issued to investors on Wednesday morning. Zacks Investment Research currently has $907.00 price target on the stock.
According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. The company has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its focus on innovation, strategic acquisitions and Android OS should continue to generate strong cash flows. 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. We also see growing competition and legal hassles that could intensify with Brexit. “
GOOGL has been the subject of a number of other research reports. Morgan Stanley reiterated a buy rating and issued a $880.00 price target on shares of Alphabet in a research note on Thursday, September 29th. Cantor Fitzgerald restated a buy rating and set a $1,000.00 price objective on shares of Alphabet in a research report on Wednesday, October 5th. Jefferies Group restated a buy rating and set a $1,000.00 price objective on shares of Alphabet in a research report on Monday, October 3rd. Vetr upgraded Alphabet from a hold rating to a buy rating and set a $838.19 price objective for the company in a research report on Monday, August 22nd. Finally, Bank of America Corp. restated a buy rating and set a $960.00 price objective on shares of Alphabet in a research report on Wednesday, August 31st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Alphabet currently has an average rating of Buy and a consensus target price of $926.50.
Alphabet (NASDAQ:GOOGL) traded down 1.38% on Wednesday, hitting $800.60. The stock had a trading volume of 637,343 shares. The stock has a 50 day moving average price of $800.96 and a 200 day moving average price of $760.94. Alphabet has a 1-year low of $670.70 and a 1-year high of $819.86. The company has a market cap of $550.23 billion, a P/E ratio of 31.02 and a beta of 1.00.
Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $8.04 by $0.38. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. On average, equities research analysts expect that Alphabet will post $34.11 EPS for the current fiscal year.
A number of hedge funds have recently made changes to their positions in GOOGL. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC boosted its stake in shares of Alphabet by 97.3% in the second quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 146 shares of the company’s stock valued at $102,000 after buying an additional 72 shares in the last quarter. Archford Capital Strategies LLC boosted its stake in shares of Alphabet by 29.8% in the second quarter. Archford Capital Strategies LLC now owns 148 shares of the company’s stock valued at $104,000 after buying an additional 34 shares in the last quarter. Roble Belko & Company Inc boosted its stake in shares of Alphabet by 294.9% in the second quarter. Roble Belko & Company Inc now owns 154 shares of the company’s stock valued at $108,000 after buying an additional 115 shares in the last quarter. MCF Advisors LLC boosted its stake in shares of Alphabet by 1.9% in the second quarter. MCF Advisors LLC now owns 159 shares of the company’s stock valued at $112,000 after buying an additional 3 shares in the last quarter. Finally, Point72 Asia Hong Kong Ltd acquired a new stake in shares of Alphabet during the second quarter valued at about $117,000. 34.12% of the stock is owned by institutional investors.
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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