Investors Buy Shares of Alphabet Inc. (GOOGL) on Weakness
Traders bought shares of Alphabet Inc. (NASDAQ:GOOGL) on weakness during trading 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 stocks 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
A number of brokerages have recently commented on GOOGL. Morgan Stanley lowered their price objective on Alphabet from $900.00 to $850.00 and set an “overweight” rating for the company in a research report on Friday, April 22nd. MKM Partners lowered their price objective on Alphabet from $950.00 to $930.00 and set a “buy” rating for the company in a research report on Friday, May 13th. TheStreet downgraded Alphabet to a “hold” rating in a research report on Thursday, May 26th. Cantor Fitzgerald reissued a “buy” rating on shares of Alphabet in a research report on Saturday, June 4th. Finally, Mizuho reissued a “buy” rating and set a $1,020.00 price objective (up from $1,010.00) on shares of Alphabet in a research report on Sunday, July 31st. Three research analysts have rated the stock with a hold rating, forty-seven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $920.30.
The stock’s 50 day moving average price is $751.95 and its 200-day moving average price is $740.84. The company has a market capitalization of $554.66 billion and a price-to-earnings ratio of 31.27.
Alphabet (NASDAQ:GOOGL) last issued its 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. Equities research analysts expect that Alphabet Inc. will post $34.26 EPS for the current year.
Other hedge funds and institutional investors have modified their holdings of the company. Oppenheimer & Co. Inc. increased its position in shares of Alphabet by 6.0% in the fourth quarter. Oppenheimer & Co. Inc. now owns 20,252 shares of the company’s stock worth $15,756,000 after buying an additional 1,141 shares in the last quarter. IFC Holdings Incorporated FL increased its position in shares of Alphabet by 44.2% in the fourth quarter. IFC Holdings Incorporated FL now owns 2,959 shares of the company’s stock worth $2,306,000 after buying an additional 907 shares in the last quarter. WMS Partners LLC increased its position in shares of Alphabet by 0.6% in the fourth quarter. WMS Partners LLC now owns 16,919 shares of the company’s stock worth $13,163,000 after buying an additional 109 shares in the last quarter. Gilder Gagnon Howe & Co. LLC increased its position in shares of Alphabet by 3.2% in the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 46,395 shares of the company’s stock worth $36,096,000 after buying an additional 1,460 shares in the last quarter. Finally, Cantillon Capital Management LLC acquired a new position in shares of Alphabet during the fourth quarter worth $392,813,000.
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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