Investors Buy Alphabet Inc. (GOOGL) on Weakness
Investors purchased shares of Alphabet Inc. (NASDAQ:GOOGL) on weakness during trading on Tuesday. $225.77 million flowed into the stock on the tick-up and $195.17 million flowed out of the stock on the tick-down, for a money net flow of $30.60 million into the stock. Of all stocks tracked, Alphabet had the 14th highest net in-flow for the day. Alphabet traded down ($4.77) for the day and closed at $801.19
Several research analysts recently commented on GOOGL shares. Morgan Stanley cut their price objective on shares of Alphabet from $900.00 to $850.00 and set an “overweight” rating for the company in a report on Friday, April 22nd. Vetr downgraded shares of Alphabet from a “strong-buy” rating to a “buy” rating and set a $809.35 price target for the company. in a report on Monday, May 9th. Oppenheimer Holdings Inc. cut their price target on shares of Alphabet from $965.00 to $958.00 and set an “outperform” rating for the company in a report on Friday, April 22nd. Deutsche Bank AG reissued a “buy” rating and issued a $1,100.00 price target (up from $1,080.00) on shares of Alphabet in a report on Saturday, April 23rd. Finally, Cantor Fitzgerald reissued a “buy” rating and issued a $975.00 price target on shares of Alphabet in a report on Tuesday, April 19th. Two research analysts have rated the stock with a hold rating, forty-eight have assigned a buy rating and one has issued a strong buy rating to the stock. Alphabet presently has a consensus rating of “Buy” and a consensus target price of $921.38.
The company’s 50 day moving average price is $758.84 and its 200 day moving average price is $741.76. The firm has a market capitalization of $550.64 billion and a price-to-earnings ratio of 31.04.
Alphabet (NASDAQ:GOOGL) last posted its earnings results on Thursday, July 28th. The company reported $8.42 EPS for the quarter, beating analysts’ consensus estimates of $8.04 by $0.38. Equities analysts predict that Alphabet Inc. will post $34.26 EPS for the current year.
A number of hedge funds and institutional investors have bought and sold shares of the stock. California Public Employees Retirement System acquired a new position in Alphabet during the fourth quarter worth approximately $610,161,000. Teacher Retirement System of Texas purchased a new stake in Alphabet during the fourth quarter worth $253,629,000. Columbus Circle Investors boosted its stake in Alphabet by 220.8% in the fourth quarter. Columbus Circle Investors now owns 397,037 shares of the company’s stock worth $308,899,000 after buying an additional 273,291 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in Alphabet by 27.6% in the fourth quarter. OppenheimerFunds Inc. now owns 1,186,805 shares of the company’s stock worth $923,378,000 after buying an additional 256,998 shares in the last quarter. Finally, Platinum Investment Management Ltd. purchased a new stake in Alphabet during the fourth quarter worth $147,596,000.
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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