Alphabet’s (GOOGL) Outperform Rating Reiterated at Cowen and Company
Alphabet Inc (NASDAQ:GOOGL)‘s stock had its “outperform” rating restated by research analysts at Cowen and Company in a note issued to investors on Thursday. They presently have a $1,075.00 price objective on the information services provider’s stock. Cowen and Company’s target price would suggest a potential upside of 16.39% from the company’s previous close.
A number of other research analysts have also recently issued reports on GOOGL. B. Riley reaffirmed a “buy” rating and set a $1,032.00 price objective on shares of Alphabet in a research note on Friday, April 28th. UBS AG reaffirmed a “buy” rating and set a $1,050.00 price objective (up from $980.00) on shares of Alphabet in a research note on Saturday, April 29th. MKM Partners reaffirmed a “buy” rating and set a $1,210.00 price objective (up from $1,170.00) on shares of Alphabet in a research note on Thursday. Goldman Sachs Group, Inc. (The) reduced their price objective on Alphabet from $1,100.00 to $970.00 and set a “buy” rating on the stock in a research note on Friday, April 28th. Finally, Zacks Investment Research cut Alphabet from a “buy” rating to a “hold” rating in a research note on Monday, April 17th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $1,049.20.
Shares of Alphabet (NASDAQ GOOGL) traded down 1.75% during midday trading on Thursday, reaching $923.59. The company had a trading volume of 2,707,393 shares. The company has a market capitalization of $639.94 billion, a PE ratio of 33.47 and a beta of 0.99. The company has a 50 day moving average of $957.55 and a 200 day moving average of $908.38. Alphabet has a one year low of $743.59 and a one year high of $1,008.61.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $8.25 by $3.24. Alphabet had a net margin of 13.55% and a return on equity of 9.64%. The firm had revenue of $20.92 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the business earned $8.42 EPS. Analysts predict that Alphabet will post $30.59 EPS for the current fiscal year.
Several large investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Alphabet during the fourth quarter worth about $2,411,505,000. Glenview Capital Management LLC acquired a new stake in shares of Alphabet during the fourth quarter worth about $605,119,000. Harbour Capital Advisors LLC increased its stake in shares of Alphabet by 65,026.4% in the second quarter. Harbour Capital Advisors LLC now owns 743,744 shares of the information services provider’s stock worth $800,000 after buying an additional 742,602 shares during the last quarter. BlackRock Inc. increased its stake in shares of Alphabet by 3.1% in the second quarter. BlackRock Inc. now owns 18,633,934 shares of the information services provider’s stock worth $17,323,595,000 after buying an additional 567,337 shares during the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main acquired a new stake in shares of Alphabet during the fourth quarter worth about $341,958,000. 34.31% of the stock is owned by hedge funds and other institutional investors.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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