Traders Buy Shares of Alphabet Inc (NASDAQ:GOOGL) on Weakness
Traders purchased shares of Alphabet Inc (NASDAQ:GOOGL) on weakness during trading hours on Thursday. $654.73 million flowed into the stock on the tick-up and $575.01 million flowed out of the stock on the tick-down, for a money net flow of $79.72 million into the stock. Of all companies tracked, Alphabet had the 7th highest net in-flow for the day. Alphabet traded down ($16.49) for the day and closed at $923.59
GOOGL has been the topic of several recent research reports. Instinet reissued a “buy” rating and issued a $925.00 price target on shares of Alphabet in a research note on Tuesday, April 25th. Jefferies Group LLC reissued a “buy” rating and issued a $1,200.00 price target (up previously from $1,000.00) on shares of Alphabet in a research note on Friday, April 28th. Zacks Investment Research downgraded Alphabet from a “hold” rating to a “sell” rating in a research report on Monday, July 17th. Goldman Sachs Group, Inc. (The) lowered their target price on Alphabet from $1,100.00 to $970.00 and set a “buy” rating on the stock in a research report on Friday, April 28th. Finally, Credit Suisse Group reaffirmed an “outperform” rating on shares of Alphabet in a research report on Friday, June 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty-two have assigned a buy rating and one has given a strong buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and a consensus price target of $1,048.66.
The company’s 50 day moving average price is $957.55 and its 200 day moving average price is $908.38. The stock has a market cap of $639.94 billion, a price-to-earnings ratio of 33.47 and a beta of 0.99.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $20.83 billion. During the same quarter in the previous year, the firm posted $8.42 EPS. Equities analysts expect that Alphabet Inc will post $30.59 EPS for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in 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. Comerica Securities Inc. boosted its position in Alphabet by 4.0% in the second quarter. Comerica Securities Inc. now owns 2,312 shares of the information services provider’s stock worth $2,149,000 after buying an additional 88 shares during the last quarter. King Luther Capital Management Corp boosted its position in Alphabet by 6.3% in the second quarter. King Luther Capital Management Corp now owns 157,276 shares of the information services provider’s stock worth $146,216,000 after buying an additional 9,252 shares during the last quarter. Captrust Financial Advisors purchased a new position in Alphabet during the second quarter worth about $820,000. Finally, Edmonds Duncan Registered Investment Advisors LLC purchased a new position in Alphabet during the second quarter worth about $344,000. Hedge funds and other institutional investors own 34.31% of the company’s stock.
Alphabet Company Profile
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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