Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOGL) from a hold rating to a buy rating in a research report sent to investors on Tuesday. They currently have $1,266.00 price target on the information services provider’s stock.

According to Zacks, “Alphabet's stock has outperformed the industry it belongs to on a 12-month basis. Alphabet's strong advertising revenues and improving paid click growth remain the growth drivers. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. 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.  However, increasing litigation issues could continue to impact the company’s profits.”

Several other analysts also recently issued reports on the company. SunTrust Banks reduced their price target on Alphabet from $1,250.00 to $1,180.00 in a research note on Monday, January 15th. Vetr upgraded Alphabet from a hold rating to a buy rating and set a $1,179.78 price target for the company in a research note on Monday, January 8th. Cowen boosted their price target on Alphabet from $1,150.00 to $1,230.00 and gave the company an outperform rating in a research note on Thursday, January 4th. Robert W. Baird restated a buy rating and issued a $1,150.00 price target on shares of Alphabet in a research note on Tuesday, January 2nd. Finally, Evercore ISI initiated coverage on Alphabet in a report on Tuesday, December 5th. They issued an outperform rating for the company. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, forty have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $1,101.79.

Alphabet (NASDAQ GOOGL) traded up $7.53 on Tuesday, reaching $1,143.50. The company had a trading volume of 1,449,097 shares, compared to its average volume of 1,440,000. The company has a market cap of $797,670.00, a P/E ratio of 38.09, a PEG ratio of 1.48 and a beta of 0.90. Alphabet has a twelve month low of $812.05 and a twelve month high of $1,148.88. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.77 and a quick ratio of 5.73.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $8.43 by $1.14. The business had revenue of $22.27 billion during the quarter, compared to the consensus estimate of $21.94 billion. Alphabet had a return on equity of 14.26% and a net margin of 20.09%. During the same period in the previous year, the company posted $9.06 EPS. sell-side analysts predict that Alphabet will post 32.36 EPS for the current year.

Hedge funds have recently modified their holdings of the stock. Pure Financial Advisors Inc. grew its position in shares of Alphabet by 0.4% in the 2nd quarter. Pure Financial Advisors Inc. now owns 278 shares of the information services provider’s stock valued at $258,000 after buying an additional 1 shares during the last quarter. First Bank & Trust grew its position in shares of Alphabet by 0.3% in the 2nd quarter. First Bank & Trust now owns 764 shares of the information services provider’s stock valued at $710,000 after buying an additional 2 shares during the last quarter. Fort Pitt Capital Group LLC grew its position in shares of Alphabet by 0.3% in the 2nd quarter. Fort Pitt Capital Group LLC now owns 723 shares of the information services provider’s stock valued at $672,000 after buying an additional 2 shares during the last quarter. RB Capital Management LLC grew its position in shares of Alphabet by 0.4% in the 2nd quarter. RB Capital Management LLC now owns 704 shares of the information services provider’s stock valued at $654,000 after buying an additional 3 shares during the last quarter. Finally, Town & Country Bank & Trust CO dba First Bankers Trust CO grew its position in shares of Alphabet by 0.7% in the 2nd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 422 shares of the information services provider’s stock valued at $392,000 after buying an additional 3 shares during the last quarter. Institutional investors and hedge funds own 33.57% of the company’s stock.

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About Alphabet

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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