Alphabet Inc. (GOOG) Earns “Buy” Rating from Citigroup Inc.
Citigroup Inc. reissued their buy rating on shares of Alphabet Inc. (NASDAQ:GOOG) in a research report sent to investors on Thursday. Citigroup Inc. currently has a $1,180.00 price target on the information services provider’s stock.
Other analysts also recently issued reports about the company. MKM Partners reiterated a buy rating and set a $1,000.00 target price on shares of Alphabet in a research report on Tuesday, April 25th. Nomura restated a buy rating and set a $925.00 price objective on shares of Alphabet in a research report on Monday, April 24th. Macquarie restated a buy rating and set a $975.00 price objective on shares of Alphabet in a research report on Tuesday, April 18th. Aegis restated a buy rating and set a $1,011.00 price objective on shares of Alphabet in a research report on Sunday, April 2nd. Finally, Instinet restated a buy rating and set a $925.00 price objective on shares of Alphabet in a research report on Wednesday, April 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, forty have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $1,017.39.
Shares of Alphabet (NASDAQ:GOOG) traded down 1.31% during mid-day trading on Thursday, hitting $929.21. The stock had a trading volume of 1,684,035 shares. The stock’s 50-day moving average price is $944.07 and its 200 day moving average price is $881.26. Alphabet has a 1-year low of $727.54 and a 1-year high of $988.25. The company has a market capitalization of $643.83 billion, a P/E ratio of 33.68 and a beta of 0.95.
Alphabet (NASDAQ:GOOG) last released its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, beating analysts’ consensus estimates of $4.43 by $0.58. The firm had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The company’s revenue was up 21.0% compared to the same quarter last year. During the same period in the prior year, the company posted $8.42 EPS. On average, analysts predict that Alphabet will post $30.74 EPS for the current fiscal year.
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In related news, Director L John Doerr sold 13,355 shares of Alphabet stock in a transaction on Monday, May 15th. The stock was sold at an average price of $935.93, for a total transaction of $12,499,345.15. Following the sale, the director now directly owns 3,468 shares in the company, valued at $3,245,805.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total value of $3,925,800.00. Following the sale, the chief executive officer now owns 2,058 shares in the company, valued at $2,019,824.10. The disclosure for this sale can be found here. Insiders sold 44,542 shares of company stock worth $41,955,126 in the last 90 days. Corporate insiders own 13.92% of the company’s stock.
A number of hedge funds have recently modified their holdings of GOOG. Riggs Asset Managment Co. Inc. raised its stake in shares of Alphabet by 39.6% in the second quarter. Riggs Asset Managment Co. Inc. now owns 141 shares of the information services provider’s stock worth $128,000 after buying an additional 40 shares during the period. Farmers National Bank raised its stake in shares of Alphabet by 15.0% in the first quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock worth $134,000 after buying an additional 21 shares during the period. Pacific Center for Financial Services acquired a new stake in shares of Alphabet during the fourth quarter worth approximately $142,000. St. Johns Investment Management Company LLC raised its stake in shares of Alphabet by 1,046.7% in the second quarter. St. Johns Investment Management Company LLC now owns 172 shares of the information services provider’s stock worth $156,000 after buying an additional 157 shares during the period. Finally, Israel Discount Bank of New York GFN acquired a new stake in shares of Alphabet during the fourth quarter worth approximately $166,000. Institutional investors and hedge funds own 34.60% 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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