Alphabet Inc. (GOOG) Earns “Buy” Rating from MKM Partners
Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “buy” rating restated by investment analysts at MKM Partners in a note issued to investors on Thursday. They currently have a $1,210.00 target price on the information services provider’s stock, up from their previous target price of $1,170.00. MKM Partners’ price target indicates a potential upside of 31.11% from the stock’s current price.
GOOG has been the topic of a number of other research reports. Canaccord Genuity cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $1,000.00 price target on the stock. in a research note on Thursday, June 15th. They noted that the move was a valuation call. Pivotal Research reaffirmed a “hold” rating and set a $980.00 target price (down previously from $990.00) on shares of Alphabet in a research note on Monday, July 17th. Susquehanna Bancshares Inc reaffirmed a “positive” rating and set a $1,200.00 target price on shares of Alphabet in a research note on Wednesday, June 28th. Credit Suisse Group lifted their target price on shares of Alphabet from $1,100.00 to $1,150.00 and gave the stock an “outperform” rating in a research note on Friday, April 28th. Finally, Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday, July 25th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, forty have assigned a buy rating and one has assigned a strong buy rating to the stock. Alphabet has a consensus rating of “Buy” and a consensus target price of $1,026.22.
Alphabet (GOOG) traded down 0.94% during trading on Thursday, hitting $914.27. 402,244 shares of the stock traded hands. The stock has a 50 day moving average price of $939.37 and a 200-day moving average price of $888.29. The stock has a market cap of $633.48 billion, a P/E ratio of 33.13 and a beta of 0.94. Alphabet has a 52-week low of $727.54 and a 52-week high of $988.25.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.43 by $0.58. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The firm had revenue of $26.01 billion for the quarter, compared to analysts’ expectations of $25.61 billion. During the same quarter last year, the company earned $8.42 EPS. The firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. On average, analysts anticipate that Alphabet will post $30.59 EPS for the current fiscal year.
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In related news, Director L John Doerr sold 13,355 shares of the stock in a transaction dated 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 transaction, the director now directly owns 3,468 shares in the company, valued at $3,245,805.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP James Grier Campbell sold 184 shares of the stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $932.38, for a total value of $171,557.92. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 47,218 shares of company stock worth $44,511,312. Corporate insiders own 13.92% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in GOOG. Shepherd Financial Partners LLC purchased a new position in Alphabet during the fourth quarter worth approximately $3,291,000. Worth Venture Partners LLC purchased a new position in Alphabet during the fourth quarter worth approximately $1,532,000. Norges Bank purchased a new position in Alphabet during the fourth quarter worth approximately $2,128,163,000. Adviser Investments LLC purchased a new position in Alphabet during the first quarter worth approximately $1,276,000. Finally, Farmers & Merchants Investments Inc. increased its position in Alphabet by 0.3% in the first quarter. Farmers & Merchants Investments Inc. now owns 5,464 shares of the information services provider’s stock worth $4,533,000 after buying an additional 18 shares during the period. Hedge funds and other institutional investors own 34.54% of the company’s stock.
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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