Alphabet’s (GOOG) “Buy” Rating Reaffirmed at Needham & Company LLC
Needham & Company LLC reiterated their buy rating on shares of Alphabet Inc. (NASDAQ:GOOG) in a report released on Tuesday. They currently have a $1,100.00 target price on the information services provider’s stock, up from their prior target price of $1,050.00.
Other analysts also recently issued reports about the stock. Instinet dropped their target price on shares of Alphabet from $950.00 to $925.00 and set a buy rating on the stock in a report on Tuesday, March 28th. UBS AG restated a buy rating and set a $980.00 target price on shares of Alphabet in a report on Monday, March 27th. Macquarie restated a buy rating and set a $975.00 target price on shares of Alphabet in a report on Tuesday, April 18th. Aegis reiterated a buy rating and issued a $1,011.00 price objective on shares of Alphabet in a report on Sunday, April 2nd. Finally, Nomura reiterated a buy rating and issued a $925.00 price objective on shares of Alphabet in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, forty-one have assigned a buy rating and two have assigned a strong buy rating to the stock. Alphabet has an average rating of Buy and an average target price of $1,012.23.
Alphabet (GOOG) opened at 941.53 on Tuesday. The company’s 50-day moving average is $944.07 and its 200-day moving average is $881.26. Alphabet has a 12 month low of $727.54 and a 12 month high of $988.25. The stock has a market capitalization of $651.30 billion, a P/E ratio of 31.82 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, topping the consensus estimate of $4.43 by $0.58. The firm had revenue of $26.01 billion for the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The business’s quarterly revenue was up 21.0% on a year-over-year basis. During the same period last year, the company posted $8.42 EPS. Equities analysts anticipate that Alphabet will post $30.74 earnings per share for the current year.
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In other Alphabet news, insider Diane B. Greene sold 1,863 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $902.72, for a total transaction of $1,681,767.36. Following the completion of the transaction, the insider now owns 85,916 shares of the company’s stock, valued at $77,558,091.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP James Grier Campbell sold 366 shares of the business’s stock in a transaction dated Monday, May 1st. The stock was sold at an average price of $902.72, for a total value of $330,395.52. The disclosure for this sale can be found here. In the last three months, insiders have sold 46,793 shares of company stock valued at $43,987,234. Insiders own 13.92% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Dodge & Cox purchased a new stake in Alphabet during the fourth quarter valued at $2,387,502,000. Norges Bank purchased a new stake in Alphabet during the fourth quarter valued at $2,128,163,000. Harbour Capital Advisors LLC boosted its stake in Alphabet by 87,001.5% in the second quarter. Harbour Capital Advisors LLC now owns 1,993,754 shares of the information services provider’s stock valued at $2,194,000 after buying an additional 1,991,465 shares during the period. Putnam Investments LLC boosted its stake in Alphabet by 50.3% in the fourth quarter. Putnam Investments LLC now owns 1,094,771 shares of the information services provider’s stock valued at $844,967,000 after buying an additional 366,456 shares during the period. Finally, Sanders Capital LLC boosted its stake in Alphabet by 37.1% in the first quarter. Sanders Capital LLC now owns 1,199,405 shares of the information services provider’s stock valued at $1,019,026,000 after buying an additional 324,596 shares during the period. Institutional investors own 34.60% 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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