Alphabet’s (GOOG) Overweight Rating Reaffirmed at Piper Jaffray Companies
Piper Jaffray Companies reaffirmed their overweight rating on shares of Alphabet Inc. (NASDAQ:GOOG) in a research report released on Thursday. The firm currently has a $1,150.00 target price on the information services provider’s stock.
Other equities research analysts have also recently issued reports about the company. Vetr raised Alphabet from a hold rating to a buy rating and set a $995.83 price objective for the company in a research note on Monday, June 26th. Goldman Sachs Group, Inc. (The) reiterated a buy rating on shares of Alphabet in a report on Wednesday, June 28th. MKM Partners reiterated a buy rating and set a $1,170.00 target price on shares of Alphabet in a report on Wednesday, June 28th. Susquehanna Bancshares Inc reiterated a positive rating and set a $1,200.00 target price on shares of Alphabet in a report on Wednesday, June 28th. Finally, Credit Suisse Group restated an outperform rating on shares of Alphabet in a report on Friday, June 30th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-nine have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $1,036.51.
Alphabet (GOOG) traded up 0.38% on Thursday, hitting $988.20. The stock had a trading volume of 1,183,186 shares. The firm has a market cap of $684.70 billion, a P/E ratio of 35.81 and a beta of 0.94. Alphabet has a 1-year low of $727.54 and a 1-year high of $997.21. The firm’s 50-day moving average price is $951.53 and its 200-day moving average price is $930.09.
Alphabet (NASDAQ:GOOG) last released its earnings results on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.43 by $0.58. The company had revenue of $26.01 billion during the quarter, compared to analysts’ expectations of $25.61 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. During the same period last year, the firm earned $8.42 EPS. On average, equities research analysts predict that Alphabet will post $30.64 earnings per share for the current year.
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In other news, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction that occurred on Wednesday, August 2nd. The shares were sold at an average price of $930.46, for a total value of $3,721,840.00. Following the transaction, the chief executive officer now owns 1,764 shares of the company’s stock, valued at approximately $1,641,331.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Shirley M. Tilghman sold 525 shares of Alphabet stock in a transaction that occurred on Friday, July 28th. The stock was sold at an average price of $938.09, for a total transaction of $492,497.25. Following the completion of the transaction, the director now directly owns 5,517 shares in the company, valued at approximately $5,175,442.53. The disclosure for this sale can be found here. In the last 90 days, insiders sold 40,694 shares of company stock valued at $38,136,904. Company insiders own 13.92% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Alphabet by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 20,440,038 shares of the information services provider’s stock worth $18,574,476,000 after purchasing an additional 589,654 shares during the last quarter. BlackRock Inc. lifted its stake in Alphabet by 4.8% during the 2nd quarter. BlackRock Inc. now owns 18,058,006 shares of the information services provider’s stock valued at $16,409,850,000 after acquiring an additional 826,480 shares during the period. FMR LLC lifted its stake in Alphabet by 0.4% during the 2nd quarter. FMR LLC now owns 13,971,679 shares of the information services provider’s stock valued at $12,696,484,000 after acquiring an additional 62,507 shares during the period. State Street Corp lifted its stake in shares of Alphabet by 0.3% in the 1st quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock valued at $10,010,859,000 after purchasing an additional 36,864 shares during the period. Finally, Capital World Investors lifted its stake in shares of Alphabet by 13.9% in the 2nd quarter. Capital World Investors now owns 6,371,356 shares of the information services provider’s stock valued at $5,789,842,000 after purchasing an additional 776,853 shares during the period. 34.52% of the stock is currently owned by institutional investors.
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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