Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a report released on Tuesday. They presently have a $1,100.00 target price on the information services provider’s stock, up from their prior target price of $1,050.00. Needham & Company LLC’s target price would indicate a potential upside of 12.21% from the company’s previous close.
A number of other analysts also recently issued reports on GOOG. Pacific Crest reissued an “overweight” rating and issued a $1,040.00 target price on shares of Alphabet in a research report on Monday, March 27th. BMO Capital Markets reissued an “outperform” rating and issued a $1,005.00 target price on shares of Alphabet in a research report on Monday, March 27th. Pivotal Research reissued a “hold” rating and issued a $950.00 target price on shares of Alphabet in a research report on Monday, March 27th. UBS AG reissued a “buy” rating and issued a $980.00 target price on shares of Alphabet in a research report on Monday, March 27th. Finally, Instinet decreased their target price on Alphabet from $950.00 to $925.00 and set a “buy” rating for the company in a research report on Tuesday, March 28th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirty-nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $995.75.
Shares of Alphabet (GOOG) opened at 980.34 on Tuesday. The company has a market capitalization of $678.15 billion, a P/E ratio of 33.13 and a beta of 0.95. Alphabet has a 1-year low of $727.54 and a 1-year high of $988.25. The company has a 50-day moving average price of $948.37 and a 200 day moving average price of $878.35. Alphabet also was the target of unusually large options trading on Monday. Stock traders purchased 19,762 put options on the company. This is an increase of 232% compared to the typical volume of 5,961 put options.
Alphabet (NASDAQ:GOOG) last released its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $4.43 by $0.58. Alphabet had a return on equity of 15.16% and a net margin of 21.84%. The business had revenue of $26.01 billion during the quarter, compared to the consensus estimate of $25.61 billion. During the same period last year, the business posted $8.42 earnings per share. The business’s revenue for the quarter was up 21.0% on a year-over-year basis. Equities research analysts anticipate that Alphabet will post $31.00 EPS for the current year.
In other Alphabet news, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total transaction of $3,925,800.00. Following the transaction, the chief executive officer now owns 2,058 shares in the company, valued at approximately $2,019,824.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director L John Doerr sold 13,355 shares of the company’s stock in a transaction that occurred on Monday, May 15th. The stock was sold at an average price of $935.93, for a total value of $12,499,345.15. Following the transaction, the director now owns 3,468 shares in the company, valued at approximately $3,245,805.24. The disclosure for this sale can be found here. Insiders have sold a total of 46,268 shares of company stock worth $43,494,737 in the last quarter. Company insiders own 13.92% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. State Street Corp increased its position in Alphabet by 0.3% in the first quarter. State Street Corp now owns 12,067,675 shares of the information services provider’s stock worth $10,010,859,000 after buying an additional 36,864 shares during the period. Dodge & Cox bought a new stake in shares of Alphabet during the fourth quarter worth approximately $2,387,502,000. Norges Bank bought a new stake in shares of Alphabet during the fourth quarter worth approximately $2,128,163,000. Bank of Montreal Can boosted its stake in shares of Alphabet by 12.0% in the first quarter. Bank of Montreal Can now owns 1,692,542 shares of the information services provider’s stock worth $1,404,065,000 after buying an additional 181,085 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of Alphabet by 4.3% in the first quarter. Legal & General Group Plc now owns 1,359,262 shares of the information services provider’s stock worth $1,127,590,000 after buying an additional 55,875 shares in the last quarter. Hedge funds and other institutional investors own 34.60% of the company’s stock.
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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