Alphabet Inc. (NASDAQ:GOOGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, November 2nd.
According to Zacks, “Alphabet is one of the leading providers of target-based advertisements on the web. The company delivered strong top line in the third quarter on the back of higher overall advertising revenues and strong paid click growth. On a year to date basis, the stock has outperformed the industry it belongs to. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Its diversification strategy is also positive, but requires significant investment and involves uncertain payback periods, particularly since these efforts are at the cutting edge of technology. However, increasing litigation issues could continue to impact the company’s profits.”
Other equities research analysts also recently issued research reports about the stock. B. Riley reissued a “buy” rating and issued a $1,050.00 target price on shares of Alphabet in a research note on Sunday, July 30th. MKM Partners reaffirmed a “buy” rating and issued a $1,210.00 price target (up previously from $1,170.00) on shares of Alphabet in a research note on Thursday, August 10th. Cowen and Company reaffirmed an “outperform” rating and issued a $1,075.00 price target on shares of Alphabet in a research note on Thursday, August 10th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $1,200.00 price target on shares of Alphabet in a research note on Tuesday, July 25th. Finally, JMP Securities reissued a “buy” rating and set a $1,077.00 target price (down previously from $1,095.00) on shares of Alphabet in a research report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, thirty-nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Alphabet has a consensus rating of “Buy” and an average price target of $1,088.53.
Alphabet (NASDAQ GOOGL) opened at $1,050.30 on Thursday. Alphabet has a twelve month low of $753.36 and a twelve month high of $1,063.62. The firm has a market cap of $718,882.88, a P/E ratio of 34.64, a PEG ratio of 1.74 and a beta of 0.91. The company has a current ratio of 5.77, a quick ratio of 5.73 and a debt-to-equity ratio of 0.03.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $8.43 by $1.14. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. The firm had revenue of $22.27 billion during the quarter, compared to analyst estimates of $21.94 billion. During the same quarter in the prior year, the business earned $9.06 earnings per share. analysts anticipate that Alphabet will post 32.34 EPS for the current fiscal year.
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A number of large investors have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio increased its position in Alphabet by 0.6% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 214,898 shares of the information services provider’s stock worth $209,250,000 after purchasing an additional 1,377 shares during the last quarter. Hartline Investment Corp boosted its stake in shares of Alphabet by 13.7% during the 3rd quarter. Hartline Investment Corp now owns 8,981 shares of the information services provider’s stock worth $8,745,000 after acquiring an additional 1,079 shares in the last quarter. Crestwood Advisors Group LLC boosted its stake in shares of Alphabet by 0.9% during the 3rd quarter. Crestwood Advisors Group LLC now owns 26,954 shares of the information services provider’s stock worth $26,246,000 after acquiring an additional 248 shares in the last quarter. Wealthsource Partners LLC boosted its stake in shares of Alphabet by 40.7% during the 3rd quarter. Wealthsource Partners LLC now owns 418 shares of the information services provider’s stock worth $407,000 after acquiring an additional 121 shares in the last quarter. Finally, Coastline Trust Co boosted its stake in shares of Alphabet by 4.1% during the 3rd quarter. Coastline Trust Co now owns 5,233 shares of the information services provider’s stock worth $5,096,000 after acquiring an additional 207 shares in the last quarter. 33.68% of the stock is currently owned by hedge funds and other 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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