Alphabet’s (GOOG) “Buy” Rating Reaffirmed at Wells Fargo & Company

Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “buy” rating restated by analysts at Wells Fargo & Company in a research report issued on Friday, October 6th.

A number of other research analysts have also recently commented on the company. Vetr cut Alphabet from a “buy” rating to a “hold” rating and set a $988.73 target price for the company. in a research note on Monday, October 2nd. Morgan Stanley restated a “buy” rating on shares of Alphabet in a research note on Friday, September 29th. Bank of America Corporation restated a “buy” rating and issued a $1,100.00 target price on shares of Alphabet in a research note on Tuesday, September 26th. Cantor Fitzgerald restated an “overweight” rating and issued a $1,100.00 target price on shares of Alphabet in a research note on Saturday, September 23rd. Finally, Robert W. Baird restated an “outperform” rating and issued a $1,100.00 target price on shares of Alphabet in a research note on Saturday, September 23rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-nine have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $1,034.07.

Shares of Alphabet (GOOG) opened at 992.81 on Friday. The stock’s 50 day moving average price is $948.57 and its 200 day moving average price is $928.63. The company has a market cap of $687.90 billion, a P/E ratio of 35.98 and a beta of 0.94. Alphabet has a 12-month low of $727.54 and a 12-month high of $997.21.

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 Zacks’ 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 firm’s revenue for the quarter was up 21.0% compared to the same quarter last year. During the same quarter last year, the business posted $8.42 EPS. On average, analysts forecast that Alphabet will post $30.62 EPS for the current year.

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In other news, Director Ann Mather sold 37 shares of the company’s stock in a transaction that occurred on Friday, September 1st. The stock was sold at an average price of $940.67, for a total transaction of $34,804.79. Following the transaction, the director now owns 1,789 shares of the company’s stock, valued at $1,682,858.63. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 4,000 shares of the company’s 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 directly owns 1,764 shares in the company, valued at approximately $1,641,331.44. The disclosure for this sale can be found here. Insiders have sold 40,694 shares of company stock worth $38,136,904 over the last three months. 13.92% of the stock is currently owned by insiders.

A number of large investors have recently made changes to their positions in GOOG. CGOV Asset Management grew its stake in Alphabet by 0.4% in the first quarter. CGOV Asset Management now owns 1,405 shares of the information services provider’s stock worth $1,553,000 after purchasing an additional 5 shares in the last quarter. Feltz Wealth PLAN Inc. bought a new position in Alphabet in the first quarter worth approximately $170,000. Lederer & Associates Investment Counsel CA grew its stake in Alphabet by 0.4% in the first quarter. Lederer & Associates Investment Counsel CA now owns 1,091 shares of the information services provider’s stock worth $905,000 after purchasing an additional 4 shares in the last quarter. Courier Capital LLC grew its stake in Alphabet by 39.3% in the first quarter. Courier Capital LLC now owns 532 shares of the information services provider’s stock worth $441,000 after purchasing an additional 150 shares in the last quarter. Finally, Mount Vernon Associates Inc. MD grew its stake in Alphabet by 3.4% in the first quarter. Mount Vernon Associates Inc. MD now owns 2,117 shares of the information services provider’s stock worth $1,756,000 after purchasing an additional 70 shares in the last quarter. 34.52% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Alphabet (NASDAQ:GOOG)

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