BMO Capital Markets reaffirmed their market perform rating on shares of Alphabet Inc (NASDAQ:GOOG) in a report issued on Saturday, April 29th. The brokerage currently has a $970.00 price target on the information services provider’s stock.
GOOG has been the subject of a number of other research reports. Cowen and Company increased their target price on shares of Alphabet from $1,050.00 to $1,075.00 and gave the company an outperform rating in a research report on Friday, April 28th. Credit Suisse Group AG increased their target price on shares of Alphabet from $1,100.00 to $1,150.00 and gave the company an outperform rating in a research report on Friday, April 28th. Piper Jaffray Companies cut their price target on Alphabet from $1,050.00 to $930.00 and set an overweight rating on the stock in a report on Friday, April 28th. Needham & Company LLC restated a buy rating and set a $1,050.00 price target (up from $935.00) on shares of Alphabet in a report on Friday, April 28th. Finally, Cantor Fitzgerald restated a buy rating on shares of Alphabet in a report on Friday, April 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and forty-two have given a buy rating to the stock. Alphabet presently has an average rating of Buy and an average target price of $971.77.
Shares of Alphabet (NASDAQ:GOOG) traded up 0.60% during mid-day trading on Friday, hitting $935.86. 777,563 shares of the stock were exchanged. The firm has a market cap of $647.38 billion, a price-to-earnings ratio of 31.62 and a beta of 0.94. The company’s 50-day moving average is $877.17 and its 200-day moving average is $820.39. Alphabet has a 1-year low of $663.28 and a 1-year high of $943.11. Alphabet also saw some unusual options trading on Wednesday. Stock traders purchased 1,932 put options on the stock. This is an increase of approximately 105% compared to the typical volume of 942 put options.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, April 27th. The information services provider reported $7.73 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $7.38 by $0.35. Alphabet had a return on equity of 14.85% and a net margin of 21.58%. The company had revenue of $24.75 billion during the quarter, compared to the consensus estimate of $24.18 billion. During the same quarter in the prior year, the firm posted $7.50 earnings per share. The firm’s revenue was up 22.2% compared to the same quarter last year. Equities research analysts anticipate that Alphabet will post $33.88 earnings per share for the current fiscal year.
In other news, Director L John Doerr sold 13,355 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 3,468 shares of the company’s stock, valued at approximately $3,245,805.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of Alphabet stock in a transaction dated Wednesday, March 1st. The stock was sold at an average price of $830.96, for a total value of $3,323,840.00. Following the sale, the chief executive officer now directly owns 2,873 shares of the company’s stock, valued at approximately $2,387,348.08. The disclosure for this sale can be found here. Insiders sold a total of 50,133 shares of company stock valued at $44,422,427 in the last three months. Insiders own 13.92% of the company’s stock.
Hedge funds have recently modified their holdings of the company. BlackRock Inc. boosted its stake in shares of Alphabet by 2,553.3% in the first quarter. BlackRock Inc. now owns 17,231,526 shares of the information services provider’s stock worth $14,294,584,000 after buying an additional 16,582,087 shares in the last quarter. Dodge & Cox bought a new position in shares of Alphabet during the fourth quarter valued at about $2,387,502,000. Norges Bank bought a new position in shares of Alphabet during the fourth quarter valued at about $2,128,163,000. Russell Investments Group Ltd. bought a new position in shares of Alphabet during the fourth quarter valued at about $612,676,000. Finally, Vanguard Group Inc. boosted its position in shares of Alphabet by 4.0% in the first quarter. Vanguard Group Inc. now owns 19,850,384 shares of the information services provider’s stock valued at $16,467,085,000 after buying an additional 754,370 shares during the period. 34.74% of the stock is owned by institutional investors.
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.
The article first appeared in transcriptdaily.com