Wedbush downgraded shares of Alphabet Inc. (NASDAQ:GOOG) from a neutral rating to an underperform rating in a research report sent to investors on Tuesday. The brokerage currently has $800.00 target price on the stock, up from their prior target price of $700.00.
GOOG has been the subject of a number of other research reports. Citigroup Inc. reaffirmed a buy rating and set a $900.00 price objective on shares of Alphabet in a research report on Saturday, June 18th. Stifel Nicolaus reissued a buy rating and issued a $925.00 price target (up previously from $888.00) on shares of Alphabet in a research report on Friday, July 29th. Longbow Research started coverage on shares of Alphabet in a research report on Wednesday, July 6th. They issued a buy rating for the company. Macquarie reissued an outperform rating and issued a $975.00 price target on shares of Alphabet in a research report on Friday, July 29th. Finally, Goldman Sachs Group Inc. set a $810.00 price target on shares of Alphabet and gave the company a buy rating in a research report on Wednesday, July 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating, forty-five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average price target of $925.99.
Alphabet (NASDAQ:GOOG) opened at 777.29 on Tuesday. The company has a 50 day moving average price of $773.79 and a 200 day moving average price of $738.90. The firm has a market capitalization of $534.21 billion, a P/E ratio of 30.12 and a beta of 1.03. Alphabet has a 52-week low of $625.56 and a 52-week high of $789.87.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $8.03 by $0.39. The firm earned $21.50 billion during the quarter, compared to analysts’ expectations of $20.74 billion. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The firm’s quarterly revenue was up 21.3% on a year-over-year basis. During the same quarter last year, the company posted $6.99 EPS. On average, equities analysts forecast that Alphabet will post $34.30 EPS for the current fiscal year.
In related news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction dated Wednesday, July 6th. The shares were sold at an average price of $690.94, for a total value of $2,763,760.00. Following the sale, the chief executive officer now owns 3,672 shares of the company’s stock, valued at approximately $2,537,131.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Sergey Brin sold 33,332 shares of the stock in a transaction dated Wednesday, September 28th. The stock was sold at an average price of $792.82, for a total transaction of $26,426,276.24. Following the completion of the sale, the insider now directly owns 16,666 shares in the company, valued at approximately $13,213,138.12. The disclosure for this sale can be found here. 13.92% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Evercore Wealth Management LLC boosted its stake in Alphabet by 0.5% in the second quarter. Evercore Wealth Management LLC now owns 58,503 shares of the company’s stock worth $40,490,000 after buying an additional 300 shares during the period. Carnick & Kubik Group LLC purchased a new stake in Alphabet during the second quarter worth $911,000. Williams Jones & Associates LLC boosted its stake in Alphabet by 13.8% in the second quarter. Williams Jones & Associates LLC now owns 43,394 shares of the company’s stock worth $30,033,000 after buying an additional 5,260 shares during the period. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Alphabet during the second quarter worth $8,254,000. Finally, Kentucky Retirement Systems purchased a new stake in Alphabet during the second quarter worth $17,383,000. 34.39% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.
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