Alphabet Inc. (GOOGL) Cut to Hold at Canaccord Genuity

Canaccord Genuity lowered shares of Alphabet Inc. (NASDAQ:GOOGL) from a buy rating to a hold rating in a research report released on Thursday, MarketBeat Ratings reports. The firm currently has $1,000.00 price target on the information services provider’s stock, up from their prior price target of $967.93.

GOOGL has been the topic of a number of other reports. Vetr raised shares of Alphabet from a hold rating to a buy rating and set a $909.92 price objective on the stock in a research report on Tuesday, March 21st. Susquehanna Bancshares Inc reissued a positive rating and set a $1,000.00 price objective on shares of Alphabet in a research report on Sunday, March 19th. JMP Securities reissued an outperform rating and set a $1,095.00 price objective (up from $1,020.00) on shares of Alphabet in a research report on Monday, May 1st. Cowen and Company reissued an outperform rating and set a $1,050.00 price objective on shares of Alphabet in a research report on Monday, April 24th. Finally, Bank of America Corporation reissued a buy rating and set a $1,025.00 price objective on shares of Alphabet in a research report on Thursday, March 23rd. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and forty have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $1,011.53.

Shares of Alphabet (GOOGL) opened at 975.22 on Thursday. The stock’s 50 day moving average is $968.90 and its 200 day moving average is $871.08. Alphabet has a 52-week low of $672.66 and a 52-week high of $1,008.61. The firm has a market capitalization of $674.61 billion, a PE ratio of 32.95 and a beta of 0.96.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Thursday, April 27th. The information services provider reported $7.73 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $7.24 by $0.49. The business had revenue of $20.12 billion for the quarter, compared to the consensus estimate of $19.65 billion. Alphabet had a net margin of 21.84% and a return on equity of 15.16%. During the same period in the previous year, the firm earned $7.50 EPS. On average, equities research analysts forecast that Alphabet will post $33.98 EPS for the current year.

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A number of large investors have recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. raised its stake in Alphabet by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 170 shares of the information services provider’s stock valued at $135,000 after buying an additional 1 shares in the last quarter. Fort Pitt Capital Group LLC raised its stake in Alphabet by 0.3% in the fourth quarter. Fort Pitt Capital Group LLC now owns 760 shares of the information services provider’s stock valued at $602,000 after buying an additional 2 shares in the last quarter. Delta Asset Management LLC TN raised its stake in Alphabet by 1.5% in the first quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock valued at $116,000 after buying an additional 2 shares in the last quarter. InterOcean Capital LLC raised its stake in Alphabet by 0.3% in the fourth quarter. InterOcean Capital LLC now owns 971 shares of the information services provider’s stock valued at $769,000 after buying an additional 3 shares in the last quarter. Finally, Shufro Rose & Co. LLC raised its stake in Alphabet by 1.1% in the first quarter. Shufro Rose & Co. LLC now owns 266 shares of the information services provider’s stock valued at $226,000 after buying an additional 3 shares in the last quarter. 34.72% of the stock is owned by 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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