Wedbush cut shares of Alphabet Inc. (NASDAQ:GOOG) from a neutral rating to an underperform rating in a report released on Tuesday morning. The brokerage currently has $800.00 target price on the stock, up from their previous target price of $700.00.
Other research analysts have also issued reports about the company. Vetr lowered Alphabet from a strong-buy rating to a buy rating and set a $814.06 price objective on the stock. in a report on Monday, May 30th. Goldman Sachs Group Inc. reissued a buy rating and issued a $810.00 price objective (down from $850.00) on shares of Alphabet in a report on Wednesday, June 29th. Evercore ISI reissued a buy rating and issued a $830.00 price objective (down from $950.00) on shares of Alphabet in a report on Thursday, June 23rd. Citigroup Inc. reissued a buy rating and issued a $900.00 price objective on shares of Alphabet in a report on Saturday, June 18th. Finally, Axiom Securities reissued a buy rating and issued a $970.00 price objective (down from $1,001.00) on shares of Alphabet in a report on Wednesday, June 29th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, forty-five have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $923.68.
Shares of Alphabet (NASDAQ:GOOG) opened at 775.01 on Tuesday. Alphabet has a 1-year low of $603.13 and a 1-year high of $789.87. The stock’s 50 day moving average price is $774.01 and its 200-day moving average price is $738.56. The stock has a market cap of $532.64 billion, a price-to-earnings ratio of 30.03 and a beta of 1.03.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, July 28th. The company reported $8.42 earnings per share for the quarter, beating analysts’ consensus estimates of $8.03 by $0.39. The business had revenue of $21.50 billion for the quarter, compared to analyst estimates of $20.74 billion. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. The company’s revenue was up 21.3% on a year-over-year basis. During the same period in the prior year, the company earned $6.99 earnings per share. On average, equities research analysts forecast that Alphabet will post $34.30 earnings per share for the current year.
In related news, CEO Sundar Pichai sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, July 6th. The stock was 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 is available through this link. Also, insider Sergey Brin sold 66,664 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were sold at an average price of $785.10, for a total value of $52,337,906.40. Following the completion of the sale, the insider now directly owns 28,200 shares in the company, valued at approximately $22,139,820. The disclosure for this sale can be found here. 13.92% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the stock. Mesirow Financial Investment Management Equity Management acquired a new position in shares of Alphabet during the second quarter worth $121,000. Whitnell & Co. increased its stake in shares of Alphabet by 20.6% in the second quarter. Whitnell & Co. now owns 187 shares of the company’s stock valued at $129,000 after buying an additional 32 shares in the last quarter. D. Scott Neal Inc. increased its stake in shares of Alphabet by 2,000.0% in the second quarter. D. Scott Neal Inc. now owns 210 shares of the company’s stock valued at $145,000 after buying an additional 200 shares in the last quarter. Pathstone Family Office LLC increased its stake in shares of Alphabet by 7.2% in the second quarter. Pathstone Family Office LLC now owns 222 shares of the company’s stock valued at $154,000 after buying an additional 15 shares in the last quarter. Finally, Cacti Asset Management LLC acquired a new stake in shares of Alphabet during the second quarter valued at $159,000. 34.39% of the stock is currently owned by hedge funds and other institutional investors.
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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