Shares of Alphabet Inc. (NASDAQ:GOOGL) reached a new 52-week high on Tuesday after Axiom Securities raised their price target on the stock from $990.00 to $1,000.00. Axiom Securities currently has a buy rating on the stock. Alphabet traded as high as $819.86 and last traded at $810.74, with a volume of 1,056,563 shares. The stock had previously closed at $814.17.
A number of other research firms have also recently weighed in on GOOGL. Wedbush cut shares of Alphabet from a “neutral” rating to an “underperform” rating and increased their price objective for the stock from $7.20 to $800.00 in a report on Tuesday, September 27th. Morgan Stanley reiterated a “buy” rating and issued a $880.00 target price on shares of Alphabet in a research report on Thursday, September 29th. Cantor Fitzgerald reiterated a “buy” rating on shares of Alphabet in a research report on Sunday, August 14th. RBC Capital Markets reiterated an “outperform” rating and issued a $1,025.00 target price (up previously from $1,000.00) on shares of Alphabet in a research report on Friday, September 30th. Finally, Jefferies Group reiterated a “buy” rating and issued a $1,000.00 target price on shares of Alphabet in a research report on Monday, October 3rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, forty-seven have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $926.27.
Several hedge funds have recently added to or reduced their stakes in the company. Bank of Montreal Can acquired a new stake in Alphabet during the second quarter valued at $761,801,000. Emerald Acquisition Ltd. acquired a new stake in Alphabet during the second quarter valued at $400,022,000. Boston Partners raised its stake in Alphabet by 150.0% in the second quarter. Boston Partners now owns 810,490 shares of the company’s stock valued at $570,204,000 after buying an additional 486,266 shares during the period. Vanguard Group Inc. raised its stake in Alphabet by 2.1% in the second quarter. Vanguard Group Inc. now owns 18,198,649 shares of the company’s stock valued at $12,803,295,000 after buying an additional 375,941 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in Alphabet by 59.7% in the second quarter. Canada Pension Plan Investment Board now owns 874,328 shares of the company’s stock valued at $615,116,000 after buying an additional 326,759 shares during the period. 34.12% of the stock is currently owned by institutional investors.
The firm has a market cap of $557.03 billion, a price-to-earnings ratio of 31.40 and a beta of 1.00. The firm’s 50 day moving average is $800.16 and its 200-day moving average is $760.22.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $8.04 by $0.38. Alphabet had a return on equity of 14.74% and a net margin of 22.00%. On average, equities research analysts predict that Alphabet Inc. will post $34.11 EPS for the current fiscal year.
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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