Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOGL) from a sell rating to a hold rating in a report issued on Monday, Zacks.com reports. They currently have $1,189.00 target price on the information services provider’s stock.
According to Zacks, “Alphabet’s strong initiatives toward elimination of bad ads and introducing useful major search updates are tailwinds. Further, Google’s robust mobile search is also a positive. Also, its strong focus toward bolstering presence in the cloud market on the back of expanding data centers and robust cloud offerings continues to aid growth. Further, Google’s strong focus on the innovation of its AI techniques and home automation space is aiding its business growth. The stock has outperformed the industry it belongs to in the past one year. However, the company’s growing litigation issues and increased spending on YouTube and consumer gadgets might hurt its profitability. Also, increasing competition in the advertising business and currency fluctations are concerns.”
Other research analysts have also recently issued reports about the stock. Loop Capital initiated coverage on shares of TENCENT HOLDING/ADR in a report on Monday, June 3rd. They set a buy rating for the company. DZ Bank reissued a hold rating and set a $1,197.00 price target on shares of Alphabet in a report on Wednesday, May 1st. JMP Securities reissued an outperform rating and set a $1,375.00 price target (up from $1,300.00) on shares of Alphabet in a report on Tuesday, April 30th. ValuEngine raised shares of Zynerba Pharmaceuticals from a hold rating to a buy rating in a report on Tuesday, April 30th. Finally, Morgan Stanley reissued an equal weight rating and set a GBX 250 ($3.27) price target on shares of BT Group in a report on Tuesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $1,320.35.
Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Monday, April 29th. The information services provider reported $11.90 earnings per share for the quarter, beating analysts’ consensus estimates of $10.56 by $1.34. Alphabet had a net margin of 19.71% and a return on equity of 20.06%. The firm had revenue of $29.48 billion during the quarter, compared to analysts’ expectations of $29.99 billion. During the same period in the previous year, the company earned $13.33 earnings per share. On average, analysts anticipate that Alphabet will post 48.44 earnings per share for the current fiscal year.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Shellback Capital LP purchased a new position in Alphabet during the fourth quarter worth approximately $6,270,000. MARSHALL WACE ASIA Ltd raised its stake in Alphabet by 2,089.3% during the third quarter. MARSHALL WACE ASIA Ltd now owns 97,141 shares of the information services provider’s stock worth $117,257,000 after purchasing an additional 92,704 shares during the period. Exane Derivatives raised its stake in Alphabet by 49.3% during the fourth quarter. Exane Derivatives now owns 790 shares of the information services provider’s stock worth $825,000 after purchasing an additional 261 shares during the period. J.P. Marvel Investment Advisors LLC raised its stake in Alphabet by 1.5% during the first quarter. J.P. Marvel Investment Advisors LLC now owns 10,258 shares of the information services provider’s stock worth $12,073,000 after purchasing an additional 155 shares during the period. Finally, OTA Financial Group L.P. purchased a new position in Alphabet during the first quarter worth approximately $38,962,000. 33.46% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Company Profile
Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.
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