Alphabet (NASDAQ:GOOG) Upgraded to Buy by BidaskClub

Alphabet (NASDAQ:GOOG) was upgraded by equities researchers at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday, BidAskClub reports.

GOOG has been the topic of several other research reports. Barclays reissued a “buy” rating on shares of Alphabet in a research report on Tuesday, October 29th. Raymond James boosted their price objective on Alphabet from $1,360.00 to $1,475.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 29th. Zacks Investment Research raised Alphabet from a “hold” rating to a “buy” rating and set a $1,496.00 price objective on the stock in a research report on Wednesday, January 1st. ValuEngine cut Alphabet from a “hold” rating to a “sell” rating in a research report on Tuesday. Finally, Sanford C. Bernstein initiated coverage on Alphabet in a research report on Thursday, January 9th. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $1,486.44.

Shares of Alphabet stock traded up $7.15 during trading hours on Tuesday, reaching $1,446.35. The company’s stock had a trading volume of 496,089 shares, compared to its average volume of 1,264,972. Alphabet has a one year low of $1,025.00 and a one year high of $1,441.80. The company has a market capitalization of $986.86 billion, a P/E ratio of 30.44, a P/E/G ratio of 1.57 and a beta of 1.01. The stock’s fifty day simple moving average is $1,356.40 and its two-hundred day simple moving average is $1,247.89. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.75 and a current ratio of 3.78.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Monday, October 28th. The information services provider reported $10.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $12.57 by ($2.45). Alphabet had a return on equity of 18.34% and a net margin of 21.04%. The company had revenue of $40.50 billion for the quarter, compared to the consensus estimate of $40.17 billion. During the same quarter last year, the company posted $13.06 EPS. The company’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, research analysts forecast that Alphabet will post 49.03 earnings per share for the current year.

In other news, major shareholder Capitalg Lp sold 2,085,172 shares of the business’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $52.59, for a total transaction of $109,659,195.48. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP David C. Drummond sold 56,860 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $1,289.62, for a total value of $73,327,793.20. Following the transaction, the senior vice president now directly owns 45,806 shares in the company, valued at $59,072,333.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,344,673 shares of company stock valued at $316,380,721. 12.99% of the stock is currently owned by company insiders.

Institutional investors have recently modified their holdings of the business. Orrstown Financial Services Inc. bought a new position in shares of Alphabet during the third quarter valued at approximately $26,000. 1 North Wealth Services LLC bought a new stake in shares of Alphabet in the third quarter worth approximately $40,000. Vista Private Wealth Partners. LLC bought a new position in shares of Alphabet during the 3rd quarter valued at $46,000. LFA Lugano Financial Advisors SA bought a new position in Alphabet in the fourth quarter valued at about $47,000. Finally, Candriam Luxembourg S.C.A. lifted its stake in shares of Alphabet by 3.9% in the 3rd quarter. Candriam Luxembourg S.C.A. now owns 39,076 shares of the information services provider’s stock worth $48,000 after purchasing an additional 1,470 shares during the period. 33.79% of the stock is currently owned by institutional investors and hedge funds.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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