Alphabet (NASDAQ:GOOG) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOG) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. The firm currently has $1,970.00 target price on the information services provider’s stock.

According to Zacks, “Alphabet Inc. is engaged in technology business. The Company provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products through its subsidiaries. Alphabet Inc., formerly known as Google Inc., is headquartered in Mountain View, California. “

GOOG has been the subject of several other reports. Jefferies Financial Group restated a buy rating on shares of Alphabet in a research report on Tuesday, October 20th. KeyCorp started coverage on Alphabet in a research report on Monday, September 14th. They set an overweight rating for the company. Credit Suisse Group restated an outperform rating and set a $1,950.00 price objective (up from $1,850.00) on shares of Alphabet in a research report on Friday, October 30th. BidaskClub downgraded Alphabet from a buy rating to a hold rating in a research report on Saturday, December 12th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Alphabet from $2,020.00 to $2,250.00 and gave the stock a buy rating in a report on Friday, October 30th. Three research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Buy and an average target price of $1,809.25.

NASDAQ:GOOG opened at $1,751.88 on Wednesday. The stock has a fifty day moving average price of $1,768.90 and a 200-day moving average price of $1,591.72. The company has a market cap of $1.19 trillion, a price-to-earnings ratio of 33.85, a PEG ratio of 2.04 and a beta of 0.98. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.39 and a current ratio of 3.41. Alphabet has a fifty-two week low of $1,013.54 and a fifty-two week high of $1,847.20.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, November 3rd. The information services provider reported $16.40 earnings per share for the quarter, topping the consensus estimate of $11.35 by $5.05. Alphabet had a return on equity of 17.31% and a net margin of 20.80%. The business had revenue of $46.17 billion during the quarter, compared to the consensus estimate of $42.84 billion. During the same period in the prior year, the company earned $10.12 EPS. Alphabet’s revenue for the quarter was up 14.0% on a year-over-year basis. Research analysts predict that Alphabet will post 51.54 EPS for the current fiscal year.

In related news, SVP Philipp Schindler sold 1,385 shares of the firm’s stock in a transaction that occurred on Wednesday, December 30th. The stock was sold at an average price of $1,762.01, for a total transaction of $2,440,383.85. Following the completion of the sale, the senior vice president now owns 19,950 shares of the company’s stock, valued at $35,152,099.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 60 shares of the firm’s stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $1,473.43, for a total value of $88,405.80. Following the sale, the director now directly owns 548 shares of the company’s stock, valued at approximately $807,439.64. The disclosure for this sale can be found here. Insiders have sold 1,572 shares of company stock valued at $2,753,051 in the last ninety days. 12.99% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Advisory Solutions LLC grew its stake in Alphabet by 10.6% during the third quarter. Wealth Advisory Solutions LLC now owns 198 shares of the information services provider’s stock worth $290,000 after purchasing an additional 19 shares during the period. HM Payson & Co. boosted its holdings in Alphabet by 2.4% in the third quarter. HM Payson & Co. now owns 48,683 shares of the information services provider’s stock worth $71,545,000 after acquiring an additional 1,139 shares in the last quarter. WealthPLAN Partners LLC boosted its holdings in Alphabet by 10.8% in the third quarter. WealthPLAN Partners LLC now owns 8,087 shares of the information services provider’s stock worth $14,150,000 after acquiring an additional 787 shares in the last quarter. Formidable Asset Management LLC boosted its holdings in Alphabet by 6.8% in the third quarter. Formidable Asset Management LLC now owns 862 shares of the information services provider’s stock worth $1,258,000 after acquiring an additional 55 shares in the last quarter. Finally, Stonebridge Capital Management Inc. boosted its holdings in Alphabet by 20.3% in the third quarter. Stonebridge Capital Management Inc. now owns 2,430 shares of the information services provider’s stock worth $3,571,000 after acquiring an additional 410 shares in the last quarter. 29.94% of the stock is 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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