Raymond James Initiates Coverage on Alphabet (NASDAQ:GOOG)
Equities researchers at Raymond James initiated coverage on shares of Alphabet (NASDAQ:GOOG – Get Free Report) in a note issued to investors on Wednesday, FinViz reports. The firm set an “outperform” rating and a $150.00 price target on the information services provider’s stock. Raymond James’ price target suggests a potential upside of 7.40% from the company’s current price.
Separately, Oppenheimer reaffirmed an “outperform” rating and set a $160.00 target price on shares of Alphabet in a research note on Wednesday, October 25th. Nine investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Buy” and an average target price of $131.93.
View Our Latest Analysis on GOOG
Alphabet Stock Up 1.1 %
Alphabet stock opened at $139.66 on Wednesday. Alphabet has a 12 month low of $85.57 and a 12 month high of $143.08. The stock has a market capitalization of $1.75 trillion, a PE ratio of 26.81, a price-to-earnings-growth ratio of 1.44 and a beta of 1.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.04 and a quick ratio of 2.01. The business has a 50 day simple moving average of $134.75 and a 200-day simple moving average of $131.11.
Alphabet (NASDAQ:GOOG – Get Free Report) last announced its earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.10. The business had revenue of $64.05 billion for the quarter, compared to analyst estimates of $63.13 billion. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. On average, analysts anticipate that Alphabet will post 5.75 EPS for the current fiscal year.
Insider Transactions at Alphabet
In other news, Director Kavitark Ram Shriram sold 75,000 shares of the company’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total transaction of $9,831,750.00. Following the completion of the transaction, the director now directly owns 104,364 shares of the company’s stock, valued at approximately $13,681,076.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CAO Amie Thuener O’toole sold 420 shares of Alphabet stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $132.09, for a total value of $55,477.80. Following the transaction, the chief accounting officer now directly owns 25,988 shares of the company’s stock, valued at approximately $3,432,754.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kavitark Ram Shriram sold 75,000 shares of the stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total transaction of $9,831,750.00. Following the sale, the director now owns 104,364 shares of the company’s stock, valued at approximately $13,681,076.76. The disclosure for this sale can be found here. In the last three months, insiders sold 130,127 shares of company stock valued at $17,085,065. Insiders own 12.99% of the company’s stock.
Hedge Funds Weigh In On Alphabet
Several institutional investors have recently bought and sold shares of GOOG. Bank Julius Baer & Co. Ltd Zurich increased its stake in shares of Alphabet by 94,153.5% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 200,558,295 shares of the information services provider’s stock worth $24,261,537,000 after acquiring an additional 200,345,509 shares during the period. Moneta Group Investment Advisors LLC raised its stake in shares of Alphabet by 61,587.1% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock worth $11,539,004,000 after buying an additional 129,835,437 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Alphabet by 1,807.4% in the 3rd quarter. Bank of New York Mellon Corp now owns 57,069,444 shares of the information services provider’s stock valued at $5,487,226,000 after buying an additional 54,077,519 shares during the period. Norges Bank purchased a new stake in shares of Alphabet in the fourth quarter valued at approximately $3,059,614,000. Finally, GQG Partners LLC acquired a new position in Alphabet during the first quarter worth $2,170,024,000. 27.13% of the stock is owned by institutional investors and hedge funds.
About Alphabet (Get Free Report)
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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Original: MarketBeat News Feed: Raymond James Initiates Coverage on Alphabet (NASDAQ:GOOG)