Alphabet (NASDAQ:GOOG) Downgraded by BidaskClub to “Hold”

BidaskClub downgraded shares of Alphabet (NASDAQ:GOOG) from a buy rating to a hold rating in a research note released on Wednesday, BidAskClub reports.

GOOG has been the topic of a number of other research reports. Raymond James lifted their target price on Alphabet from $1,425.00 to $1,700.00 and gave the company an outperform rating in a report on Friday, July 31st. Barclays reiterated a buy rating on shares of Alphabet in a report on Monday. JPMorgan Chase & Co. lifted their target price on Alphabet from $1,505.00 to $1,700.00 and gave the company an overweight rating in a report on Wednesday, July 15th. Goldman Sachs Group reiterated a buy rating on shares of Alphabet in a report on Friday, July 31st. Finally, Jefferies Financial Group reissued a buy rating on shares of Alphabet in a research report on Tuesday, April 28th. Five investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of Buy and an average target price of $1,671.00.

Alphabet stock traded up $26.49 during mid-day trading on Wednesday, hitting $1,500.10. 1,993,652 shares of the company were exchanged, compared to its average volume of 2,004,712. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.41 and a quick ratio of 3.40. The business’s 50 day simple moving average is $1,480.70 and its two-hundred day simple moving average is $1,378.29. The company has a market capitalization of $1,020.93 billion, a P/E ratio of 32.95, a PEG ratio of 2.07 and a beta of 1.03. Alphabet has a 12-month low of $1,013.54 and a 12-month high of $1,586.99.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, topping the consensus estimate of $8.43 by $1.70. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. The company had revenue of $31.60 billion during the quarter, compared to the consensus estimate of $30.58 billion. Equities research analysts predict that Alphabet will post 43.8 earnings per share for the current year.

In related news, Director Ann Mather sold 32 shares of the business’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total value of $45,388.48. Following the completion of the sale, the director now directly owns 1,119 shares of the company’s stock, valued at $1,587,178.41. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 60 shares of the business’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $1,495.85, for a total value of $89,751.00. Following the completion of the sale, the director now directly owns 664 shares of the company’s stock, valued at $993,244.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 152 shares of company stock worth $221,230. Corporate insiders own 12.99% of the company’s stock.

A number of institutional investors have recently made changes to their positions in GOOG. Virtus ETF Advisers LLC bought a new stake in Alphabet in the second quarter valued at about $38,000. Campbell Wealth Management acquired a new position in Alphabet in the second quarter valued at approximately $41,000. Prestige Wealth Management Group LLC boosted its stake in Alphabet by 1,700.0% in the first quarter. Prestige Wealth Management Group LLC now owns 36 shares of the information services provider’s stock valued at $42,000 after acquiring an additional 34 shares during the period. Cordasco Financial Network boosted its stake in Alphabet by 32.1% in the first quarter. Cordasco Financial Network now owns 37 shares of the information services provider’s stock valued at $43,000 after acquiring an additional 9 shares during the period. Finally, New England Investment & Retirement Group Inc. acquired a new position in Alphabet in the first quarter valued at approximately $44,000. 32.91% of the stock is owned by hedge funds and other institutional investors.

Alphabet Company Profile

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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