Alphabet (GOOGL) Rating Increased to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Alphabet (NASDAQ:GOOGL) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $1,248.00 price objective on the information services provider’s stock.

According to Zacks, “Alphabet's stock has outperformed the industry it belongs to on a 12-month basis. Alphabet's strong advertising revenues and improving paid click growth remain the growth drivers. Its focus on innovation, AI, cloud, home automation space, strategic acquisitions and Android OS should continue to generate strong cash flows. Alphabet has shown good execution to date, more or less maintaining its dominant share in a competitive, fast-growing search market. Its diversification strategy is also positive, but requires significant investment and involves uncertain payback periods, particularly since these efforts are at the cutting edge of technology.  However, increasing litigation issues could continue to impact the company’s profits.”

Other analysts have also recently issued reports about the stock. Goldman Sachs Group lifted their price objective on shares of Alphabet from $1,125.00 to $1,175.00 in a research note on Friday, October 27th. Citigroup restated a buy rating and set a $1,180.00 price objective on shares of Alphabet in a research note on Wednesday, September 20th. SunTrust Banks restated a buy rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Saturday, September 23rd. Cantor Fitzgerald restated a buy rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Thursday, September 21st. Finally, Bank of America restated a buy rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Tuesday, September 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, forty-one have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and a consensus price target of $1,100.06.

Shares of Alphabet (GOOGL) traded up $18.60 during midday trading on Tuesday, reaching $1,130.65. 1,930,000 shares of the company’s stock traded hands, compared to its average volume of 1,520,000. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.73 and a current ratio of 5.77. Alphabet has a twelve month low of $812.05 and a twelve month high of $1,131.30. The firm has a market cap of $783,260.00, a PE ratio of 37.66, a price-to-earnings-growth ratio of 1.45 and a beta of 0.90.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 EPS for the quarter, beating the consensus estimate of $8.43 by $1.14. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. The business had revenue of $22.27 billion during the quarter, compared to analysts’ expectations of $21.94 billion. During the same period in the previous year, the business posted $9.06 EPS. sell-side analysts forecast that Alphabet will post 32.34 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in GOOGL. State of Alaska Department of Revenue purchased a new stake in shares of Alphabet in the second quarter valued at about $102,000. Parkside Financial Bank & Trust grew its holdings in shares of Alphabet by 39.6% in the second quarter. Parkside Financial Bank & Trust now owns 127 shares of the information services provider’s stock valued at $118,000 after purchasing an additional 36 shares during the period. Odey Holdings AG grew its holdings in shares of Alphabet by 18.2% in the second quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock valued at $121,000 after purchasing an additional 20 shares during the period. Stelac Advisory Services LLC purchased a new stake in shares of Alphabet in the third quarter valued at about $126,000. Finally, Farmers National Bank grew its holdings in shares of Alphabet by 2.7% in the first quarter. Farmers National Bank now owns 150 shares of the information services provider’s stock valued at $127,000 after purchasing an additional 4 shares during the period. 33.55% of the stock is owned by hedge funds and other institutional investors.

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About Alphabet

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

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