Alphabet (NASDAQ:GOOGL) Upgraded to Strong-Buy at DZ Bank

Alphabet (NASDAQ:GOOGLGet Free Report) was upgraded by DZ Bank to a “strong-buy” rating in a note issued to investors on Thursday,Zacks.com reports.

Other equities analysts have also recently issued reports about the company. DA Davidson set a $350.00 target price on Alphabet and gave the company a “neutral” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and issued a $450.00 price target on shares of Alphabet in a report on Wednesday, June 3rd. Susquehanna reiterated a “positive” rating and set a $460.00 price objective (up from $400.00) on shares of Alphabet in a research note on Thursday, April 30th. Guggenheim reissued a “buy” rating and set a $450.00 price objective (up from $375.00) on shares of Alphabet in a report on Thursday, April 30th. Finally, Barclays reissued an “overweight” rating and issued a $425.00 target price (up from $405.00) on shares of Alphabet in a research report on Thursday. Five analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $419.86.

Check Out Our Latest Analysis on Alphabet

Alphabet Trading Up 0.6%

Shares of GOOGL opened at $319.74 on Thursday. The company has a market capitalization of $3.87 trillion, a P/E ratio of 16.06, a P/E/G ratio of 1.31 and a beta of 1.24. Alphabet has a one year low of $187.82 and a one year high of $408.61. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.92 and a current ratio of 2.72. The stock has a 50-day moving average price of $362.93 and a 200 day moving average price of $338.74.

Alphabet (NASDAQ:GOOGLGet Free Report) last posted its quarterly earnings data on Wednesday, July 22nd. The information services provider reported $9.11 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.89 by $6.22. Alphabet had a return on equity of 51.32% and a net margin of 54.77%.The company had revenue of $119.80 billion for the quarter, compared to the consensus estimate of $117.07 billion. Sell-side analysts forecast that Alphabet will post 14.34 EPS for the current fiscal year.

Insider Activity

In other news, Director Frances Arnold sold 112 shares of Alphabet stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $351.28, for a total value of $39,343.36. Following the completion of the transaction, the director directly owned 18,833 shares of the company’s stock, valued at approximately $6,615,656.24. The trade was a 0.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 8,998 shares of the business’s stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $349.29, for a total transaction of $3,142,911.42. Following the sale, the insider directly owned 75,290 shares of the company’s stock, valued at approximately $26,298,044.10. This represents a 10.68% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 159,415 shares of company stock valued at $7,672,279 over the last quarter. 11.61% of the stock is owned by company insiders.

Hedge Funds Weigh In On Alphabet

A number of large investors have recently bought and sold shares of GOOGL. NewEdge Wealth LLC boosted its holdings in shares of Alphabet by 11.8% in the fourth quarter. NewEdge Wealth LLC now owns 887,209 shares of the information services provider’s stock worth $277,696,000 after buying an additional 93,293 shares during the period. PFG Investments LLC raised its holdings in shares of Alphabet by 2.6% during the first quarter. PFG Investments LLC now owns 89,299 shares of the information services provider’s stock valued at $25,679,000 after acquiring an additional 2,269 shares during the period. World Investment Advisors raised its holdings in shares of Alphabet by 9.2% during the fourth quarter. World Investment Advisors now owns 274,761 shares of the information services provider’s stock valued at $86,000,000 after acquiring an additional 23,107 shares during the period. Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust purchased a new stake in shares of Alphabet in the 4th quarter valued at approximately $28,902,000. Finally, Private Advisory Group LLC lifted its position in shares of Alphabet by 12.2% in the 4th quarter. Private Advisory Group LLC now owns 24,717 shares of the information services provider’s stock valued at $7,736,000 after acquiring an additional 2,678 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

About Alphabet

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Alphabet Inc is the holding company created in 2015 to organize Google and a portfolio of businesses developing technologies beyond Google’s core internet services. Its principal operations are led by Google, which builds and operates consumer-facing products such as Google Search, YouTube, Android, Chrome, Gmail, Google Maps and Google Workspace, as well as advertising platforms (Google Ads and AdSense) that historically generate the majority of its revenue. Google also develops consumer hardware (Pixel phones, Nest smart-home devices, Chromecast) and developer and distribution platforms such as Google Play.

Beyond Google’s consumer and advertising businesses, Alphabet invests in enterprise and infrastructure offerings through Google Cloud, which provides cloud computing, data analytics and productivity services to businesses and institutions.

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