Alphabet (NASDAQ:GOOG) Hits New 12-Month High Following Strong Earnings

Alphabet Inc (NASDAQ:GOOG) shares hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $1,587.04 and last traded at $1,516.32, with a volume of 87835 shares trading hands. The stock had previously closed at $1,522.02.

The information services provider reported $10.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.43 by $1.70. Alphabet had a net margin of 18.99% and a return on equity of 15.77%. The company had revenue of $31.60 billion during the quarter, compared to analysts’ expectations of $30.58 billion.

A number of research analysts recently issued reports on the stock. Cowen lifted their price target on shares of Alphabet from $1,450.00 to $1,525.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Credit Suisse Group reissued a “buy” rating on shares of Alphabet in a research report on Friday. Stifel Nicolaus cut shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Friday. Robert W. Baird lifted their price target on shares of Alphabet from $1,650.00 to $1,675.00 in a research report on Friday. Finally, Royal Bank of Canada reissued a “buy” rating on shares of Alphabet in a research report on Friday. Four analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $1,671.00.

In other news, Director John L. Hennessy sold 60 shares of the stock in a transaction on Monday, July 6th. The stock was sold at an average price of $1,495.85, for a total transaction of $89,751.00. Following the transaction, the director now directly owns 664 shares of the company’s stock, valued at approximately $993,244.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ann Mather sold 32 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $1,418.39, for a total value of $45,388.48. Following the transaction, the director now directly owns 1,119 shares in the company, valued at $1,587,178.41. The disclosure for this sale can be found here. Insiders have sold a total of 212 shares of company stock worth $303,047 over the last three months. Insiders own 12.99% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Campbell Wealth Management bought a new position in Alphabet in the 2nd quarter worth $41,000. Prestige Wealth Management Group LLC raised its holdings in Alphabet by 1,700.0% in the 1st quarter. Prestige Wealth Management Group LLC now owns 36 shares of the information services provider’s stock worth $42,000 after purchasing an additional 34 shares during the period. Cordasco Financial Network raised its holdings in Alphabet by 32.1% in the 1st quarter. Cordasco Financial Network now owns 37 shares of the information services provider’s stock worth $43,000 after purchasing an additional 9 shares during the period. New England Investment & Retirement Group Inc. bought a new position in Alphabet in the 1st quarter worth $44,000. Finally, Paragon Capital Management LLC bought a new position in Alphabet in the 1st quarter worth $47,000. 32.91% of the stock is currently owned by institutional investors.

The stock has a fifty day moving average of $1,474.19 and a 200 day moving average of $1,377.20. The company has a market capitalization of $1,045.40 billion, a P/E ratio of 32.61, a PEG ratio of 2.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.64 and a current ratio of 3.66.

Alphabet Company Profile (NASDAQ:GOOG)

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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