Alphabet Inc (NASDAQ:GOOG)’s share price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $1,587.04 and last traded at $1,516.32, with a volume of 87835 shares traded. The stock had previously closed at $1,522.02.
The information services provider reported $10.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $8.43 by $1.70. The firm had revenue of $31.60 billion for the quarter, compared to analysts’ expectations of $30.58 billion. Alphabet had a return on equity of 15.77% and a net margin of 18.99%.
A number of equities research analysts have recently issued reports on the company. Robert W. Baird upped their price objective on Alphabet from $1,650.00 to $1,675.00 in a research note on Friday. Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a research note on Friday. Raymond James upped their price objective on Alphabet from $1,425.00 to $1,700.00 and gave the stock an “outperform” rating in a research note on Friday. Oppenheimer upped their price objective on Alphabet from $1,445.00 to $1,685.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Deutsche Bank upped their price objective on Alphabet from $1,700.00 to $1,975.00 and gave the stock a “buy” rating in a research note on Tuesday. Four research analysts have rated the stock with a hold rating, twenty-four 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 target price of $1,671.00.
In other Alphabet news, Director John L. Hennessy sold 60 shares of the company’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $1,495.85, for a total value 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ann Mather sold 32 shares of the company’s 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 completion of 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. Over the last ninety days, insiders sold 212 shares of company stock worth $303,047. Insiders own 12.99% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Holdings Inc. bought a new stake in shares of Alphabet during the 1st quarter valued at $73,436,000. Copper Rock Capital Partners LLC lifted its position in shares of Alphabet by 6,302.5% during the 2nd quarter. Copper Rock Capital Partners LLC now owns 594,344 shares of the information services provider’s stock valued at $798,166,000 after acquiring an additional 585,061 shares during the period. Baupost Group LLC MA bought a new stake in shares of Alphabet during the 1st quarter valued at $349,424,000. BlackRock Inc. lifted its position in shares of Alphabet by 1.5% during the 1st quarter. BlackRock Inc. now owns 20,264,225 shares of the information services provider’s stock valued at $23,563,444,000 after acquiring an additional 295,467 shares during the period. Finally, Capital International Investors lifted its position in shares of Alphabet by 5.0% during the 1st quarter. Capital International Investors now owns 4,555,880 shares of the information services provider’s stock valued at $5,297,617,000 after acquiring an additional 218,823 shares during the period. 32.91% of the stock is currently owned by hedge funds and other institutional investors.
The business has a 50-day moving average price of $1,474.19 and a two-hundred day moving average price of $1,377.20. The stock has a market capitalization of $1,045.40 billion, a P/E ratio of 32.61, a P/E/G ratio of 2.34 and a beta of 1.05. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.08.
About Alphabet (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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