Needham & Company LLC Reiterates Buy Rating for Alphabet (NASDAQ:GOOGL)

Alphabet (NASDAQ:GOOGL)‘s stock had its “buy” rating reaffirmed by equities research analysts at Needham & Company LLC in a report released on Friday, AnalystRatings.com reports. They currently have a $1,800.00 price target on the information services provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 20.97% from the company’s previous close.

A number of other brokerages have also weighed in on GOOGL. Robert W. Baird boosted their target price on shares of Alphabet from $1,500.00 to $1,650.00 in a research note on Thursday, June 25th. Stifel Nicolaus downgraded shares of Alphabet from a “buy” rating to a “hold” rating and boosted their price objective for the company from $1,550.00 to $1,600.00 in a research report on Friday. Nomura Instinet boosted their price objective on shares of Alphabet from $1,680.00 to $1,700.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Zacks Investment Research raised shares of Alphabet from a “sell” rating to a “hold” rating and set a $1,616.00 price objective for the company in a research report on Monday, July 13th. Finally, Oppenheimer reissued a “buy” rating and set a $1,445.00 price objective on shares of Alphabet in a research report on Wednesday, April 29th. Four research analysts have rated the stock with a hold rating and forty have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $1,657.51.

GOOGL traded down $50.42 during mid-day trading on Friday, reaching $1,487.95. 4,576,382 shares of the company traded hands, compared to its average volume of 1,580,507. The stock has a market capitalization of $1,015.70 billion, a P/E ratio of 32.72, a P/E/G ratio of 2.27 and a beta of 1.06. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.08. The company’s fifty day moving average price is $1,473.93 and its 200-day moving average price is $1,375.65. Alphabet has a 52-week low of $1,008.87 and a 52-week high of $1,587.05.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, beating analysts’ consensus estimates of $8.43 by $1.70. The business had revenue of $31.60 billion during the quarter, compared to analyst estimates of $30.58 billion. Alphabet had a net margin of 18.99% and a return on equity of 15.77%. As a group, sell-side analysts forecast that Alphabet will post 42.07 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of GOOGL. Scharf Investments LLC grew its holdings in Alphabet by 2.7% during the 2nd quarter. Scharf Investments LLC now owns 268 shares of the information services provider’s stock worth $380,000 after acquiring an additional 7 shares in the last quarter. Cedar Mountain Advisors LLC boosted its holdings in shares of Alphabet by 26.9% in the 2nd quarter. Cedar Mountain Advisors LLC now owns 33 shares of the information services provider’s stock valued at $47,000 after buying an additional 7 shares in the last quarter. CVA Family Office LLC boosted its holdings in shares of Alphabet by 11.7% in the 2nd quarter. CVA Family Office LLC now owns 67 shares of the information services provider’s stock valued at $95,000 after buying an additional 7 shares in the last quarter. Droms Strauss Advisors Inc. MO ADV boosted its holdings in shares of Alphabet by 3.4% in the 1st quarter. Droms Strauss Advisors Inc. MO ADV now owns 246 shares of the information services provider’s stock valued at $286,000 after buying an additional 8 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in shares of Alphabet by 4.8% in the 1st quarter. Apollon Wealth Management LLC now owns 173 shares of the information services provider’s stock valued at $201,000 after buying an additional 8 shares in the last quarter. 34.14% of the stock is currently owned by institutional investors.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

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Analyst Recommendations for Alphabet (NASDAQ:GOOGL)

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