Vetr Lowers Alphabet (GOOGL) to Buy

Vetr cut shares of Alphabet (NASDAQ:GOOGL) from a strong-buy rating to a buy rating in a research note issued to investors on Friday. They currently have $1,143.20 price target on the information services provider’s stock.

A number of other equities research analysts have also recently commented on GOOGL. Evercore ISI initiated coverage on Alphabet in a report on Tuesday, December 5th. They set an outperform rating on the stock. Zacks Investment Research raised Alphabet from a hold rating to a buy rating and set a $1,199.00 price target on the stock in a report on Tuesday, December 26th. Robert W. Baird reissued a buy rating and set a $1,150.00 price target on shares of Alphabet in a report on Tuesday, January 2nd. Cowen raised their price target on Alphabet from $1,150.00 to $1,230.00 and gave the company an outperform rating in a report on Thursday, January 4th. Finally, SunTrust Banks reissued a buy rating and set a $1,250.00 price target on shares of Alphabet in a report on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, thirty-eight have given a buy rating and one has given a strong buy rating to the company. Alphabet presently has an average rating of Buy and a consensus target price of $1,180.37.

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NASDAQ GOOGL opened at $1,037.14 on Friday. The firm has a market cap of $720,587.25, a P/E ratio of 32.36, a P/E/G ratio of 1.11 and a beta of 0.99. The company has a current ratio of 5.14, a quick ratio of 5.11 and a debt-to-equity ratio of 0.03. Alphabet has a fifty-two week low of $834.60 and a fifty-two week high of $1,198.00.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $10.12 by ($0.42). The company had revenue of $25.87 billion for the quarter, compared to analysts’ expectations of $25.65 billion. Alphabet had a net margin of 11.42% and a return on equity of 14.94%. equities research analysts anticipate that Alphabet will post 41.21 EPS for the current year.

Alphabet declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 1st that allows the company to buyback $8.59 billion in shares. This buyback authorization allows the information services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Several large investors have recently made changes to their positions in the business. Beach Investment Management LLC. boosted its holdings in shares of Alphabet by 899.9% in the second quarter. Beach Investment Management LLC. now owns 25,498 shares of the information services provider’s stock valued at $23,705,000 after purchasing an additional 22,948 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Alphabet by 5.9% in the second quarter. Prudential Financial Inc. now owns 668,282 shares of the information services provider’s stock valued at $621,289,000 after purchasing an additional 36,981 shares during the period. Intrust Bank NA boosted its holdings in shares of Alphabet by 0.5% in the second quarter. Intrust Bank NA now owns 2,667 shares of the information services provider’s stock valued at $2,480,000 after purchasing an additional 13 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of Alphabet by 5.1% in the second quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 112,538 shares of the information services provider’s stock valued at $106,404,000 after purchasing an additional 5,511 shares during the period. Finally, Canandaigua National Bank & Trust Co. boosted its holdings in shares of Alphabet by 0.4% in the second quarter. Canandaigua National Bank & Trust Co. now owns 2,111 shares of the information services provider’s stock valued at $1,963,000 after purchasing an additional 8 shares during the period. Institutional investors and hedge funds own 34.38% of the company’s stock.

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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.

To view Vetr’s full report, visit Vetr’s official website.

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