Alphabet’s (GOOG) “Buy” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their buy rating on shares of Alphabet (NASDAQ:GOOG) in a report released on Friday morning, Borsen Zeitung reports.

Several other research analysts also recently weighed in on GOOG. Jefferies Financial Group reissued a buy rating on shares of Alphabet in a research note on Tuesday, April 28th. Credit Suisse Group reissued a buy rating on shares of Alphabet in a research note on Friday. JPMorgan Chase & Co. boosted their target price on shares of Alphabet from $1,505.00 to $1,700.00 and gave the company an overweight rating in a research note on Wednesday, July 15th. BidaskClub raised shares of Alphabet from a hold rating to a buy rating in a research note on Thursday, June 25th. Finally, Robert W. Baird upped their price objective on shares of Alphabet from $1,650.00 to $1,675.00 in a research note on Friday. Four investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. Alphabet currently has an average rating of Buy and a consensus target price of $1,671.00.

Shares of Alphabet stock traded down $48.49 on Friday, hitting $1,482.96. The company’s stock had a trading volume of 3,429,036 shares, compared to its average volume of 1,408,813. Alphabet has a 52-week low of $1,013.54 and a 52-week high of $1,586.99. 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 firm has a fifty day moving average price of $1,474.19 and a 200-day moving average price of $1,377.20. The company has a market capitalization of $1,012.30 billion, a P/E ratio of 32.61, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05.

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

In other news, Director Ann Mather sold 32 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the completion of the transaction, the director now directly owns 1,119 shares in the company, valued at approximately $1,587,178.41. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 60 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $1,495.85, for a total value of $89,751.00. Following the transaction, the director now owns 664 shares of the company’s stock, valued at $993,244.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212 shares of company stock valued at $303,047. 12.99% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the company. Campbell Wealth Management purchased a new position in shares of Alphabet during the 2nd quarter valued at approximately $41,000. Prestige Wealth Management Group LLC boosted its stake in shares of Alphabet by 1,700.0% during the 1st quarter. Prestige Wealth Management Group LLC now owns 36 shares of the information services provider’s stock valued at $42,000 after buying an additional 34 shares during the last quarter. Cordasco Financial Network boosted its stake in shares of Alphabet by 32.1% during the 1st quarter. Cordasco Financial Network now owns 37 shares of the information services provider’s stock valued at $43,000 after buying an additional 9 shares during the last quarter. New England Investment & Retirement Group Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at approximately $44,000. Finally, Paragon Capital Management LLC purchased a new position in shares of Alphabet during the 1st quarter valued at approximately $47,000. Institutional investors own 32.91% of the company’s stock.

Alphabet Company Profile

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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Analyst Recommendations for Alphabet (NASDAQ:GOOG)

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