Alphabet’s (NASDAQ:GOOG) “Buy” Rating Reiterated at Needham & Company LLC

Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued on Monday. They currently have a $1,050.00 target price on the information services provider’s stock. Needham & Company LLC’s target price indicates a potential upside of 10.13% from the stock’s previous close.

Several other research analysts have also issued reports on the company. UBS AG reissued a “buy” rating and issued a $980.00 target price on shares of Alphabet in a research report on Monday, March 27th. Vetr lowered Alphabet from a “strong-buy” rating to a “buy” rating and set a $1,047.63 price objective for the company. in a research report on Wednesday, July 12th. Pivotal Research reissued a “hold” rating and issued a $980.00 target price (down previously from $990.00) on shares of Alphabet in a report on Monday. BidaskClub raised Alphabet from a “buy” rating to a “strong-buy” rating in a report on Thursday. Finally, BMO Capital Markets lowered Alphabet from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $1,005.00 to $880.00 in a report on Tuesday, July 4th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, forty have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $994.64.

Shares of Alphabet (GOOG) traded down 0.27% during mid-day trading on Monday, hitting $953.42. The stock had a trading volume of 1,165,537 shares. The firm has a 50 day moving average price of $952.24 and a 200-day moving average price of $860.20. The stock has a market cap of $659.53 billion, a P/E ratio of 32.22 and a beta of 0.95. Alphabet has a 12 month low of $719.05 and a 12 month high of $988.25.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, April 27th. The information services provider reported $7.73 earnings per share for the quarter, beating the consensus estimate of $7.38 by $0.35. The company had revenue of $24.75 billion during the quarter, compared to analysts’ expectations of $24.18 billion. Alphabet had a return on equity of 15.16% and a net margin of 21.84%. Alphabet’s quarterly revenue was up 22.2% compared to the same quarter last year. During the same period in the prior year, the business posted $7.50 EPS. On average, equities research analysts forecast that Alphabet will post $34.00 EPS for the current year.

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In other Alphabet news, insider Diane B. Greene sold 1,863 shares of the firm’s stock in a transaction that occurred on Monday, May 1st. The shares were sold at an average price of $902.72, for a total value of $1,681,767.36. Following the completion of the transaction, the insider now owns 85,916 shares of the company’s stock, valued at approximately $77,558,091.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 19th. The shares were sold at an average price of $841.50, for a total transaction of $3,366,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,976 shares of the company’s stock, valued at approximately $1,662,804. The disclosure for this sale can be found here. Insiders sold a total of 46,268 shares of company stock valued at $42,981,057 in the last three months. 13.92% of the stock is currently owned by corporate insiders.

Large investors have recently added to or reduced their stakes in the company. Empirical Finance LLC purchased a new stake in Alphabet during the fourth quarter valued at about $115,000. Farmers National Bank boosted its stake in Alphabet by 15.0% in the first quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock valued at $134,000 after buying an additional 21 shares during the period. Pacific Center for Financial Services purchased a new stake in Alphabet during the fourth quarter valued at about $142,000. St. Johns Investment Management Company LLC boosted its stake in Alphabet by 1,046.7% in the second quarter. St. Johns Investment Management Company LLC now owns 172 shares of the information services provider’s stock valued at $156,000 after buying an additional 157 shares during the period. Finally, Israel Discount Bank of New York GFN purchased a new stake in Alphabet during the fourth quarter valued at about $166,000. 34.59% of the stock is owned by institutional investors and hedge funds.

Alphabet Company Profile

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.

Analyst Recommendations for Alphabet (NASDAQ:GOOG)

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