Traders Buy Shares of Alphabet Inc. (GOOGL) on Weakness

Traders purchased shares of Alphabet Inc. (NASDAQ:GOOGL) on weakness during trading hours on Wednesday. $350.38 million flowed into the stock on the tick-up and $320.82 million flowed out of the stock on the tick-down, for a money net flow of $29.56 million into the stock. Of all stocks tracked, Alphabet had the 19th highest net in-flow for the day. Alphabet traded down ($4.11) for the day and closed at $940.08

Several research analysts have commented on the company. Mizuho restated a “buy” rating and set a $1,220.00 price objective on shares of Alphabet in a report on Monday. B. Riley restated a “buy” rating and set a $1,050.00 price objective on shares of Alphabet in a report on Sunday, July 30th. Tigress Financial restated a “strong-buy” rating on shares of Alphabet in a report on Thursday, July 27th. KeyCorp restated an “overweight” rating and set a $1,100.00 price objective on shares of Alphabet in a report on Thursday, July 27th. Finally, BMO Capital Markets restated a “market perform” rating and set a $970.00 price objective on shares of Alphabet in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, forty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $1,047.77.

The stock has a market capitalization of $651.36 billion, a P/E ratio of 34.07 and a beta of 0.99. The company has a 50 day moving average of $961.20 and a 200-day moving average of $905.21.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $8.25 by $3.24. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The business had revenue of $20.92 billion for the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the business earned $8.42 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post $30.59 earnings per share for the current year.

A number of hedge funds have recently added to or reduced their stakes in the company. Jackson Grant Investment Advisers Inc. boosted its stake in Alphabet by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 170 shares of the information services provider’s stock valued at $135,000 after buying an additional 1 shares during the last quarter. Pure Financial Advisors Inc. boosted its stake in Alphabet by 0.4% in the second quarter. Pure Financial Advisors Inc. now owns 278 shares of the information services provider’s stock valued at $258,000 after buying an additional 1 shares during the last quarter. Delta Asset Management LLC TN boosted its stake in Alphabet by 1.5% in the first quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock valued at $116,000 after buying an additional 2 shares during the last quarter. Baystate Wealth Management LLC boosted its stake in Alphabet by 0.7% in the second quarter. Baystate Wealth Management LLC now owns 295 shares of the information services provider’s stock valued at $288,000 after buying an additional 2 shares during the last quarter. Finally, First Bank & Trust boosted its stake in Alphabet by 0.3% in the second quarter. First Bank & Trust now owns 764 shares of the information services provider’s stock valued at $710,000 after buying an additional 2 shares during the last quarter. 34.31% of the stock is owned by hedge funds and other institutional investors.

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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.

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