Alphabet (NASDAQ:GOOG) Rating Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Alphabet (NASDAQ:GOOG) from a buy rating to a hold rating in a research note issued to investors on Monday morning, Zacks.com reports.

According to Zacks, “Alphabet Inc. is engaged in technology business. The Company provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce and hardware products through its subsidiaries. Alphabet Inc., formerly known as Google Inc., is headquartered in Mountain View, California. “

Several other analysts also recently commented on the company. Stifel Nicolaus downgraded Alphabet from a buy rating to a hold rating in a research note on Friday, July 31st. Raymond James increased their price objective on Alphabet from $1,425.00 to $1,700.00 and gave the company an outperform rating in a research report on Friday, July 31st. Pivotal Research boosted their target price on Alphabet from $1,575.00 to $1,725.00 and gave the stock a buy rating in a research report on Friday, July 31st. Cleveland Research raised shares of Alphabet to a buy rating in a report on Friday, October 23rd. Finally, UBS Group reissued a buy rating and set a $1,970.00 price objective (up from $1,600.00) on shares of Alphabet in a report on Tuesday, August 25th. Three investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of Buy and a consensus price target of $1,720.45.

GOOG opened at $1,567.24 on Monday. The firm has a market cap of $1,065.98 billion, a PE ratio of 34.47, a P/E/G ratio of 2.11 and a beta of 1.10. The stock has a 50-day moving average price of $1,516.08 and a 200-day moving average price of $1,465.28. Alphabet has a 1 year low of $1,013.54 and a 1 year high of $1,733.18. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.41 and a quick ratio of 3.40.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, October 29th. The information services provider reported $16.40 earnings per share for the quarter, beating analysts’ consensus estimates of $11.35 by $5.05. The business had revenue of $46.17 billion during the quarter, compared to analyst estimates of $42.84 billion. Alphabet had a net margin of 18.99% and a return on equity of 15.62%. Alphabet’s revenue was up 14.0% compared to the same quarter last year. During the same period last year, the business earned $10.12 EPS. As a group, sell-side analysts anticipate that Alphabet will post 44.93 EPS for the current year.

In other Alphabet news, Director John L. Hennessy sold 60 shares of the firm’s stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $1,473.43, for a total transaction of $88,405.80. Following the sale, the director now directly owns 548 shares of the company’s stock, valued at $807,439.64. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ann Mather sold 22 shares of the business’s stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $1,484.27, for a total value of $32,653.94. Following the completion of the transaction, the director now owns 1,134 shares in the company, valued at $1,683,162.18. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 142 shares of company stock worth $213,357. 12.99% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of GOOG. Stratos Wealth Partners LTD. boosted its position in shares of Alphabet by 2.3% during the third quarter. Stratos Wealth Partners LTD. now owns 7,284 shares of the information services provider’s stock worth $10,705,000 after acquiring an additional 166 shares during the last quarter. 55I LLC lifted its stake in Alphabet by 59.3% in the 3rd quarter. 55I LLC now owns 704 shares of the information services provider’s stock worth $1,035,000 after purchasing an additional 262 shares in the last quarter. IFP Advisors Inc boosted its holdings in shares of Alphabet by 32.2% during the 3rd quarter. IFP Advisors Inc now owns 3,311 shares of the information services provider’s stock valued at $4,820,000 after purchasing an additional 807 shares during the last quarter. Semmax Financial Advisors Inc. grew its position in shares of Alphabet by 13.3% during the third quarter. Semmax Financial Advisors Inc. now owns 1,318 shares of the information services provider’s stock valued at $1,937,000 after purchasing an additional 155 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. increased its holdings in shares of Alphabet by 113.1% in the third quarter. Beacon Investment Advisory Services Inc. now owns 748 shares of the information services provider’s stock worth $1,099,000 after purchasing an additional 397 shares during the last quarter. 32.42% of the stock is currently owned by institutional investors.

About Alphabet

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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