Todays Report: The Raymond James Financial Inc. Reaffirmed “Outperform” Rating for Alphabet Inc. (GOOG)

The Raymond James Financial Inc. Reaffirmed “Outperform” Rating for Alphabet Inc. (GOOG)

Raymond James Financial Inc. reaffirmed their outperform rating on shares of Alphabet Inc. (NASDAQ:GOOG) in a research note issued to investors on Sunday. They currently have a $920.00 price objective on the stock, up from their prior price objective of $900.00.

Several other research analysts have also recently weighed in on GOOG. Cantor Fitzgerald reissued a buy rating on shares of Alphabet in a report on Tuesday, July 5th. Longbow Research started coverage on shares of Alphabet in a report on Wednesday, July 6th. They issued a buy rating on the stock. Societe Generale set a $910.00 price target on shares of Alphabet and gave the company a buy rating in a report on Thursday, July 7th. Pivotal Research reissued a buy rating and issued a $1,000.00 price target (up from $970.00) on shares of Alphabet in a report on Tuesday, July 12th. Finally, JPMorgan Chase & Co. set a $920.00 price target on shares of Alphabet and gave the company a buy rating in a report on Tuesday, July 12th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and forty-four have issued a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $939.36.

Alphabet (NASDAQ:GOOG) opened at 795.37 on Friday. The firm has a market capitalization of $548.12 billion, a P/E ratio of 29.03 and a beta of 1.03. The stock has a 50 day moving average price of $781.75 and a 200 day moving average price of $745.78. Alphabet has a one year low of $663.06 and a one year high of $816.68.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, October 27th. The company reported $9.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $8.62 by $0.44. Alphabet had a net margin of 22.29% and a return on equity of 15.39%. The business earned $22.45 billion during the quarter, compared to the consensus estimate of $13.17 billion. During the same period last year, the business posted $7.35 EPS. Alphabet’s revenue was up 20.2% on a year-over-year basis. On average, equities analysts predict that Alphabet will post $34.13 EPS for the current fiscal year.

In other news, VP James Grier Campbell sold 603 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $767.18, for a total transaction of $462,609.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sergey Brin sold 33,332 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $788.49, for a total transaction of $26,281,948.68. Following the sale, the insider now directly owns 20,151,948 shares of the company’s stock, valued at $15,889,609,478.52. The disclosure for this sale can be found here. Company insiders own 13.92% of the company’s stock.

Hedge funds have recently modified their holdings of the stock. Mckinley Capital Management LLC Delaware raised its stake in shares of Alphabet by 0.4% in the first quarter. Mckinley Capital Management LLC Delaware now owns 94,604 shares of the company’s stock worth $70,475,000 after buying an additional 349 shares in the last quarter. Insight Capital Research & Management Inc. raised its stake in shares of Alphabet by 0.6% in the first quarter. Insight Capital Research & Management Inc. now owns 2,249 shares of the company’s stock worth $1,675,000 after buying an additional 13 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its stake in shares of Alphabet by 0.5% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,693,848 shares of the company’s stock worth $5,731,532,000 after buying an additional 37,063 shares in the last quarter. Stearns Financial Services Group raised its stake in shares of Alphabet by 4.6% in the first quarter. Stearns Financial Services Group now owns 895 shares of the company’s stock worth $667,000 after buying an additional 39 shares in the last quarter. Finally, Sentry Investment Management LLC raised its stake in shares of Alphabet by 1.8% in the first quarter. Sentry Investment Management LLC now owns 23,340 shares of the company’s stock worth $17,387,000 after buying an additional 412 shares in the last quarter. 34.39% of the stock is owned by hedge funds and other institutional investors.

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