Trade Report: Today, Macquarie Reiterates “Outperform” Rating for Alphabet Inc. (GOOG)

Today, Macquarie Reiterates “Outperform” Rating for Alphabet Inc. (GOOG)

Alphabet Inc. (NASDAQ:GOOG)‘s stock had its “outperform” rating restated by equities research analysts at Macquarie in a report released on Wednesday. They currently have a $975.00 target price on the stock. Macquarie’s target price indicates a potential upside of 25.51% from the company’s previous close.

A number of other analysts also recently issued reports on the stock. Goldman Sachs Group Inc. set a $810.00 price target on shares of Alphabet and gave the stock a “buy” rating in a report on Wednesday, July 20th. Vetr raised shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $778.71 price objective on the stock in a report on Monday, June 20th. Longbow Research assumed coverage on shares of Alphabet in a report on Wednesday, July 6th. They set a “buy” rating on the stock. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Alphabet in a report on Tuesday, September 27th. Finally, Societe Generale set a $910.00 price objective on shares of Alphabet and gave the company a “buy” rating in a report on Thursday, July 7th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, forty-five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $926.55.

Shares of Alphabet (NASDAQ:GOOG) opened at 776.86 on Wednesday. The company has a market capitalization of $533.91 billion, a P/E ratio of 30.10 and a beta of 1.03. Alphabet has a 12-month low of $635.32 and a 12-month high of $789.87. The stock has a 50 day moving average of $773.21 and a 200-day moving average of $740.06.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 28th. The company reported $8.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $8.03 by $0.39. Alphabet had a net margin of 22.00% and a return on equity of 14.74%. The firm had revenue of $21.50 billion for the quarter, compared to the consensus estimate of $20.74 billion. During the same period in the prior year, the firm posted $6.99 earnings per share. The firm’s quarterly revenue was up 21.3% compared to the same quarter last year. Equities research analysts forecast that Alphabet will post $34.14 EPS for the current year.

In other Alphabet news, insider Sergey Brin sold 66,664 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were sold at an average price of $785.10, for a total value of $52,337,906.40. Following the transaction, the insider now directly owns 28,200 shares in the company, valued at approximately $22,139,820. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP David C. Drummond sold 5,000 shares of the company’s stock in a transaction dated Tuesday, July 12th. The shares were sold at an average price of $725.52, for a total transaction of $3,627,600.00. Following the completion of the transaction, the senior vice president now owns 13,248 shares in the company, valued at $9,611,688.96. The disclosure for this sale can be found here. 13.92% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nordea Investment Management AB raised its position in Alphabet by 9.8% in the second quarter. Nordea Investment Management AB now owns 183,470 shares of the company’s stock worth $126,980,000 after buying an additional 16,342 shares during the period. Chesley Taft & Associates LLC raised its position in Alphabet by 2.9% in the second quarter. Chesley Taft & Associates LLC now owns 32,171 shares of the company’s stock worth $22,266,000 after buying an additional 900 shares during the period. Exxonmobil Investment Management Inc. TX raised its position in Alphabet by 5.7% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 76,454 shares of the company’s stock worth $52,914,000 after buying an additional 4,102 shares during the period. AXA raised its position in Alphabet by 3.8% in the first quarter. AXA now owns 290,480 shares of the company’s stock worth $216,393,000 after buying an additional 10,590 shares during the period. Finally, Pictet Asset Management Ltd. raised its position in Alphabet by 9.1% in the first quarter. Pictet Asset Management Ltd. now owns 218,770 shares of the company’s stock worth $152,651,000 after buying an additional 18,278 shares during the period. Institutional investors own 34.39% of the company’s stock.

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