Alphabet (GOOG) Rating Increased to Buy at Canaccord Genuity

Canaccord Genuity upgraded shares of Alphabet (NASDAQ:GOOG) from a hold rating to a buy rating in a research note issued to investors on Thursday, January 3rd, The Fly reports.

Other equities research analysts have also issued research reports about the company. BidaskClub lowered Alphabet from a hold rating to a sell rating in a research note on Tuesday, September 11th. Raymond James reissued an outperform rating and set a $1,300.00 price target (down previously from $1,405.00) on shares of Alphabet in a research note on Friday, October 26th. Nomura reaffirmed a buy rating on shares of Alphabet in a research note on Tuesday, December 4th. Barclays reaffirmed a buy rating on shares of Alphabet in a research note on Friday, September 14th. Finally, Macquarie reaffirmed a buy rating on shares of Alphabet in a research note on Thursday, September 27th. One research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-nine have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $1,305.51.

GOOG opened at $1,057.19 on Thursday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.10 and a current ratio of 4.14. Alphabet has a one year low of $970.11 and a one year high of $1,273.89. The stock has a market cap of $747.83 billion, a PE ratio of 24.18 and a beta of 1.07.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, October 25th. The information services provider reported $13.06 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $10.41 by $2.65. The firm had revenue of $27.16 billion for the quarter. Alphabet had a return on equity of 19.40% and a net margin of 14.45%.

In other Alphabet news, VP Amie Thuener O’toole sold 80 shares of the firm’s stock in a transaction that occurred on Friday, November 2nd. The shares were sold at an average price of $1,073.72, for a total value of $85,897.60. Following the sale, the vice president now owns 388 shares in the company, valued at $416,603.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 17th. The shares were sold at an average price of $1,113.91, for a total transaction of $11,139,100.00. Following the transaction, the chief executive officer now owns 532 shares in the company, valued at approximately $592,600.12. The disclosure for this sale can be found here. Insiders have sold 83,720 shares of company stock worth $88,447,943 in the last ninety days. Corporate insiders own 13.11% of the company’s stock.

A number of institutional investors have recently bought and sold shares of GOOG. Ironwood Financial llc raised its holdings in Alphabet by 111.1% in the 3rd quarter. Ironwood Financial llc now owns 95 shares of the information services provider’s stock worth $113,000 after acquiring an additional 50 shares during the period. Patton Albertson Miller Group LLC bought a new position in Alphabet in the 3rd quarter worth $116,000. JJJ Advisors Inc. bought a new position in Alphabet in the 2nd quarter worth $134,000. ELM Advisors LLC bought a new position in Alphabet in the 3rd quarter worth $138,000. Finally, LFA Lugano Financial Advisors SA bought a new position in Alphabet in the 3rd quarter worth $161,000. Hedge funds and other institutional investors own 36.93% of the company’s stock.

Alphabet Company Profile

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

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