Alphabet (NASDAQ:GOOGL – Get Rating) announced its earnings results on Thursday. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.09), RTT News reports. The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.58%. During the same quarter last year, the firm posted $1.53 earnings per share.
Alphabet Stock Performance
NASDAQ:GOOGL traded down $2.96 during midday trading on Friday, hitting $104.78. The company's stock had a trading volume of 65,309,261 shares, compared to its average volume of 34,406,604. Alphabet has a fifty-two week low of $83.34 and a fifty-two week high of $144.88. The firm's 50 day moving average is $93.48 and its 200-day moving average is $100.60. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.52 and a quick ratio of 2.47. The firm has a market cap of $1.36 trillion, a P/E ratio of 23.02, a P/E/G ratio of 1.79 and a beta of 1.08.
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Analyst Upgrades and Downgrades
Several equities analysts have weighed in on GOOGL shares. Morgan Stanley lifted their price target on shares of Alphabet from $125.00 to $135.00 and gave the company an "overweight" rating in a report on Friday. Atlantic Securities lowered their target price on shares of Alphabet to $115.00 in a report on Thursday, October 27th. Wells Fargo & Company upped their price target on shares of Alphabet from $145.00 to $150.00 and gave the company an "overweight" rating in a research note on Friday. Credit Suisse Group decreased their price target on shares of Alphabet from $145.00 to $136.00 and set an "outperform" rating on the stock in a research note on Friday. Finally, Susquehanna decreased their price target on shares of Alphabet from $150.00 to $120.00 and set a "positive" rating on the stock in a research note on Wednesday, October 26th. Five analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $132.50.
Insider Buying and Selling
In other news, major shareholder 2021 Gp L.L.C. Gv acquired 201,897 shares of the company's stock in a transaction dated Monday, November 7th. The shares were acquired at an average price of $35.16 per share, with a total value of $7,098,698.52. Following the purchase, the insider now directly owns 1,072,792 shares of the company's stock, valued at $37,719,366.72. The purchase was disclosed in a legal filing with the SEC, which is available at
this link. In other news, major shareholder 2021 Gp L.L.C. Gv acquired 201,897 shares of the company's stock in a transaction dated Monday, November 7th. The shares were acquired at an average price of $35.16 per share, with a total value of $7,098,698.52. Following the purchase, the insider now directly owns 1,072,792 shares of the company's stock, valued at $37,719,366.72. The purchase was disclosed in a legal filing with the SEC, which is available at
this link. Also, CAO Amie Thuener O'toole sold 855 shares of the firm's stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $101.13, for a total transaction of $86,466.15. Following the sale, the chief accounting officer now directly owns 24,908 shares in the company, valued at approximately $2,518,946.04. The disclosure for this sale can be found
here. In the last quarter, insiders have sold 36,943 shares of company stock worth $3,454,353. 11.44% of the stock is owned by company insiders.
Institutional Investors Weigh In On Alphabet
Institutional investors have recently added to or reduced their stakes in the stock. Bornite Capital Management LP purchased a new position in Alphabet in the 1st quarter valued at $16,688,000. Markel Corp lifted its holdings in Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider's stock valued at $43,110,000 after purchasing an additional 2,250 shares in the last quarter. United Bank lifted its holdings in Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider's stock valued at $5,654,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Alphabet by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider's stock valued at $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management lifted its holdings in Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider's stock valued at $25,806,000 after purchasing an additional 1,570 shares in the last quarter. Institutional investors and hedge funds own 34.06% of the company's stock.
About Alphabet
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Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.
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