Alphabet Inc. (GOOG) Reaches New 1-Year High After Strong Earnings

Alphabet Inc. (NASDAQ:GOOG) shares reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $1,035.35 and last traded at $1,033.82, with a volume of 3,484,671 shares traded. The stock had previously closed at $972.56.

The information services provider reported $9.57 earnings per share for the quarter, topping analysts’ consensus estimates of $8.31 by $1.26. The firm had revenue of $27.77 billion during the quarter, compared to analyst estimates of $27.17 billion. Alphabet had a return on equity of 14.59% and a net margin of 20.09%. The business’s quarterly revenue was up 23.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $9.06 earnings per share.



A number of equities analysts have recently weighed in on GOOG shares. J P Morgan Chase & Co reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday, July 25th. Vetr lowered Alphabet from a “strong-buy” rating to a “buy” rating and set a $1,033.60 price objective for the company. in a research note on Wednesday, August 30th. UBS AG reaffirmed a “buy” rating and issued a $1,080.00 price objective on shares of Alphabet in a research note on Monday, September 11th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Alphabet in a research note on Friday, June 30th. Finally, JMP Securities reaffirmed an “outperform” rating and issued a $1,077.00 price objective on shares of Alphabet in a research note on Tuesday, July 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and thirty-nine have assigned a buy rating to the company’s stock. Alphabet has a consensus rating of “Buy” and an average price target of $1,036.51.

In other news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $930.46, for a total transaction of $3,721,840.00. Following the completion of the sale, the chief executive officer now owns 1,764 shares in the company, valued at approximately $1,641,331.44. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ann Mather sold 629 shares of the stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $932.28, for a total value of $586,404.12. Following the sale, the director now owns 1,781 shares of the company’s stock, valued at approximately $1,660,390.68. The disclosure for this sale can be found here. Insiders have sold a total of 40,169 shares of company stock worth $37,644,407 in the last ninety days. Insiders own 13.92% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of GOOG. Burt Wealth Advisors lifted its holdings in shares of Alphabet by 17.2% during the 2nd quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock valued at $123,000 after purchasing an additional 20 shares during the last quarter. Signature Estate & Investment Advisors LLC lifted its holdings in shares of Alphabet by 3.8% during the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 137 shares of the information services provider’s stock valued at $124,000 after purchasing an additional 5 shares during the last quarter. Riggs Asset Managment Co. Inc. lifted its holdings in shares of Alphabet by 39.6% during the 2nd quarter. Riggs Asset Managment Co. Inc. now owns 141 shares of the information services provider’s stock valued at $128,000 after purchasing an additional 40 shares during the last quarter. Farmers National Bank lifted its holdings in shares of Alphabet by 15.0% during the 1st quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock valued at $134,000 after purchasing an additional 21 shares during the last quarter. Finally, Archford Capital Strategies LLC lifted its holdings in shares of Alphabet by 400.0% during the 2nd quarter. Archford Capital Strategies LLC now owns 1,040 shares of the information services provider’s stock valued at $139,000 after purchasing an additional 832 shares during the last quarter. Hedge funds and other institutional investors own 34.50% of the company’s stock.

The company’s 50 day moving average is $954.17 and its 200 day moving average is $933.86. The firm has a market capitalization of $706.23 billion, a PE ratio of 36.94 and a beta of 0.94.

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About Alphabet

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

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