Google (NASDAQ:GOOG)‘s stock had its “buy” rating reaffirmed by equities researchers at Topeka Capital Markets in a research report issued on Friday, Stock Ratings Network reports. They currently have a $1,100.00 price target on the stock, up from their previous price target of $1,035.00. Topeka Capital Markets’ price target indicates a potential upside of 23.76% from the company’s current price.
The analysts wrote, “Google’s 3Q results support our view that the stock is one of the best longer-term investments in the TMT space. The Company has evolved to be the gold standard in online advertising and an innovator in technology. Our price target increases to $1,100 from $1,035 on higher estimates. We recommend investors shift funds from secularly challenged technology companies towards Google.”
Shares of Google (NASDAQ:GOOG) traded up 12.34% during mid-day trading on Friday, hitting $998.46. 4,255,317 shares of the company’s stock traded hands. Google has a 52-week low of $636.00 and a 52-week high of $928.00. The stock has a 50-day moving average of $879.7 and a 200-day moving average of $868.9. The company has a market cap of $332.5 billion and a P/E ratio of 25.71. Google also was the recipient of unusually large options trading on Thursday. Investors bought 73,980 call options on the stock. This is an increase of approximately 311% compared to the average volume of 17,999 call options.
Google (NASDAQ:GOOG) last released its earnings data on Thursday, October 17th. The company reported $10.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.36 by $0.38. The company had revenue of $14.89 billion for the quarter, compared to the consensus estimate of $14.79 billion. During the same quarter in the previous year, the company posted $9.03 earnings per share. The company’s revenue for the quarter was up 31.4% on a year-over-year basis. Analysts expect that Google will post $43.48 EPS for the current fiscal year.
In other Google news, CEO Lawrence Page sold 20,835 shares of the stock on the open market in a transaction that occurred on Thursday, October 17th. The stock was sold at an average price of $890.31, for a total value of $18,549,608.85. The sale was disclosed in a legal filing with the SEC, which is available at this link.
GOOG has been the subject of a number of other recent research reports. Analysts at Wells Fargo & Co. reiterated a “market perform” rating on shares of Google in a research note to investors on Friday. Separately, analysts at Sanford C. Bernstein set a $1,200.00 price target on shares of Google in a research note to investors on Friday. Finally, analysts at JPMorgan Chase & Co. set a $1,150.00 price target on shares of Google in a research note to investors on Friday. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $1,003.18.
Google Inc (NASDAQ:GOOG) is a global technology company focused on improving the ways people connect with information.
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