Traders Buy Shares of Alphabet (GOOGL) on Weakness

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Traders bought shares of Alphabet Inc (NASDAQ:GOOGL) on weakness during trading hours on Friday. $1,475.51 million flowed into the stock on the tick-up and $468.68 million flowed out of the stock on the tick-down, for a money net flow of $1,006.83 million into the stock. Of all companies tracked, Alphabet had the highest net in-flow for the day. Alphabet traded down ($2.23) for the day and closed at $1,190.30

A number of brokerages have weighed in on GOOGL. Canaccord Genuity raised Alphabet from a “hold” rating to a “buy” rating and lifted their target price for the company from $1,140.00 to $1,250.00 in a research report on Thursday, January 3rd. Jefferies Financial Group set a $1,200.00 target price on Alphabet and gave the company a “buy” rating in a research report on Thursday, December 20th. Guggenheim began coverage on Alphabet in a research report on Thursday, December 6th. They set a “buy” rating and a $1,330.00 target price for the company. Nomura reaffirmed a “buy” rating and set a $1,400.00 target price on shares of Alphabet in a research report on Tuesday, December 4th. Finally, ValuEngine raised Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday, December 1st. Three research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company. Alphabet currently has a consensus rating of “Buy” and a consensus target price of $1,314.86.

The firm has a market cap of $829.03 billion, a PE ratio of 25.05, a price-to-earnings-growth ratio of 1.44 and a beta of 1.05. The company has a debt-to-equity ratio of 0.02, a current ratio of 3.92 and a quick ratio of 3.89.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Monday, February 4th. The information services provider reported $12.77 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $11.08 by $1.69. Alphabet had a return on equity of 19.94% and a net margin of 22.47%. The business had revenue of $31.84 billion for the quarter, compared to the consensus estimate of $31.28 billion. During the same period last year, the business posted $9.70 EPS. Analysts expect that Alphabet Inc will post 47.38 EPS for the current year.

Several large investors have recently made changes to their positions in the company. Jackson Hole Capital Partners LLC purchased a new position in shares of Alphabet in the 4th quarter valued at $279,000. Van Leeuwen & Company LLC increased its holdings in shares of Alphabet by 2.6% in the 4th quarter. Van Leeuwen & Company LLC now owns 4,058 shares of the information services provider’s stock valued at $4,212,000 after acquiring an additional 104 shares during the period. Arbor Wealth Management LLC purchased a new position in shares of Alphabet in the 4th quarter valued at $3,686,000. Belpointe Asset Management LLC increased its holdings in shares of Alphabet by 3.1% in the 4th quarter. Belpointe Asset Management LLC now owns 1,153 shares of the information services provider’s stock valued at $1,204,000 after acquiring an additional 35 shares during the period. Finally, Sowell Financial Services LLC purchased a new position in shares of Alphabet in the 4th quarter valued at $1,230,000. Institutional investors and hedge funds own 42.53% of the company’s stock.

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About Alphabet (NASDAQ:GOOGL)

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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