Royal Bank of Canada Boosts Alphabet (NASDAQ:GOOGL) Price Target to $1,425.00

Alphabet (NASDAQ:GOOGL) had its price target raised by stock analysts at Royal Bank of Canada to $1,425.00 in a research report issued to clients and investors on Friday, The Fly reports. The brokerage currently has an “outperform” rating on the information services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 14.44% from the company’s previous close.

A number of other brokerages have also weighed in on GOOGL. SunTrust Banks decreased their target price on IBERIABANK to $86.00 and set a “buy” rating on the stock in a research note on Monday. Credit Suisse Group set a €59.00 ($68.60) target price on Renault and gave the stock a “neutral” rating in a research note on Friday. Citigroup restated a “neutral” rating and issued a $53.00 target price (up from $50.00) on shares of Intel in a research note on Friday. BMO Capital Markets decreased their target price on World Acceptance to $65.00 and set an “underperform” rating on the stock in a research note on Friday. Finally, BidaskClub lowered Weyco Group from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 13th. Eight analysts have rated the stock with a hold rating and twenty-eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $1,346.64.

Shares of NASDAQ:GOOGL traded up $109.28 during midday trading on Friday, reaching $1,245.22. 5,484,294 shares of the company traded hands, compared to its average volume of 1,650,691. The company has a quick ratio of 3.93, a current ratio of 3.96 and a debt-to-equity ratio of 0.02. Alphabet has a 12 month low of $977.66 and a 12 month high of $1,296.97. The company has a market capitalization of $864.49 billion, a price-to-earnings ratio of 26.21, a price-to-earnings-growth ratio of 1.34 and a beta of 0.96. The business’s fifty day moving average price is $1,116.09.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share for the quarter, topping analysts’ consensus estimates of $11.49 by $2.72. The business had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. Alphabet had a return on equity of 20.06% and a net margin of 19.71%. As a group, equities analysts anticipate that Alphabet will post 48.43 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. Glenview State Bank Trust DEPT. boosted its holdings in Alphabet by 1.6% during the 2nd quarter. Glenview State Bank Trust DEPT. now owns 4,995 shares of the information services provider’s stock valued at $5,409,000 after acquiring an additional 77 shares during the period. SFE Investment Counsel boosted its holdings in Alphabet by 8.1% during the 2nd quarter. SFE Investment Counsel now owns 1,760 shares of the information services provider’s stock valued at $1,906,000 after acquiring an additional 132 shares during the period. Community Bank N.A. boosted its holdings in Alphabet by 111.1% during the 2nd quarter. Community Bank N.A. now owns 646 shares of the information services provider’s stock valued at $700,000 after acquiring an additional 340 shares during the period. Regal Investment Advisors LLC boosted its holdings in Alphabet by 4.0% during the 2nd quarter. Regal Investment Advisors LLC now owns 493 shares of the information services provider’s stock valued at $533,000 after acquiring an additional 19 shares during the period. Finally, Traynor Capital Management Inc. lifted its holdings in Alphabet by 0.8% in the 2nd quarter. Traynor Capital Management Inc. now owns 11,559 shares of the information services provider’s stock worth $12,715,000 after buying an additional 93 shares during the period. Institutional investors own 33.47% of the company’s stock.

About Alphabet

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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