Alphabet Inc. (NASDAQ:GOOG – Get Rating) – Research analysts at Oppenheimer lowered their FY2023 earnings estimates for Alphabet in a report released on Thursday, June 2nd. Oppenheimer analyst J. Helfstein now forecasts that the information services provider will post earnings per share of $131.14 for the year, down from their previous estimate of $133.65. Oppenheimer currently has a “Outperform” rating and a $3,290.00 price target on the stock.
GOOG has been the subject of several other reports. JPMorgan Chase & Co. reduced their target price on Alphabet from $3,450.00 to $3,200.00 in a research report on Wednesday, April 27th. Canaccord Genuity Group reduced their target price on Alphabet from $3,500.00 to $3,300.00 and set a “buy” rating for the company in a research report on Wednesday, April 27th. Raymond James reduced their target price on Alphabet from $3,630.00 to $3,180.00 in a research report on Wednesday, April 27th. Wedbush reaffirmed an “outperform” rating on shares of Alphabet in a research note on Wednesday, April 20th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Alphabet from $3,150.00 to $2,900.00 in a research note on Wednesday, April 27th. One analyst has rated the stock with a hold rating and twenty-nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and an average price target of $3,308.77.
Alphabet shares are set to split on Monday, July 18th. The 20-1 split was announced on Tuesday, February 1st. The newly created shares will be payable to shareholders after the market closes on Friday, July 15th.
Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings results on Tuesday, April 26th. The information services provider reported $24.62 earnings per share for the quarter, missing the consensus estimate of $25.51 by ($0.89). Alphabet had a net margin of 27.57% and a return on equity of 30.18%. During the same period in the previous year, the firm earned $26.29 earnings per share.
In other Alphabet news, SVP Prabhakar Raghavan sold 1,276 shares of the firm’s stock in a transaction on Monday, April 4th. The stock was sold at an average price of $2,816.49, for a total transaction of $3,593,841.24. Following the completion of the transaction, the senior vice president now owns 14,034 shares of the company’s stock, valued at $39,526,620.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 42 shares of the firm’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $2,800.20, for a total value of $117,608.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 565,352 shares of company stock worth $62,084,581. 12.99% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of GOOG. Morgan Stanley raised its position in shares of Alphabet by 2.1% in the 2nd quarter. Morgan Stanley now owns 2,433,132 shares of the information services provider’s stock worth $6,098,209,000 after purchasing an additional 50,601 shares during the last quarter. New World Advisors LLC purchased a new position in Alphabet in the 3rd quarter worth about $724,000. EagleClaw Capital Managment LLC raised its position in Alphabet by 3.5% in the 3rd quarter. EagleClaw Capital Managment LLC now owns 2,946 shares of the information services provider’s stock worth $7,853,000 after buying an additional 99 shares during the last quarter. Legacy Wealth Planning LLC purchased a new position in Alphabet in the 3rd quarter worth about $205,000. Finally, BloombergSen Inc. raised its position in Alphabet by 1.4% in the 3rd quarter. BloombergSen Inc. now owns 45,471 shares of the information services provider’s stock worth $121,180,000 after buying an additional 616 shares during the last quarter. 31.20% of the stock is owned by hedge funds and other institutional investors.
Alphabet Company Profile (Get Rating)
Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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