Alphabet Inc (NASDAQ:GOOGL) was the recipient of a large growth in short interest during the month of September. As of September 30th, there was short interest totalling 2,660,000 shares, a growth of 24.3% from the August 30th total of 2,140,000 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average daily volume of 1,410,000 shares, the days-to-cover ratio is presently 1.9 days.
Shares of GOOGL traded up $6.24 on Friday, hitting $1,215.71. The company’s stock had a trading volume of 950,608 shares, compared to its average volume of 1,292,917. The company has a quick ratio of 3.96, a current ratio of 3.98 and a debt-to-equity ratio of 0.07. The firm’s fifty day moving average price is $1,206.68 and its 200-day moving average price is $1,174.16. Alphabet has a fifty-two week low of $977.66 and a fifty-two week high of $1,296.97. The firm has a market capitalization of $833.74 billion, a price-to-earnings ratio of 25.59, a P/E/G ratio of 1.41 and a beta of 0.99.
Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $11.49 by $2.72. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. The business had revenue of $31.71 billion during the quarter, compared to analyst estimates of $30.90 billion. As a group, equities analysts predict that Alphabet will post 51.29 earnings per share for the current fiscal year.
GOOGL has been the subject of several recent research reports. Zacks Investment Research raised Alphabet from a “sell” rating to a “hold” rating and set a $1,189.00 price objective for the company in a report on Monday, July 8th. Mizuho boosted their price objective on Alphabet from $1,350.00 to $1,400.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Royal Bank of Canada boosted their price objective on Alphabet from $1,425.00 to $1,500.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Needham & Company LLC set a $1,350.00 price objective on Alphabet and gave the stock a “buy” rating in a report on Friday, July 26th. Finally, Raymond James set a $1,360.00 price objective on Alphabet and gave the stock a “buy” rating in a report on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the company. Alphabet presently has an average rating of “Buy” and an average target price of $1,375.78.
Several institutional investors and hedge funds have recently modified their holdings of GOOGL. Thoroughbred Financial Services LLC grew its position in shares of Alphabet by 205,910.9% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 3,393,000 shares of the information services provider’s stock valued at $339,300,000 after purchasing an additional 3,391,353 shares during the period. Nuveen Asset Management LLC grew its position in shares of Alphabet by 2,010.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 2,214,432 shares of the information services provider’s stock valued at $2,397,786,000 after purchasing an additional 2,109,515 shares during the period. Invesco Ltd. grew its position in shares of Alphabet by 37.1% in the 2nd quarter. Invesco Ltd. now owns 4,752,079 shares of the information services provider’s stock valued at $5,145,551,000 after purchasing an additional 1,285,824 shares during the period. Packer & Co Ltd grew its position in shares of Alphabet by 4,018.6% in the 2nd quarter. Packer & Co Ltd now owns 958,600 shares of the information services provider’s stock valued at $25,202,000 after purchasing an additional 935,325 shares during the period. Finally, Veritas Asset Management LLP grew its position in shares of Alphabet by 52.9% in the 2nd quarter. Veritas Asset Management LLP now owns 1,028,976 shares of the information services provider’s stock valued at $1,114,175,000 after purchasing an additional 355,900 shares during the period. Institutional investors and hedge funds own 33.50% of the company’s stock.
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.
Further Reading: Diluted Earnings Per Share
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