Alphabet Inc. (GOOGL) Lowered to Hold at Canaccord Genuity

by Frankie Norman June 17, 2017, 1:11
Alphabet Inc. (GOOGL) Lowered to Hold at Canaccord Genuity

NEW YORK, June 15 The U.S. technology sector fell on Thursday, pulled down by heavyweights including Apple Inc and Alphabet Inc after bearish analyst research gave investors a reason to take profits on the stock market's recent champion sector.

Shares of Alphabet were last seen down 2% at $946.18 on Thursday, with a consensus analyst price target of $1,060.17 and a 52-week range of $672.66 to $1,008.61. The rating was upgraded by Pivotal Research on Monday, April 11 to "Buy". Delta Asset Management LLC TN now owns 136 shares of the information services provider's stock worth $116,000 after buying an additional 2 shares in the last quarter. They now have a $1,150.00 target price on the information services provider's stock. Finally, Robert W. Baird reaffirmed an outperform rating and issued a $1,100.00 price objective on shares of Alphabet in a research report on Friday, May 19th. Morgan Stanley reiterated a "buy" rating on shares of Alphabet in a report on Monday, May 29th. William Blair reiterated an outperform rating on shares of Alphabet in a report on Friday, March 3rd.

The downgrade of Alphabet GOOG, -1.80% GOOGL, -1.77% is based on the theory that the company's growth levels are unsustainable, particularly as the company's current growth is seen coming from increased ad load.

Among 41 analysts covering Google (NASDAQ:GOOGL), 37 have Buy rating, 0 Sell and 4 Hold. The stock was sold at an average price of $902.72, for a total transaction of $330,395.52.

In other news, SVP David C. Drummond sold 2,000 shares of the company's stock in a transaction on Wednesday, April 12th. Finally, Perigon Wealth Management LLC boosted its stake in shares of Alphabet by 3.3% in the first quarter. Isthmus Partners LLC now owns 132 shares of the information services provider's stock worth $112,000 after buying an additional 8 shares in the last quarter. Cambridge Advisors Inc. now owns 272 shares of the information services provider's stock worth $226,000 after buying an additional 1 shares during the last quarter. Jensen Investment Management Inc. bought a new position in shares of Alphabet during the third quarter worth $134,941,000.

A number of hedge funds have recently made changes to their positions in the stock. The stock's 50 day moving average price is $965.53 and its 200 day moving average price is $867.02. Alphabet Inc (NASDAQ:GOOGL) has risen 33.46% since June 15, 2016 and is uptrending. The company has a market cap of $657.69 billion, a PE ratio of 32.13 and a beta of 0.94. The business had revenue of $20.12 billion during the quarter, compared to the consensus estimate of $19.65 billion. During the same period in the previous year, the firm earned $7.50 EPS. If you are reading this report on another website, it was copied illegally and republished in violation of US & global copyright & trademark law. If you are reading this article on another publication, it was illegally copied and reposted in violation of worldwide copyright and trademark legislation. The legal version of this report can be accessed at https://baseballnewssource.com/markets/alphabet-inc-googl-lowered-to-hold-at-canaccord-genuity/1021120.html. Blankinship & Foster LLC boosted its stake in shares of Alphabet by 2.9% in the first quarter.

Covenant Asset Management LLC decreased its position in Alphabet Inc. Columbia Partners L L C Investment Management now owns 34,373 shares of the information services provider's stock valued at $28,514,000 after buying an additional 560 shares during the period.

Shares of social media company Snap Inc (SNAP.N), which held its initial public offering earlier this year, were down 3.4 percent. BlackRock Institutional Trust Company N.A. now owns 7,897,508 shares of the information services provider's stock valued at $6,138,654,000 after buying an additional 138,807 shares in the last quarter. The Company's businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company's segments include Google and Other Bets.


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