Canaccord Genuity Downgrades Rating On Alphabet Inc. (GOOGL)
17 June 2017, 07:33 | Cesar Cruz
Several other brokerages have also weighed in on GOOGL. Aegis Capital initiated Alphabet Inc (NASDAQ:GOOGL) rating on Wednesday, December 21. Both the S&P 500 information technology sector and the tech-heavy Nasdaq Composite fell, though tech shares pared some of their early losses into the close. Finally, Instinet reiterated a "buy" rating on shares of Alphabet in a report on Friday, June 2nd.
Canaccord Genuity analyst Michael Graham lowered his rating on GOOGL from Buy to Hold with a $1,000 price target.
U.S. technology stocks slid again overnight, led by declines in heavyweights Alphabet and Apple, as investors continued a recent move away from the year's best-performing sector. The stock presently has a consensus rating of "Buy" and an average target price of $985.12.
Among technology stocks hit, shares of Google's parent Alphabet fell 0.8 percent Thursday after broker Canaccord Genuity downgraded its rating of the stock to "hold" from "buy". "(GOOGL) Receives "Overweight" Rating from Morgan Stanley" was first published by Stock Observer and is owned by of Stock Observer. The Company's businesses include Google Inc. and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The company has market cap of $669.64 billion. Alphabet has a 52 week low of $663.28 and a 52 week high of $988.25. $903.97's average target is -6.61% below currents $967.93 stock price.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, April 27th. Alphabet Inc (NASDAQ:GOOGL) has risen 33.46% since June 15, 2016 and is uptrending. The firm had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $24.18 billion. The information services provider reported $7.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.24 by $0.49. Laurel Wealth Advisors Inc. boosted its stake in shares of Alphabet by 19.0% in the first quarter. Franklin Parlapiano Turner & Welch LLC bought a new stake in Alphabet during the first quarter worth approximately $108,000. Russell Investments Group Ltd. acquired a new stake in shares of Alphabet during the fourth quarter valued at about $612,676,000. Finally, Columbia Partners L L C Investment Management increased its position in Alphabet by 1.7% in the first quarter. Marathon Asset Management LLP now owns 80,204 shares of the information services provider's stock worth $64,488,000 after buying an additional 28,198 shares in the last quarter.
Hedge funds and other institutional investors have recently made changes to their positions in the stock.
The current sell-off in U.S. technology shares has brought rare good news for short sellers, but they are not in any rush to boost their bearish bets against the shares of the biggest tech companies, data from financial analytics firm S3 Partners showed. If you are viewing this report on another website, it was illegally stolen and reposted in violation of USA and worldwide copyright and trademark legislation. The original version of this story can be accessed at https://transcriptdaily.com/2017/06/16/covenant-asset-management-llc-cuts-stake-in-alphabet-inc-goog.html. The shares were sold at an average price of $837.31, for a total transaction of $3,349,240.00.
In other news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, April 5th. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders have sold 42,085 shares of company stock worth $38,486,001. Insiders own 13.92% of the company's stock. Trust Co. of Virginia VA now owns 423 shares of the information services provider's stock worth $351,000 after buying an additional 3 shares during the last quarter.
The FANG companies are Facebook Inc.
Several hedge funds have recently modified their holdings of the stock.
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