Alphabet Inc (GOOG) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 900 from a previous price target of $825 . Needham advised their investors in a research report released on Jul 29, 2016.
On the company’s financial health, Alphabet Inc reported $8.42 EPS for the quarter, beating the analyst consensus estimate by $ 0.38 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $8.04. The company had revenue of $21500.00 million for the quarter, compared to analysts expectations of $20774.44 million. The company’s revenue was up 21.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.99 EPS.
Alphabet Inc opened for trading at $747.04 and hit $748.65 on the upside on Thursday, eventually ending the session at $745.91, with a gain of 0.56% or 4.14 points. The heightened volatility saw the trading volume jump to 33,60,326 shares. Company has a market cap of $512,108 M.
In a different news, on Jul 20, 2016, Sundar Pichai (CEO, Google Inc.) sold 4,000 shares at $746.47 per share price. According to the SEC, on Jul 12, 2016, David C Drummond (SVP, Corporate Development) sold 5,000 shares at $725.52 per share price. On Jul 5, 2016, Sergey Brin (President) sold 33,347 shares at $702.59 per share price, according to the Form-4 filing with the securities and exchange commission.
Alphabet Inc (Alphabet) is a collection of Companies. The Companys collection include Calico Googles health and longevity effort; Nest its connected home business; Fiber its gigabit internet arm; and its investment divisions such as Google Ventures and Google Capital and incubator projects such as Google X. These will be managed separately in Alphabet. On October 2 2015 Google implemented a holding company reorganization pursuant to the Agreement and Plan of Merger (the Merger Agreement) dated as of October 2 2015 among Google Alphabet and Maple Technologies Inc. a Delaware corporation (Merger Sub) which resulted in Alphabet owning all of the outstanding capital stock of Google. Pursuant to the Alphabet Merger Merger Sub a direct wholly owned subsidiary of Alphabet and an indirect wholly owned subsidiary of Google merged with and into Google with Google surviving as a direct wholly owned subsidiary of Alphabet.