Wolfe Research Initiates Coverage of Alphabet (GOOG) with Outperform Recommendation

Fintel reports that on July 16, 2024, Wolfe Research initiated coverage of Alphabet (NasdaqGS:GOOG) with a Outperform recommendation.

Analyst Price Forecast Suggests 6.30% Upside

As of July 4, 2024, the average one-year price target for Alphabet is $200.05/share. The forecasts range from a low of $145.50 to a high of $238.00. The average price target represents an increase of 6.30% from its latest reported closing price of $188.19 / share.

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The projected annual revenue for Alphabet is 357,571MM, an increase of 12.39%. The projected annual non-GAAP EPS is 6.37.

What is the Fund Sentiment?

There are 5,333 funds or institutions reporting positions in Alphabet. This is an increase of 190 owner(s) or 3.69% in the last quarter. Average portfolio weight of all funds dedicated to GOOG is 1.42%, an increase of 1.79%. Total shares owned by institutions decreased in the last three months by 0.23% to 3,773,475K shares. The put/call ratio of GOOG is 0.77, indicating a bullish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 151,418K shares representing 1.23% ownership of the company. In its prior filing, the firm reported owning 152,712K shares , representing a decrease of 0.85%. The firm decreased its portfolio allocation in GOOG by 2.34% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 124,339K shares representing 1.01% ownership of the company. In its prior filing, the firm reported owning 121,671K shares , representing an increase of 2.15%. The firm decreased its portfolio allocation in GOOG by 2.65% over the last quarter.

Geode Capital Management holds 102,009K shares representing 0.83% ownership of the company. In its prior filing, the firm reported owning 99,883K shares , representing an increase of 2.08%. The firm decreased its portfolio allocation in GOOG by 2.45% over the last quarter.

Price T Rowe Associates holds 88,657K shares representing 0.72% ownership of the company. In its prior filing, the firm reported owning 98,251K shares , representing a decrease of 10.82%. The firm decreased its portfolio allocation in GOOG by 11.07% over the last quarter.

Capital International Investors holds 87,717K shares representing 0.71% ownership of the company. In its prior filing, the firm reported owning 80,247K shares , representing an increase of 8.52%. The firm increased its portfolio allocation in GOOG by 6.66% over the last quarter.

Alphabet Background Information

(This description is provided by the company.)

Larry Page and Sergey Brin founded Google in September 1998. Since then, the company has grown to more than 130,000 employees worldwide, with a wide range of popular products and platforms like Search, Maps, Ads, Gmail, Android, Chrome, Google Cloud and YouTube. In October 2015, Alphabet became the parent holding company of Google.

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This story originally appeared on Fintel.

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