GOOGL Stock Upside Potential – July 21, 2014

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GOOGL Stock Upside Potential - July 21, 2014

GOOGL Stock Upside Potential - July 21, 2014

Several stock analysts have given GOOGL stock an upgraded buy rating recently, as the company released strong earnings data last week.

GOOGL stock traded up 4.18% during mid-day trading on Friday, hitting $605.11. The stock had a trading volume of 4,874,260 shares. Google has a 1-year low of $421.912 and a 1-year high of $615.055. The stock’s 50-day moving average is $575.5 and its 200-day moving average is $570.3. The company has a market cap of $409.0 billion and a price-to-earnings ratio of 30.10. Google also was the recipient of some unusual options trading activity on Friday. Traders purchased 33,770 put options on the stock. This represents an increase of 321% compared to the average daily volume of 8,024 put options.

The company reported $5.09 EPS for the quarter, missing the Thomson Reuters consensus estimate of $5.16 by $0.07. On average, analysts predict that Google will post $26.55 earnings per share for the current fiscal year.

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GOOGL Stock Buy Ratings

Analysts at Topeka Capital Markets and Credit Suisse upgraded their forecasts for GOOGL stock, with FBR Capital Markets projecting that the stock will outperform. Four equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $831.72.

Analysts at CRT capital project that price will reach $660.00 from an initial estimate of $650.00. “Google enjoys arguably the most important of all competitive advantages: high barriers to entry. The company’s high share of search queries is a self-reinforcing advantage as its algorithms are smarter today than they were yesterday because more people have used the service,” remarked FBR analyst William Bird.

Price has been moving above the 50 and 200 simple moving averages on the daily time frame, with the shorter-term moving average also moving above the longer-term one. MACD is indicating overbought conditions though while RSI is still reflecting buying momentum.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com