Google's stock is slipping after a rare downgrade

Sundar Pichai chief executive officer of Google

Canaccord Genuity Cuts Alphabet (GOOGL) To “Hold”; K12 (LRN) Sentiment Is 0.9

Several other brokerages have also weighed in on GOOGL. The stock of Alphabet Inc (NASDAQ:GOOGL) has "Overweight" rating given on Wednesday, August 19 by Atlantic Securities. 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. BMO Capital Markets reissued an "outperform" rating on shares of Alphabet in a report on Thursday, February 16th. Morgan Stanley reiterated a "buy" rating on shares of Alphabet in a report on Monday, May 29th.

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. They now have a $1,050.00 target price on the information services provider's stock.

Big name technology stocks sold off for the second time this week on Thursday, with shares of the top-five tech leaders, Facebook (NASDAQ:FB), Apple (NASDAQ:AAPL), Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Google parent Alphabet (NASDAQ:GOOGL), all in the red shortly after the market open. Alphabet Inc (NASDAQ:GOOGL) has risen 33.46% since June 16, 2016 and is uptrending. The stock has a market capitalization of $661.17 billion, a price-to-earnings ratio of 32.30 and a beta of 0.96. Alphabet has a 12 month low of $663.28 and a 12 month high of $988.25. The firm has a 50 day moving average price of $944.37 and a 200-day moving average price of $846.37.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, April 27th. 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. Sell it!" published on June 14, 2017 as well as Seekingalpha.com's news article titled: "Alphabet: "Use The Right Numbers" with publication date: "June 15, 2017. The company had revenue of $24.75 billion for the quarter, compared to the consensus estimate of $24.18 billion. During the same quarter in the prior year, the business earned $7.50 earnings per share. After $7.73 actual earnings per share reported by Alphabet Inc for the previous quarter, Wall Street now forecasts 8.41 % EPS growth. Blankinship & Foster LLC increased its stake in shares of Alphabet by 3.4% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC increased its stake in Alphabet by 71,762.1% in the fourth quarter. Marathon Asset Management LLP raised its position in shares of Alphabet by 54.2% in the third quarter.

Some investors were selling technology shares to rotate into other sectors, such as beaten-down energy stocks, said Russ Koesterich, co-portfolio manager of BlackRock's Global Allocation Fund.

ILLEGAL ACTIVITY NOTICE: This piece was reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. About 7,780 shares traded. The stock was sold at an average price of $948.90, for a total value of $1,897,800.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 13.92% of the company's stock. Over the last three months, insiders have sold 42,085 shares of company stock worth $38,486,001. 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. Osborn Williams & Donohoe LLC now owns 763 shares of the information services provider's stock worth $605,000 after buying an additional 24 shares during the period.

Several institutional investors have recently modified their holdings of the stock. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

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