The chart of the day belongs to the technology giant Alphabet (GOOG), states Jim Van Meerten of BarChart.com.
I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum, and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation.
GOOG Price vs Daily Moving Averages
Alphabet, Inc. offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube. It is also involved in the sale of apps and in-app purchases and digital content in the Google Play store; Fitbit wearable devices, Google Nest home products, Pixel phones, and other devices, as well as in the provision of YouTube non-advertising services. The Google Cloud segment offers infrastructure, cybersecurity, data, analytics, AI, machine learning, and other services; Google Workspace includes cloud-based collaboration tools for enterprises, such as Gmail, Docs, Drive, Calendar, and Meet; and other services for enterprise customers. The Other Bets segment sells health technology and internet services. The company was founded in 1998 and is headquartered in Mountain View, California.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:
- 100% technical buy signals
- 40.30+ Weighted Alpha
- 36.02% gain in the last year
- Trend Seeker buy signal
- Above its 20, 50, and 100-day moving averages
- Ten new highs and up 1.60% in the last month
- Relative Strength Index 49.45%
- Technical support level at $135.64
- Recently traded at $136.74 with a 50-day moving average of $135.07
Fundamental Factors:
- Market Cap $1.74 trillion
- P/E 29.44
- Revenue is expected to grow 1.80% this year and another 11.30% next year
- Earnings are estimated to increase 16.70% this year, and an additional 18.30% next year and continue to compound at an annual rate of 17.98% for the next five years
Analysts and Investor Sentiment: I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
- Wall Street analysts gave 34 strong buy, ten buy, and eight hold opinions on the stock
- Analysts' price targets are between $113 and $151 with a consensus of $150
- The individual investors following the stock on Motley Fool voted 1,506 to 41 for the stock to beat the market with the more experienced investors voting 239 to seven for the same result
- Value Line rates it an above-average two plus a Price Growth Persistence score of 95 and a Price Stability score of 90
- CFRAs MarketScope rates it a 4b star buy with a price target of $157
- 1,290,000 investors monitor the stock on Seeking Alpha
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least every week.
On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
