Alphabet (GOOGLE, $1,318.94) has a new CEO - its very own Sundar Pichai
Google CEO Sundar Pichai will now head parent company Alphabet as well.
Google co-founders Larry Page and Sergey Brin, who served as CEO and President of Alphabet respectively, are stepping down and handing over the management responsibility to Pichai. “He will be the executive responsible and accountable for leading Google, and managing Alphabet's investment in our portfolio of Other Bets," the founders wrote in a letter. Both Page and Brin will remain on the company board, though.
According to several analysts, Pichai's new role is unlikely to have a major impact in the near term, since investors already know the executive’s achievements at search engine Google well and largely expect business to continue as usual. But at the same time, the shuffle could be indicative of positive changes at Alphabet.
Ever since Pichai stepped in as Google CEO in August 2015, shares of Alphabet have gained around +100% -well exceeding the S&P’s gain of +60% in the same period.
Pichai worked at Applied Materials and McKinsey before joining Google in 2004. At Google, he would go on to work a variety of roles, including overseeing Chrome, product chief of Google and head of the Android operating system, and then CEO in 2015.
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Notable companies
The most notable companies in this group are Alphabet (NASDAQ:GOOG), Alphabet (NASDAQ:GOOGL), Meta Platforms (NASDAQ:META), Spotify Technology SA (NYSE:SPOT), Baidu (NASDAQ:BIDU), Pinterest (NYSE:PINS), Tencent Music Entertainment Group (NYSE:TME), Snap (NYSE:SNAP), Twilio (NYSE:TWLO), Zillow Group (NASDAQ:Z).
Industry description
Companies in this industry typically license software on a subscription basis and it is centrally hosted. Such products usually go by the names web-based software, on-demand software and hosted software. Cloud computing has emerged as a major force in this space, making it possible to save files to a remote database (without requiring them to be saved on local storage device); as long as a device has access to the web, it can access the data and the software programs to run it. This has in many cases facilitated cost efficiency, speed and security of data for businesses and consumers. Alphabet Inc., Facebook, Inc. and Yahoo! Inc. are some well-known names in the internet software/services industry.
Market Cap
The average market capitalization across the Internet Software/Services Industry is 60.93B. The market cap for tickers in the group ranges from 1.11K to 1.94T. GOOGL holds the highest valuation in this group at 1.94T. The lowest valued company is MSEZ at 1.11K.
High and low price notable news
The average weekly price growth across all stocks in the Internet Software/Services Industry was -1%. For the same Industry, the average monthly price growth was -0%, and the average quarterly price growth was 2%. TRFE experienced the highest price growth at 53%, while QQQFF experienced the biggest fall at -58%.
Volume
The average weekly volume growth across all stocks in the Internet Software/Services Industry was 15%. For the same stocks of the Industry, the average monthly volume growth was 9% and the average quarterly volume growth was -8%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
Valuation Rating: 45
P/E Growth Rating: 72
Price Growth Rating: 59
SMR Rating: 84
Profit Risk Rating: 92
Seasonality Score: -6 (-100 ... +100)