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Alphabet (GOOGL) to Expand Portfolio With Grogu Tracker
Alphabet’s (GOOGL - Free Report) division Google is consistently making strong efforts to expand its portfolio offerings.
According to 9TO5Google, Google is developing a new tracking device named Grogu.
The device includes Bluetooth and ultra-wideband connectivity which helps Pixel phone users to connect their phones with compatible devices.
Reportedly, the tracking device will be equipped with a speaker.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Move to Benefit
The latest move is in sync with the company’s consistent efforts toward advancing its Pixel phones with technical innovations.
We believe the tracking device will provide an enhanced experience to Pixel phone users. This is expected to boost the adoption rate of Grogu tracker.
This, in turn, is likely to contribute well to Google’s parent Alphabet’s top line.
Consequently, this will help GOOGL win the confidence of the investors in the near and long terms.
Shares of GOOGL have been down 32.5% in the past year compared with the Computer and Technology sector’s decline of 26%.
Competitive Scenario
However, Alphabet faces stiff competition from Apple (AAPL - Free Report) , which offers robust tracking devices to gain momentum among customers.
Apple’s tracker device, AirTags put out Bluetooth and ultra-wideband signals to help iPhone users locate their compatible devices with the iPhone.
AirTags has an in-built speaker which acts as a privacy measure and a location aid. It provides a beep sound after it gets separated from the user.
Nevertheless, the recent move is positioning Alphabet well to gain a competitive edge against Apple, which lost 18.3% in the past year.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
Investors interested in the broader Zacks Computer & Technology sector can consider some better-ranked stocks like Asure Software (ASUR - Free Report) and Agilent Technologies (A - Free Report) , both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Asure Software has gained 39.2% in the past year. The long-term earnings growth rate for ASUR is currently projected at 23%.
Agilent Technologies has gained 10.6% in the past year. A’s long-term earnings growth rate is currently projected at 10%.