Alphabet (GOOGL) Boosts Fitness Tracking With Latest Move – Zacks Investment Research
Don't Know Your Password?
New to Zacks? Get started here.
Don't Know Your Password?
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating indiv idual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Zacks Equity Research
AMZN AAPL GRMN GOOGL
Trades from $1
You follow Analyst Blog – edit
You follow Zacks Equity Research – edit
Alphabet’s (GOOGL – Free Report) division Google is leaving no stone unturned to sustain its strong momentum in the personal health monitoring space on the back of technical innovations and device integration.
The integration of Fitbit and Google Fit app into smart display devices now reached the next level with the stats card update.
Fitness enthusiasts can now view their stats card showing steps, calories and workout days on the second-generation Nest Hub.
Notably, the card is named Your Activity, which appears on the Wellness tab of the device. With this, users can also access the weekly graph of the above-mentioned stats.
The latest effort is likely to aid the adoption rate of Fitbit devices, the Google Fit app and the underlined smart display, as it will deliver an enhanced user experience.
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Google’s growing efforts toward the integration of fitness data into various devices bode well for its strengthening position in the personal health monitoring space, which is rising on the growing proliferation of fitness trackers.
Fitness trackers are steadily turning mainstream in the multi-trillion healthcare industry as they have become the most convenient options to monitor personal health with accuracy, track fitness and perform the post-operative care of patients.
Continuous innovation in technologies like AI, ML and IoT, which largely back automated devices, provide health information with high precision.
A report from Fortune Business Insights shows that the global market for fitness trackers is likely to hit $91.98 billion by 2027, witnessing a CAGR of 15.2%.
We note that Google’s deepening focus on this promising market is likely to boost the prospects of its parent Alphabet, which currently carries a Zacks Rank #3 (Hold). This, in turn, will instill investor optimism in the stock in the days ahead.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coming to the price performance, Alphabet has lost 21.1% on a year-to-date basis against the broader Zacks Computer and Technology sector’s decline of 22.5%.
With strong fitness tracking efforts, Google is likely to gain a competitive edge against companies like Apple (AAPL – Free Report) , Amazon (AMZN – Free Report) and Garmin (GRMN – Free Report) , which are also making concerted efforts to bolster their footprints in the booming fitness tracker market.
Apple is constantly gaining momentum in the personal health monitor space with its expanding watch family. Apple Watch’s adoption rate continues to grow rapidly. The strong adoption of the Apple Watch on the back of useful and advanced features like Cycle Tracking, the Noise app and Activity Trends remains a major positive.
The company’s Fitness+ subscription service built for Apple Watch remains noteworthy. Fitness+ tracks health and workout-related data from Apple Watch, which users can view on their Apple devices.
Meanwhile, the Amazon Halo app and Amazon Halo Band, the respective fitness tracking service and wearable, are aiding Amazon in expanding its presence in the underlined market.
The Amazon Halo app offers wellness insights through the integration with Amazon Halo Band. Its bundle of AI-driven health features remains other positive.
Meanwhile, Garmin’s expanding product portfolio for the fitness business, which has been built with both internal development efforts and acquisitions, makes the company a potential player in the underlined market.
Its expanding smartwatch and wearable offerings will continue to aid the company in increasing its reach to fitness-conscious customers.
Nevertheless, Fitbit’s strong fitness tracker portfolio, growing momentum across Wear OS and efforts in offering seamless access to the health and fitness data, are expected to continue bolstering Google’s presence in the fitness and wellness monitoring space.
Amazon.com, Inc. (AMZN) – free report >>
Apple Inc. (AAPL) – free report >>
Garmin Ltd. (GRMN) – free report >>
Alphabet Inc. (GOOGL) – free report >>
Our experts picked 7 Zacks Rank #1 Strong Buy stocks with the best chance to skyrocket within the next 30-90 days.
Recent stocks from this report have soared up to +178.7% in 3 months – this month’s picks could be even better. See our report’s 7 new picks today, absolutely FREE.
This page has not been authorized, sponsored, or otherwise approved or endorsed by the companies represented herein. Each of the company logos represented herein are trademarks of Microsoft Corporation; Dow Jones & Company; Nasdaq, Inc.; Forbes Media, LLC; Investor’s Business Daily, Inc.; and Morningstar, Inc.
Copyright 2022 Zacks Investment Research 10 S Riverside Plaza Suite #1600 Chicago, IL 60606
At the center of everything we do is a strong commitment to independent research and sharing its profitable discoveries with investors. This dedication to giving investors a trading advantage led to the creation of our proven Zacks Rank stock-rating system. Since 1988 it has more than doubled the S&P 500 with an average gain of +24.41% per year. These returns cover a period from January 1, 1988 through July 4, 2022. Zacks Rank stock-rating system returns are computed monthly based on the beginning of the month and end of the month Zacks Rank stock prices plus any dividends received during that particular month. A simple, equally-weighted average return of all Zacks Rank stocks is calculated to determine the monthly return. The monthly returns are then compounded to arrive at the annual return. Only Zacks Rank stocks included in Zacks hypothetical portfolios at the beginning of each month are included in the return calculations. Zacks Ranks stocks can, and often do, change throughout the month. Certain Zacks Rank stocks for which no month-end price was available, pricing information was not collected, or for certain other reasons have been excluded from these return calculations.
Visit Performance Disclosure for information about the performance numbers displayed above.
Visit www.zacksdata.com to get our data and content for your mobile app or website.
Real time prices by BATS. Delayed quotes by Sungard.
NYSE and AMEX data is at least 20 minutes delayed. NASDAQ data is at least 15 minutes delayed.