Morningstar Investment Services LLC grew its holdings in Alphabet Inc (NASDAQ:GOOG) by 2.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,209 shares of the information services provider’s stock after purchasing an additional 1,514 shares during the period. Alphabet comprises approximately 1.5% of Morningstar Investment Services LLC’s holdings, making the stock its 13th largest holding. Morningstar Investment Services LLC’s holdings in Alphabet were worth $81,675,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Alphabet by 1.9% during the first quarter. BlackRock Inc. now owns 19,071,440 shares of the information services provider’s stock valued at $19,677,721,000 after buying an additional 352,952 shares during the period. Summit Trail Advisors LLC increased its stake in shares of Alphabet by 132,719.3% during the first quarter. Summit Trail Advisors LLC now owns 18,679,702 shares of the information services provider’s stock valued at $18,680,000 after buying an additional 18,665,638 shares during the period. Magellan Asset Management Ltd increased its stake in shares of Alphabet by 684.2% during the first quarter. Magellan Asset Management Ltd now owns 2,114,849 shares of the information services provider’s stock valued at $2,182,080,000 after buying an additional 1,845,160 shares during the period. Jennison Associates LLC increased its stake in shares of Alphabet by 10.4% during the second quarter. Jennison Associates LLC now owns 1,662,006 shares of the information services provider’s stock valued at $1,854,217,000 after buying an additional 156,582 shares during the period. Finally, Schwab Charles Investment Management Inc. increased its stake in shares of Alphabet by 4.4% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,079,768 shares of the information services provider’s stock valued at $1,114,094,000 after buying an additional 45,157 shares during the period. Institutional investors and hedge funds own 34.18% of the company’s stock.
GOOG opened at $1,157.35 on Monday. Alphabet Inc has a 1 year low of $960.52 and a 1 year high of $1,273.89. The company has a debt-to-equity ratio of 0.02, a quick ratio of 4.13 and a current ratio of 4.15. The stock has a market capitalization of $830.59 billion, a price-to-earnings ratio of 29.15 and a beta of 1.11.
Alphabet (NASDAQ:GOOG) last posted its earnings results on Monday, July 23rd. The information services provider reported $11.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.66 by $2.09. Alphabet had a return on equity of 18.24% and a net margin of 13.16%. The company had revenue of $32.66 billion for the quarter, compared to analyst estimates of $32.13 billion. During the same quarter in the previous year, the firm earned $5.01 earnings per share. The firm’s quarterly revenue was up 25.6% compared to the same quarter last year.
Several equities analysts have recently commented on the company. Raymond James restated an “outperform” rating and set a $1,405.00 price target (up previously from $1,240.00) on shares of Alphabet in a research note on Tuesday, July 24th. Oppenheimer raised their price target on Alphabet from $1,350.00 to $1,450.00 and gave the company an “outperform” rating in a research note on Tuesday, July 24th. BidaskClub lowered Alphabet from a “buy” rating to a “hold” rating in a research note on Friday, August 17th. Barclays restated a “buy” rating on shares of Alphabet in a research note on Monday, July 16th. Finally, Credit Suisse Group restated a “buy” rating on shares of Alphabet in a research note on Monday, July 16th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $1,311.71.
In other Alphabet news, Director John L. Hennessy sold 724 shares of Alphabet stock in a transaction dated Wednesday, July 25th. The stock was sold at an average price of $1,250.30, for a total value of $905,217.20. Following the transaction, the director now owns 442 shares in the company, valued at $552,632.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP David C. Drummond sold 5,690 shares of Alphabet stock in a transaction dated Thursday, July 12th. The shares were sold at an average price of $1,167.38, for a total value of $6,642,392.20. Following the completion of the transaction, the senior vice president now owns 41,234 shares in the company, valued at approximately $48,135,746.92. The disclosure for this sale can be found here. Insiders sold 88,370 shares of company stock worth $106,307,067 in the last quarter. 13.11% of the stock is owned by insiders.
Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.
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