Scotia Capital Inc. cut its holdings in Alphabet Inc (NASDAQ:GOOG) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 52,919 shares of the information services provider’s stock after selling 1,001 shares during the period. Scotia Capital Inc.’s holdings in Alphabet were worth $57,207,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of GOOG. Meyer Handelman Co. grew its holdings in Alphabet by 0.9% during the 4th quarter. Meyer Handelman Co. now owns 3,942 shares of the information services provider’s stock valued at $4,083,000 after buying an additional 36 shares in the last quarter. Parallel Advisors LLC lifted its stake in Alphabet by 7.3% in the 4th quarter. Parallel Advisors LLC now owns 4,747 shares of the information services provider’s stock worth $4,916,000 after purchasing an additional 321 shares in the last quarter. Staley Capital Advisers Inc. bought a new position in Alphabet in the 4th quarter valued at $33,595,000. Roosevelt Investment Group Inc. boosted its holdings in Alphabet by 2.7% in the 4th quarter. Roosevelt Investment Group Inc. now owns 1,476 shares of the information services provider’s stock valued at $1,529,000 after purchasing an additional 39 shares during the period. Finally, Pinnacle Wealth Management Advisory Group LLC grew its position in shares of Alphabet by 18.4% during the 4th quarter. Pinnacle Wealth Management Advisory Group LLC now owns 283 shares of the information services provider’s stock valued at $293,000 after purchasing an additional 44 shares in the last quarter. 33.97% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have weighed in on GOOG. Oppenheimer raised their price target on Alphabet from $1,342.00 to $1,370.00 and gave the company an “outperform” rating in a report on Friday, July 26th. Cowen boosted their price objective on Alphabet from $1,400.00 to $1,500.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Deutsche Bank upped their price objective on shares of Alphabet from $1,400.00 to $1,475.00 and gave the stock a “buy” rating in a research report on Thursday, August 15th. Pivotal Research assumed coverage on shares of Alphabet in a research note on Wednesday, May 29th. They issued a “hold” rating on the stock. Finally, Benchmark reaffirmed a “buy” rating and issued a $1,360.00 target price (up from $1,315.00) on shares of Alphabet in a research note on Friday, July 26th. Four research analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $1,378.93.
Shares of GOOG stock traded up $12.96 during trading hours on Wednesday, hitting $1,218.96. 105,197 shares of the company’s stock were exchanged, compared to its average volume of 1,141,149. The company has a market capitalization of $835.13 billion, a PE ratio of 25.61, a PEG ratio of 1.39 and a beta of 0.98. The company has a current ratio of 3.98, a quick ratio of 3.96 and a debt-to-equity ratio of 0.07. Alphabet Inc has a 12-month low of $970.11 and a 12-month high of $1,289.27. The business’s 50 day simple moving average is $1,188.32 and its 200-day simple moving average is $1,162.76.
Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $11.49 by $2.72. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The company had revenue of $38.94 billion during the quarter, compared to analysts’ expectations of $38.21 billion. During the same quarter in the prior year, the company earned $11.75 EPS. The firm’s revenue was up 19.3% on a year-over-year basis. Equities analysts anticipate that Alphabet Inc will post 52.37 EPS for the current year.
In other Alphabet news, Director John L. Hennessy sold 150 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $1,225.00, for a total value of $183,750.00. Following the completion of the transaction, the director now directly owns 276 shares in the company, valued at approximately $338,100. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 54 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $1,191.53, for a total transaction of $64,342.62. Following the completion of the transaction, the chief accounting officer now owns 388 shares of the company’s stock, valued at $462,313.64. The disclosure for this sale can be found here. Insiders have sold 3,744 shares of company stock worth $4,480,345 over the last ninety days. Insiders own 12.99% of the company’s stock.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.
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