Ropes Wealth Advisors LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,441 shares of the information services provider’s stock after acquiring an additional 274 shares during the quarter. Alphabet comprises 1.4% of Ropes Wealth Advisors LLC’s investment portfolio, making the stock its 13th largest position. Ropes Wealth Advisors LLC’s holdings in Alphabet were worth $7,811,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of GOOGL. Itau Unibanco Holding S.A. boosted its position in shares of Alphabet by 44,364.5% during the 4th quarter. Itau Unibanco Holding S.A. now owns 7,551,846 shares of the information services provider’s stock valued at $25,169,000 after acquiring an additional 7,534,862 shares during the last quarter. Norges Bank bought a new stake in Alphabet in the 4th quarter worth approximately $9,523,211,000. Morgan Stanley lifted its position in Alphabet by 27.1% in the 4th quarter. Morgan Stanley now owns 3,271,179 shares of the information services provider’s stock worth $5,733,202,000 after buying an additional 697,236 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Alphabet by 6.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,183,875 shares of the information services provider’s stock worth $12,590,747,000 after buying an additional 447,141 shares during the last quarter. Finally, Viking Global Investors LP lifted its position in Alphabet by 222.9% in the 4th quarter. Viking Global Investors LP now owns 619,791 shares of the information services provider’s stock worth $1,086,270,000 after buying an additional 427,842 shares during the last quarter. Hedge funds and other institutional investors own 34.46% of the company’s stock.
Several analysts have weighed in on the company. Monness Crespi & Hardt boosted their price objective on Alphabet from $2,500.00 to $3,000.00 and gave the company a “buy” rating in a research report on Wednesday, April 28th. Citigroup cut Alphabet from a “buy” rating to a “neutral” rating in a research note on Monday, May 10th. Jefferies Financial Group boosted their target price on Alphabet from $2,700.00 to $2,850.00 and gave the company a “buy” rating in a research note on Wednesday, April 28th. Morgan Stanley upped their price target on Alphabet from $2,350.00 to $2,575.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 28th. Finally, Mizuho upped their price target on Alphabet from $2,600.00 to $2,800.00 and gave the stock a “buy” rating in a research note on Monday, April 26th. Two analysts have rated the stock with a hold rating, forty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Alphabet has a consensus rating of “Buy” and a consensus target price of $2,516.55.
Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Monday, April 26th. The information services provider reported $26.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $15.82 by $10.47. The business had revenue of $45.60 billion during the quarter, compared to analyst estimates of $42.46 billion. Alphabet had a return on equity of 23.54% and a net margin of 26.11%. During the same period last year, the company earned $9.87 EPS. Equities analysts forecast that Alphabet Inc. will post 89.46 EPS for the current fiscal year.
Alphabet Company Profile
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube, as well as technical infrastructure; and digital content.
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