Parnassus Investments CA Increases Position in Alphabet Inc (NASDAQ:GOOGL)

Parnassus Investments CA increased its position in Alphabet Inc (NASDAQ:GOOGL) by 0.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 517,653 shares of the information services provider’s stock after purchasing an additional 218 shares during the period. Alphabet makes up 2.1% of Parnassus Investments CA’s investment portfolio, making the stock its 15th largest holding. Parnassus Investments CA owned about 0.07% of Alphabet worth $504,049,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Capital Management Corp VA increased its position in shares of Alphabet by 7.3% during the 3rd quarter. Capital Management Corp VA now owns 1,724 shares of the information services provider’s stock valued at $1,679,000 after purchasing an additional 118 shares during the last quarter. Norris Perne & French LLP MI increased its holdings in Alphabet by 6.5% in the 3rd quarter. Norris Perne & French LLP MI now owns 22,958 shares of the information services provider’s stock worth $22,355,000 after acquiring an additional 1,409 shares during the last quarter. Nwam LLC increased its holdings in Alphabet by 3.7% in the 3rd quarter. Nwam LLC now owns 1,723 shares of the information services provider’s stock worth $1,678,000 after acquiring an additional 61 shares during the last quarter. State of Wisconsin Investment Board increased its holdings in Alphabet by 68.2% in the 3rd quarter. State of Wisconsin Investment Board now owns 708,458 shares of the information services provider’s stock worth $689,840,000 after acquiring an additional 287,287 shares during the last quarter. Finally, Legacy Advisors LLC purchased a new stake in Alphabet in the 3rd quarter worth about $225,000. 33.63% of the stock is owned by institutional investors and hedge funds.

Alphabet Inc (GOOGL) traded down $62.39 on Friday, hitting $1,119.20. The stock had a trading volume of 5,798,880 shares, compared to its average volume of 1,680,000. The company has a quick ratio of 5.73, a current ratio of 5.77 and a debt-to-equity ratio of 0.03. Alphabet Inc has a 52-week low of $814.29 and a 52-week high of $1,198.00. The stock has a market capitalization of $775,070.00, a PE ratio of 62.35, a PEG ratio of 1.46 and a beta of 0.95.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $10.12 by ($0.42). Alphabet had a net margin of 11.42% and a return on equity of 15.00%. The firm had revenue of $25.87 billion for the quarter, compared to the consensus estimate of $25.65 billion. analysts forecast that Alphabet Inc will post 41.91 earnings per share for the current fiscal year.

Alphabet announced that its board has approved a stock buyback program on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

GOOGL has been the subject of several recent research reports. Cantor Fitzgerald reissued a “buy” rating and issued a $1,100.00 price objective on shares of Alphabet in a report on Tuesday, October 24th. Zacks Investment Research upgraded Alphabet from a “hold” rating to a “buy” rating and set a $1,199.00 target price for the company in a research note on Tuesday, December 26th. SunTrust Banks cut their target price on Alphabet from $1,250.00 to $1,180.00 in a research note on Monday, January 15th. Cowen raised their target price on Alphabet from $1,150.00 to $1,230.00 and gave the stock an “outperform” rating in a research note on Thursday, January 4th. Finally, Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $1,055.90 target price for the company in a research note on Monday, December 4th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Alphabet currently has a consensus rating of “Buy” and a consensus price target of $1,150.22.

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Alphabet Company Profile

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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