Provident Trust Co. Has $143.41 Million Position in Alphabet Inc (NASDAQ:GOOGL)

Provident Trust Co. reduced its holdings in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 147,277 shares of the information services provider’s stock after selling 1,639 shares during the quarter. Alphabet makes up about 6.4% of Provident Trust Co.’s portfolio, making the stock its 8th biggest holding. Provident Trust Co.’s holdings in Alphabet were worth $143,407,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Parkside Financial Bank & Trust raised its holdings in Alphabet by 39.6% in the 2nd quarter. Parkside Financial Bank & Trust now owns 127 shares of the information services provider’s stock valued at $118,000 after acquiring an additional 36 shares in the last quarter. Stelac Advisory Services LLC acquired a new position in shares of Alphabet during the 3rd quarter worth $126,000. Odey Holdings AG raised its holdings in shares of Alphabet by 18.2% during the 2nd quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock worth $121,000 after buying an additional 20 shares in the last quarter. Lloyds Banking Group plc acquired a new position in shares of Alphabet during the 2nd quarter worth $133,000. Finally, Farmers National Bank raised its holdings in shares of Alphabet by 3.3% during the 2nd quarter. Farmers National Bank now owns 155 shares of the information services provider’s stock worth $144,000 after buying an additional 5 shares in the last quarter. Institutional investors own 33.60% of the company’s stock.

A number of equities analysts have recently commented on the company. Wells Fargo & Co reissued a “buy” rating and set a $1,275.00 price target on shares of Alphabet in a report on Friday, February 2nd. Stifel Nicolaus boosted their price target on Alphabet from $1,075.00 to $1,150.00 and gave the stock a “buy” rating in a report on Monday, October 30th. Cowen boosted their price objective on Alphabet from $1,150.00 to $1,230.00 and gave the stock an “outperform” rating in a research report on Thursday, January 4th. Oppenheimer boosted their price objective on Alphabet from $1,180.00 to $1,340.00 and gave the stock a “hold” rating in a research report on Friday, February 2nd. Finally, Piper Jaffray Companies restated a “buy” rating and set a $1,150.00 price objective on shares of Alphabet in a research report on Thursday, October 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-nine have given a buy rating and one has issued a strong buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and an average price target of $1,157.02.

Alphabet Inc (NASDAQ GOOGL) opened at $1,054.56 on Tuesday. The firm has a market capitalization of $726,930.63, a P/E ratio of 58.72, a P/E/G ratio of 1.08 and a beta of 0.94. Alphabet Inc has a 52 week low of $824.30 and a 52 week high of $1,198.00. The company has a debt-to-equity ratio of 0.03, a quick ratio of 5.11 and a current ratio of 5.14.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings data on Thursday, February 1st. The information services provider reported $9.70 EPS for the quarter, missing the consensus estimate of $10.12 by ($0.42). The company had revenue of $25.87 billion during the quarter, compared to analysts’ expectations of $25.65 billion. Alphabet had a return on equity of 14.94% and a net margin of 11.42%. analysts anticipate that Alphabet Inc will post 42.51 earnings per share for the current year.

Alphabet declared that its board has initiated a stock repurchase plan on Thursday, February 1st that allows the company to repurchase $8.59 billion in shares. This repurchase authorization allows the information services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

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About Alphabet

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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