Newport Wealth Strategies Inc. lessened its holdings in shares of Alphabet Inc (NASDAQ:GOOGL) by 4.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,392 shares of the information services provider’s stock after selling 70 shares during the period. Alphabet comprises approximately 1.5% of Newport Wealth Strategies Inc.’s holdings, making the stock its 23rd largest holding. Newport Wealth Strategies Inc.’s holdings in Alphabet were worth $1,596,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Belvedere Advisors LLC purchased a new position in shares of Alphabet during the 1st quarter worth approximately $38,000. Thor Advisors LLC purchased a new position in shares of Alphabet during the 1st quarter worth approximately $45,000. Lavaca Capital LLC purchased a new position in shares of Alphabet during the 4th quarter worth approximately $97,000. Quantamental Technologies LLC purchased a new position in shares of Alphabet during the 4th quarter worth approximately $103,000. Finally, Private Ocean LLC grew its holdings in shares of Alphabet by 26.7% during the 4th quarter. Private Ocean LLC now owns 114 shares of the information services provider’s stock worth $119,000 after acquiring an additional 24 shares during the period. Institutional investors own 33.93% of the company’s stock.
GOOGL has been the topic of a number of analyst reports. Raymond James set a $1,360.00 price target on Alphabet and gave the stock a “buy” rating in a research report on Friday, July 26th. Argus reissued a “buy” rating and issued a $1,450.00 price target on shares of Alphabet in a research report on Wednesday, May 1st. FBN Securities set a $1,400.00 price target on Alphabet and gave the stock a “buy” rating in a research report on Friday, July 26th. Mizuho boosted their price target on Alphabet from $1,350.00 to $1,400.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, BMO Capital Markets boosted their price target on Alphabet to $1,225.00 and gave the stock a “market perform” rating in a research report on Friday, July 26th. Eight investment analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $1,371.05.
GOOGL stock traded down $15.46 during midday trading on Friday, hitting $1,196.32. The company’s stock had a trading volume of 1,744,887 shares, compared to its average volume of 1,612,959. The stock has a market capitalization of $845.73 billion, a P/E ratio of 25.18, a PEG ratio of 1.34 and a beta of 0.96. Alphabet Inc has a 12 month low of $977.66 and a 12 month high of $1,296.97. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.96 and a current ratio of 3.98. The business has a 50-day simple moving average of $1,137.05.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $11.49 by $2.72. The business had revenue of $31.71 billion for the quarter, compared to analysts’ expectations of $30.90 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. On average, equities analysts predict that Alphabet Inc will post 51.94 earnings per share for the current year.
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.
Read More: Dead Cat Bounce
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc (NASDAQ:GOOGL).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.