Short Interest in Alphabet Inc (NASDAQ:GOOGL) Drops By 5.3%

Alphabet Inc (NASDAQ:GOOGL) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 2,471,100 shares, a decline of 5.3% from the July 31st total of 2,608,500 shares. Based on an average trading volume of 1,590,000 shares, the days-to-cover ratio is currently 1.6 days. Approximately 0.8% of the company’s stock are short sold.

Several equities analysts have issued reports on the company. BidaskClub upgraded Alphabet from a “hold” rating to a “buy” rating in a research note on Saturday, July 13th. Stifel Nicolaus reiterated a “hold” rating and issued a $1,287.00 target price on shares of Alphabet in a research note on Tuesday, July 23rd. Nomura reiterated a “buy” rating and issued a $1,400.00 target price (up previously from $1,300.00) on shares of Alphabet in a research note on Friday, July 26th. Citigroup reiterated a “buy” rating and issued a $1,450.00 target price (up previously from $1,325.00) on shares of Alphabet in a research note on Friday, July 26th. Finally, Jefferies Financial Group lifted their target price on Alphabet from $1,450.00 to $1,500.00 and gave the company a “buy” rating in a research note on Friday, July 26th. They noted that the move was a valuation call. Eight analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $1,373.76.

A number of hedge funds and other institutional investors have recently modified their holdings of GOOGL. Thoroughbred Financial Services LLC boosted its position in Alphabet by 205,910.9% in the second quarter. Thoroughbred Financial Services LLC now owns 3,393,000 shares of the information services provider’s stock valued at $339,300,000 after buying an additional 3,391,353 shares during the last quarter. Nuveen Asset Management LLC lifted its holdings in Alphabet by 2,010.7% in the second quarter. Nuveen Asset Management LLC now owns 2,214,432 shares of the information services provider’s stock valued at $2,397,786,000 after acquiring an additional 2,109,515 shares during the period. Invesco Ltd. lifted its holdings in Alphabet by 37.1% in the second quarter. Invesco Ltd. now owns 4,752,079 shares of the information services provider’s stock valued at $5,145,551,000 after acquiring an additional 1,285,824 shares during the period. Packer & Co Ltd lifted its holdings in Alphabet by 4,018.6% in the second quarter. Packer & Co Ltd now owns 958,600 shares of the information services provider’s stock valued at $25,202,000 after acquiring an additional 935,325 shares during the period. Finally, Veritas Asset Management LLP lifted its holdings in Alphabet by 52.9% in the second quarter. Veritas Asset Management LLP now owns 1,028,976 shares of the information services provider’s stock valued at $1,114,175,000 after acquiring an additional 355,900 shares during the period. Hedge funds and other institutional investors own 33.81% of the company’s stock.

NASDAQ GOOGL traded up $5.06 during trading hours on Friday, reaching $1,240.03. The stock had a trading volume of 999,981 shares, compared to its average volume of 1,111,243. The stock has a fifty day moving average of $1,193.18 and a 200 day moving average of $1,167.05. The stock has a market cap of $856.32 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 1.38 and a beta of 0.99. Alphabet has a 52-week low of $977.66 and a 52-week 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.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, July 25th. The information services provider reported $14.21 EPS for the quarter, beating the Zacks’ consensus estimate of $11.49 by $2.72. The firm had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. On average, equities research analysts forecast that Alphabet will post 51.29 EPS for the current year.

Alphabet Company Profile

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.

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