Murphy Middleton Hinkle & Parker Inc. purchased a new position in shares of Alphabet Inc (NASDAQ:GOOGL) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 167 shares of the information services provider’s stock, valued at approximately $237,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Alphabet by 0.4% during the first quarter. State Street Corp now owns 11,689,009 shares of the information services provider’s stock worth $13,582,044,000 after purchasing an additional 45,599 shares during the period. Norges Bank acquired a new stake in shares of Alphabet during the fourth quarter worth $6,806,866,000. Geode Capital Management LLC lifted its holdings in shares of Alphabet by 3.5% during the first quarter. Geode Capital Management LLC now owns 4,844,024 shares of the information services provider’s stock worth $5,618,631,000 after purchasing an additional 165,173 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Alphabet by 12.1% during the first quarter. Wellington Management Group LLP now owns 4,485,396 shares of the information services provider’s stock worth $5,211,807,000 after purchasing an additional 483,219 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Alphabet by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 3,069,831 shares of the information services provider’s stock worth $3,566,990,000 after purchasing an additional 38,653 shares during the period. 34.22% of the stock is owned by hedge funds and other institutional investors.
A number of equities research analysts have commented on GOOGL shares. UBS Group reduced their target price on Alphabet from $1,675.00 to $1,530.00 and set a “buy” rating for the company in a report on Monday, March 30th. Robert W. Baird raised their target price on Alphabet from $1,500.00 to $1,650.00 in a report on Thursday, June 25th. Wells Fargo & Co reissued a “buy” rating and issued a $1,500.00 target price on shares of Alphabet in a report on Monday, April 27th. Nomura Instinet raised their target price on Alphabet from $1,680.00 to $1,700.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $1,800.00 target price on shares of Alphabet in a report on Tuesday. Three analysts have rated the stock with a hold rating and forty-three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $1,536.87.
Alphabet stock traded up $8.36 during midday trading on Wednesday, hitting $1,498.28. 768,622 shares of the company were exchanged, compared to its average volume of 1,946,304. The company’s fifty day moving average price is $1,427.71 and its 200-day moving average price is $1,356.98. The company has a market cap of $1,024.18 billion, a PE ratio of 30.28, a price-to-earnings-growth ratio of 2.26 and a beta of 1.06. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.66 and a quick ratio of 3.64. Alphabet Inc has a fifty-two week low of $1,008.87 and a fifty-two week high of $1,530.74.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, April 28th. The information services provider reported $9.87 EPS for the quarter, missing the consensus estimate of $11.16 by ($1.29). The company had revenue of $33.71 billion for the quarter, compared to analyst estimates of $32.59 billion. Alphabet had a return on equity of 17.43% and a net margin of 20.71%. During the same period last year, the firm posted $9.50 earnings per share. On average, analysts expect that Alphabet Inc will post 41.23 EPS for the current fiscal 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.
Further Reading: Oversold
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