Bank of Nova Scotia trimmed its stake in Alphabet Inc. (NASDAQ:GOOGL) by 29.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 167,010 shares of the information services provider’s stock after selling 70,557 shares during the period. Bank of Nova Scotia’s holdings in Alphabet were worth $407,804,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. First Interstate Bank bought a new position in Alphabet during the second quarter valued at approximately $8,822,000. Triumph Capital Management purchased a new stake in shares of Alphabet during the second quarter valued at approximately $1,054,000. Psagot Investment House Ltd. boosted its stake in shares of Alphabet by 43.0% during the first quarter. Psagot Investment House Ltd. now owns 13,016 shares of the information services provider’s stock valued at $26,846,000 after purchasing an additional 3,917 shares during the period. Sargent Bickham Lagudis LLC lifted its stake in Alphabet by 1.7% in the second quarter. Sargent Bickham Lagudis LLC now owns 5,405 shares of the information services provider’s stock worth $13,198,000 after acquiring an additional 92 shares during the period. Finally, Cornerstone Wealth Group LLC lifted its stake in Alphabet by 64.7% in the second quarter. Cornerstone Wealth Group LLC now owns 3,333 shares of the information services provider’s stock worth $8,304,000 after acquiring an additional 1,309 shares during the period. Institutional investors own 34.43% of the company’s stock.
GOOGL has been the subject of several analyst reports. Needham & Company LLC raised their price target on Alphabet from $2,700.00 to $3,200.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. KGI Securities initiated coverage on Alphabet in a report on Wednesday, June 2nd. They set an “outperform” rating and a $3,000.00 price target for the company. Truist raised their price target on Alphabet from $2,800.00 to $3,100.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. Truist Securities raised their price target on Alphabet from $2,800.00 to $3,100.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. Finally, Zacks Investment Research downgraded Alphabet from a “buy” rating to a “hold” rating and set a $2,818.00 price objective for the company. in a report on Tuesday, June 29th. Three investment analysts have rated the stock with a hold rating and thirty-nine have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $2,846.21.
Alphabet (NASDAQ:GOOGL) last released its earnings results on Monday, July 26th. The information services provider reported $27.26 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $19.89 by $7.37. The firm had revenue of $50.95 billion for the quarter, compared to the consensus estimate of $46.07 billion. Alphabet had a return on equity of 27.87% and a net margin of 28.57%. During the same quarter in the previous year, the company posted $10.13 EPS. Equities research analysts predict that Alphabet Inc. will post 101.86 EPS for the current year.
Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.
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