Private Advisor Group LLC lifted its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 24.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,595 shares of the information services provider’s stock after acquiring an additional 1,890 shares during the quarter. Private Advisor Group LLC’s holdings in Alphabet were worth $9,501,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. BB&T Investment Services Inc. grew its stake in shares of Alphabet by 17.1% during the third quarter. BB&T Investment Services Inc. now owns 1,377 shares of the information services provider’s stock worth $1,365,000 after purchasing an additional 201 shares during the period. CapWealth Advisors LLC grew its stake in shares of Alphabet by 2.4% during the third quarter. CapWealth Advisors LLC now owns 5,196 shares of the information services provider’s stock worth $5,059,000 after purchasing an additional 123 shares during the period. Sompo Japan Nipponkoa Asset Management CO. LTD. acquired a new stake in shares of Alphabet during the third quarter worth $20,139,000. Cornerstone Capital Inc. grew its stake in shares of Alphabet by 9.9% during the third quarter. Cornerstone Capital Inc. now owns 15,565 shares of the information services provider’s stock worth $15,156,000 after purchasing an additional 1,407 shares during the period. Finally, Pinebridge Investments L.P. grew its stake in Alphabet by 0.5% in the third quarter. Pinebridge Investments L.P. now owns 35,740 shares of the information services provider’s stock valued at $34,801,000 after acquiring an additional 167 shares during the period. Institutional investors own 33.88% of the company’s stock.
Alphabet Inc (NASDAQ GOOGL) traded down $4.35 during trading hours on Wednesday, reaching $1,096.55. The company’s stock had a trading volume of 189,604 shares, compared to its average volume of 2,048,465. Alphabet Inc has a 12-month low of $824.30 and a 12-month high of $1,198.00. The company has a quick ratio of 5.11, a current ratio of 5.14 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $763,010.00, a price-to-earnings ratio of 34.16, a price-to-earnings-growth ratio of 1.13 and a beta of 0.99.
Alphabet (NASDAQ:GOOGL) last posted its earnings results 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). Alphabet had a net margin of 11.42% and a return on equity of 14.94%. The firm had revenue of $25.87 billion during the quarter, compared to analyst estimates of $25.65 billion. equities research analysts forecast that Alphabet Inc will post 42.52 earnings per share for the current fiscal year.
Alphabet declared that its board has approved a stock repurchase plan on Thursday, February 1st that permits the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization permits the information services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
A number of research analysts have issued reports on GOOGL shares. Zacks Investment Research raised Alphabet from a “hold” rating to a “buy” rating and set a $1,199.00 target price for the company in a research note on Tuesday, December 26th. SunTrust Banks decreased their target price on Alphabet from $1,250.00 to $1,180.00 in a research note on Monday, January 15th. Monness Crespi & Hardt reissued a “buy” rating and issued a $1,250.00 target price (up from $1,120.00) on shares of Alphabet in a research note on Monday, January 29th. Cowen boosted their target price on Alphabet from $1,150.00 to $1,230.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. Finally, Vetr raised Alphabet from a “hold” rating to a “buy” rating and set a $1,055.90 target price for the company in a research note on Monday, December 4th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, thirty-nine have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $1,160.79.
Alphabet Company Profile
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.