Parsec Financial Management Inc. reduced its position in Alphabet Inc (NASDAQ:GOOGL) by 2.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,679 shares of the information services provider’s stock after selling 93 shares during the quarter. Parsec Financial Management Inc.’s holdings in Alphabet were worth $3,984,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Belvedere Advisors LLC acquired a new position in shares of Alphabet during the first quarter worth approximately $38,000. Thor Advisors LLC acquired a new position in shares of Alphabet during the first quarter worth approximately $45,000. JJJ Advisors Inc. boosted its position in shares of Alphabet by 204.8% during the second quarter. JJJ Advisors Inc. now owns 64 shares of the information services provider’s stock worth $69,000 after buying an additional 43 shares during the period. Lavaca Capital LLC acquired a new position in shares of Alphabet during the fourth quarter worth approximately $97,000. Finally, Quantamental Technologies LLC acquired a new position in shares of Alphabet during the fourth quarter worth approximately $103,000. 33.93% of the stock is owned by hedge funds and other institutional investors.
GOOGL has been the subject of several analyst reports. Deutsche Bank boosted their price objective on Alphabet from $1,300.00 to $1,400.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Nomura reiterated a “buy” rating and set a $1,400.00 price objective (up from $1,300.00) on shares of Alphabet in a research report on Friday, July 26th. Mizuho upped their target price 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. JPMorgan Chase & Co. upped their target price on Alphabet from $1,310.00 to $1,420.00 and gave the stock a “positive” rating in a research report on Friday, July 26th. Finally, ValuEngine downgraded Alphabet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $1,371.05.
Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $11.49 by $2.72. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The firm had revenue of $31.71 billion during the quarter, compared to analyst estimates of $30.90 billion. Sell-side analysts expect that Alphabet Inc will post 51.94 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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