Old Port Advisors lowered its stake in Alphabet Inc (NASDAQ:GOOGL) by 3.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 823 shares of the information services provider’s stock after selling 28 shares during the period. Old Port Advisors’ holdings in Alphabet were worth $924,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of GOOGL. Belvedere Advisors LLC bought a new position in shares of Alphabet during the first quarter worth $38,000. Thor Advisors LLC bought a new stake in Alphabet in the 1st quarter valued at $45,000. Lavaca Capital LLC bought a new stake in Alphabet in the 4th quarter valued at $97,000. Quantamental Technologies LLC bought a new stake in Alphabet in the 4th quarter valued at $103,000. Finally, Private Ocean LLC lifted its position in Alphabet by 26.7% in the 4th quarter. Private Ocean LLC now owns 114 shares of the information services provider’s stock valued at $119,000 after acquiring an additional 24 shares in the last quarter. 33.93% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts recently commented on GOOGL shares. ValuEngine cut shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Oppenheimer set a $1,370.00 price objective on shares of Alphabet and gave the company a “buy” rating in a research report on Friday, July 26th. BMO Capital Markets boosted their price objective on shares of Alphabet to $1,225.00 and gave the company a “market perform” rating in a research report on Friday, July 26th. Morgan Stanley boosted their price target on shares of Alphabet from $1,400.00 to $1,450.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, SunTrust Banks reissued a “buy” rating and set a $1,325.00 price target on shares of Alphabet in a research report on Monday, July 22nd. Eight investment analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the company. Alphabet presently has a consensus rating of “Buy” and an average price target of $1,368.76.
Alphabet (NASDAQ:GOOGL) last announced its quarterly 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. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The business had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. Research analysts forecast that Alphabet Inc will post 51.94 earnings per share 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.
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