State Board of Administration of Florida Retirement System decreased its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 397,794 shares of the information services provider’s stock after selling 4,988 shares during the quarter. Alphabet makes up about 1.1% of State Board of Administration of Florida Retirement System’s portfolio, making the stock its 10th biggest holding. State Board of Administration of Florida Retirement System owned approximately 0.06% of Alphabet worth $430,731,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in GOOGL. Belvedere Advisors LLC acquired a new position in Alphabet in the first quarter valued at about $38,000. Litman Gregory Asset Management LLC purchased a new stake in Alphabet during the second quarter worth about $37,000. Thor Advisors LLC purchased a new stake in Alphabet during the first quarter worth about $45,000. Lipe & Dalton purchased a new stake in Alphabet during the second quarter worth about $49,000. Finally, Smart Money Group LLC purchased a new stake in Alphabet during the second quarter worth about $61,000. 34.09% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on GOOGL. DZ Bank reiterated a “hold” rating and set a $1,197.00 price target on shares of Alphabet in a research note on Wednesday, May 1st. ValuEngine lowered shares of Alphabet from a “buy” rating to a “hold” rating in a research note on Tuesday, April 30th. Cowen set a $1,500.00 price target on shares of Alphabet and gave the stock a “buy” rating in a research note on Friday, July 26th. JPMorgan Chase & Co. boosted their price target on shares of Alphabet from $1,310.00 to $1,420.00 and gave the stock a “positive” rating in a research note on Friday, July 26th. Finally, Susquehanna Bancshares boosted their price target on shares of Alphabet to $1,550.00 in a research note on Friday, July 26th. Eight investment analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and a consensus target price of $1,371.05.
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 Thomson Reuters’ consensus estimate of $11.49 by $2.72. The company had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. As a group, equities research analysts predict that Alphabet Inc will post 51.94 earnings per share for the current fiscal 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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