Envestnet Asset Management Inc. raised its stake in shares of Alphabet Inc (NASDAQ:GOOGL) by 59.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,622 shares of the information services provider’s stock after purchasing an additional 15,537 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Alphabet were worth $46,998,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in GOOGL. Well Done LLC purchased a new position in shares of Alphabet during the first quarter worth approximately $107,000. Emerald Investment Partners LLC purchased a new position in shares of Alphabet during the second quarter worth approximately $137,000. Private Ocean LLC raised its stake in shares of Alphabet by 355.6% during the first quarter. Private Ocean LLC now owns 123 shares of the information services provider’s stock worth $127,000 after acquiring an additional 96 shares in the last quarter. Highlander Capital Management LLC raised its stake in shares of Alphabet by 333.3% during the first quarter. Highlander Capital Management LLC now owns 130 shares of the information services provider’s stock worth $133,000 after acquiring an additional 100 shares in the last quarter. Finally, Clearwater Capital Advisors LLC purchased a new position in shares of Alphabet during the first quarter worth approximately $153,000. Institutional investors and hedge funds own 33.40% of the company’s stock.
Shares of NASDAQ GOOGL opened at $1,109.65 on Monday. The company has a current ratio of 4.14, a quick ratio of 4.10 and a debt-to-equity ratio of 0.02. Alphabet Inc has a 52 week low of $984.00 and a 52 week high of $1,291.44. The firm has a market capitalization of $772.18 billion, a P/E ratio of 34.62, a PEG ratio of 1.36 and a beta of 1.06.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, October 25th. The information services provider reported $13.06 EPS for the quarter, topping the consensus estimate of $10.54 by $2.52. Alphabet had a net margin of 14.45% and a return on equity of 19.40%. The company had revenue of $27.16 billion for the quarter, compared to the consensus estimate of $27.32 billion. On average, analysts anticipate that Alphabet Inc will post 45.02 earnings per share for the current fiscal year.
Several research analysts have commented on GOOGL shares. Wedbush started coverage on shares of Alphabet in a research note on Wednesday, October 17th. They set an “outperform” rating and a $1,350.00 price target on the stock. Morgan Stanley reissued an “overweight” rating and set a $1,515.00 price target (up from $1,325.00) on shares of Alphabet in a research note on Wednesday, August 29th. Pivotal Research decreased their price target on shares of Alphabet from $1,080.00 to $1,010.00 and set a “hold” rating on the stock in a research note on Friday, October 12th. MKM Partners decreased their price target on shares of Alphabet from $1,465.00 to $1,365.00 and set a “buy” rating on the stock in a research note on Monday, November 26th. Finally, Barclays decreased their price target on shares of Alphabet from $1,415.00 to $1,400.00 and set an “overweight” rating on the stock in a research note on Friday, October 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating and thirty have issued a buy rating to the company. Alphabet presently has an average rating of “Buy” and a consensus target price of $1,330.17.
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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