OppenheimerFunds Inc. lessened its stake in Alphabet Inc (NASDAQ:GOOGL) by 1.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,293,953 shares of the information services provider’s stock after selling 19,716 shares during the period. Alphabet accounts for approximately 1.7% of OppenheimerFunds Inc.’s portfolio, making the stock its 3rd largest position. OppenheimerFunds Inc. owned approximately 0.19% of Alphabet worth $1,461,117,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOGL. BlackRock Inc. boosted its stake in shares of Alphabet by 0.7% during the second quarter. BlackRock Inc. now owns 18,861,236 shares of the information services provider’s stock worth $21,297,919,000 after buying an additional 128,040 shares during the period. Summit Trail Advisors LLC boosted its stake in shares of Alphabet by 134,676.9% during the first quarter. Summit Trail Advisors LLC now owns 17,938,806 shares of the information services provider’s stock worth $17,939,000 after buying an additional 17,925,496 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Alphabet by 0.7% during the second quarter. Bank of New York Mellon Corp now owns 3,249,834 shares of the information services provider’s stock worth $3,669,682,000 after buying an additional 24,188 shares during the period. Jennison Associates LLC boosted its stake in shares of Alphabet by 10.1% during the second quarter. Jennison Associates LLC now owns 1,740,929 shares of the information services provider’s stock worth $1,965,840,000 after buying an additional 159,959 shares during the period. Finally, Cornerstone Wealth Management LLC raised its holdings in Alphabet by 115,058.0% during the second quarter. Cornerstone Wealth Management LLC now owns 1,388,805 shares of the information services provider’s stock worth $1,216,000 after purchasing an additional 1,387,599 shares in the last quarter. Institutional investors own 30.54% of the company’s stock.
Shares of Alphabet stock opened at $1,046.58 on Friday. Alphabet Inc has a 12-month low of $984.00 and a 12-month high of $1,291.44. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.14 and a quick ratio of 4.10. The stock has a market capitalization of $750.21 billion, a price-to-earnings ratio of 24.26, a P/E/G ratio of 1.33 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 earnings per share (EPS) for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $27.32 billion. As a group, sell-side analysts predict that Alphabet Inc will post 45.02 earnings per share for the current year.
Several research analysts recently issued reports on GOOGL shares. Bank of America cut their price target on shares of Alphabet from $1,390.00 to $1,350.00 and set a “buy” rating for the company in a report on Friday, October 26th. Monness Crespi & Hardt cut their price target on shares of Alphabet from $1,415.00 to $1,315.00 and set a “buy” rating for the company in a report on Friday, October 26th. Wedbush set a $1,350.00 price target on shares of Alphabet and gave the stock a “buy” rating in a report on Friday, October 26th. Macquarie reissued a “buy” rating and set a $1,250.00 price target on shares of Alphabet in a report on Monday, August 27th. Finally, MKM Partners increased their price target on shares of Alphabet from $1,355.00 to $1,465.00 and gave the stock a “buy” rating in a report on Wednesday, August 22nd. One investment 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 currently has a consensus rating of “Buy” and an average target price of $1,330.16.
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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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