Tower Bridge Advisors increased its position in Alphabet Inc (NASDAQ:GOOG) by 2.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 17,428 shares of the information services provider’s stock after purchasing an additional 339 shares during the period. Alphabet makes up 2.1% of Tower Bridge Advisors’ holdings, making the stock its 8th biggest holding. Tower Bridge Advisors’ holdings in Alphabet were worth $18,838,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. 1 North Wealth Services LLC purchased a new stake in shares of Alphabet in the 4th quarter worth about $34,000. HMS Capital Management LLC purchased a new stake in shares of Alphabet in the 2nd quarter worth about $38,000. TD Capital Management LLC grew its position in shares of Alphabet by 38.5% in the 4th quarter. TD Capital Management LLC now owns 36 shares of the information services provider’s stock worth $37,000 after buying an additional 10 shares during the period. Truehand Inc purchased a new stake in shares of Alphabet in the 4th quarter worth about $38,000. Finally, Thor Advisors LLC purchased a new stake in shares of Alphabet in the 1st quarter worth about $56,000. 34.00% of the stock is currently owned by institutional investors.
GOOG traded down $25.12 during midday trading on Friday, hitting $1,164.41. 525,429 shares of the company traded hands, compared to its average volume of 1,712,932. The company has a quick ratio of 3.96, a current ratio of 3.98 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $806.69 billion, a PE ratio of 24.51, a price-to-earnings-growth ratio of 1.30 and a beta of 0.96. The company’s 50-day moving average is $1,170.23 and its 200 day moving average is $1,155.94. Alphabet Inc has a 52 week low of $970.11 and a 52 week high of $1,289.27.
Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $11.49 by $2.72. The business had revenue of $38.94 billion for the quarter, compared to analysts’ expectations of $38.21 billion. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $11.75 EPS. On average, sell-side analysts predict that Alphabet Inc will post 52.1 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on GOOG shares. Cowen upped their target price on shares of Alphabet from $1,400.00 to $1,500.00 and gave the stock an “outperform” rating in a research report on Friday, July 26th. Goldman Sachs Group reaffirmed a “buy” rating on shares of Alphabet in a research report on Tuesday, July 23rd. Bank of America reaffirmed a “buy” rating and issued a $1,450.00 target price (up from $1,350.00) on shares of Alphabet in a research report on Friday, July 26th. Deutsche Bank upped their price target on shares of Alphabet from $1,400.00 to $1,475.00 and gave the stock a “buy” rating in a research note on Thursday, August 15th. Finally, Oppenheimer upped their price target on shares of Alphabet from $1,342.00 to $1,370.00 and gave the stock an “outperform” rating in a research note on Friday, July 26th. Three analysts have rated the stock with a hold rating and twenty-eight have given a buy rating to the company. Alphabet has a consensus rating of “Buy” and an average price target of $1,378.93.
In other Alphabet news, Director John L. Hennessy sold 75 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $1,238.57, for a total transaction of $92,892.75. Following the transaction, the director now owns 276 shares in the company, valued at approximately $341,845.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 69 shares of the company’s stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $1,042.90, for a total transaction of $71,960.10. Following the transaction, the chief accounting officer now owns 388 shares in the company, valued at approximately $404,645.20. The disclosure for this sale can be found here. Insiders have sold a total of 2,123 shares of company stock worth $2,553,758 in the last 90 days. Company insiders own 12.99% of the company’s stock.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.
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