Wellington Shields Capital Management LLC Decreases Position in Alphabet Inc (NASDAQ:GOOGL)

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Wellington Shields Capital Management LLC decreased its stake in Alphabet Inc (NASDAQ:GOOGL) by 2.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 7,058 shares of the information services provider’s stock after selling 205 shares during the quarter. Alphabet comprises approximately 1.3% of Wellington Shields Capital Management LLC’s portfolio, making the stock its 11th largest position. Wellington Shields Capital Management LLC’s holdings in Alphabet were worth $7,642,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of GOOGL. Capital Investment Advisory Services LLC boosted its holdings in Alphabet by 276.1% in the second quarter. Capital Investment Advisory Services LLC now owns 771 shares of the information services provider’s stock valued at $878,000 after purchasing an additional 566 shares during the last quarter. SRS Capital Advisors Inc. purchased a new position in Alphabet in the second quarter valued at about $471,000. Premier Fund Managers Ltd purchased a new position in Alphabet in the second quarter valued at about $4,285,000. Delek Group Ltd. boosted its holdings in Alphabet by 7.6% in the second quarter. Delek Group Ltd. now owns 2,471 shares of the information services provider’s stock valued at $2,614,000 after purchasing an additional 175 shares during the last quarter. Finally, Corient Capital Partners LLC boosted its holdings in Alphabet by 1.4% in the second quarter. Corient Capital Partners LLC now owns 3,408 shares of the information services provider’s stock valued at $3,690,000 after purchasing an additional 47 shares during the last quarter. 34.09% of the stock is owned by institutional investors.

Shares of Alphabet stock traded up $20.27 on Thursday, reaching $1,194.02. 515,885 shares of the company were exchanged, compared to its average volume of 1,444,079. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.96 and a current ratio of 3.98. The company’s 50-day moving average is $1,175.59 and its two-hundred day moving average is $1,160.84. The firm has a market cap of $812.09 billion, a price-to-earnings ratio of 25.13, a P/E/G ratio of 1.29 and a beta of 0.97. Alphabet Inc has a 1-year low of $977.66 and a 1-year high of $1,296.97.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share for the quarter, topping analysts’ consensus estimates of $11.49 by $2.72. The business had revenue of $31.71 billion for the quarter, compared to analysts’ expectations of $30.90 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. As a group, sell-side analysts forecast that Alphabet Inc will post 51.94 earnings per share for the current year.

GOOGL has been the subject of a number of analyst reports. Needham & Company LLC set a $1,350.00 price target on Alphabet and gave the company a “buy” rating in a report on Friday, July 26th. BMO Capital Markets increased their price target on Alphabet to $1,225.00 and gave the company a “market perform” rating in a report on Friday, July 26th. Macquarie set a $1,300.00 price target on Alphabet and gave the company a “buy” rating in a report on Friday, July 26th. Loop Capital began coverage on Alphabet in a research note on Monday, June 3rd. They set a “hold” rating and a $1,250.00 price objective on the stock. Finally, Mizuho upped their price objective on Alphabet from $1,350.00 to $1,400.00 and gave the company a “buy” rating 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 company. The stock has an average rating of “Buy” and a consensus price target of $1,371.05.

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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