Washington Trust Bank Sells 121 Shares of Alphabet Inc (NASDAQ:GOOGL)

Washington Trust Bank reduced its position in Alphabet Inc (NASDAQ:GOOGL) by 2.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,012 shares of the information services provider’s stock after selling 121 shares during the period. Washington Trust Bank’s holdings in Alphabet were worth $6,509,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Lodestar Investment Counsel LLC IL raised its position in Alphabet by 0.8% during the 2nd quarter. Lodestar Investment Counsel LLC IL now owns 4,547 shares of the information services provider’s stock worth $4,923,000 after buying an additional 34 shares during the last quarter. Shellback Capital LP purchased a new position in Alphabet during the 4th quarter worth approximately $6,270,000. Hemenway Trust Co LLC raised its position in Alphabet by 2.1% during the 2nd quarter. Hemenway Trust Co LLC now owns 18,121 shares of the information services provider’s stock worth $19,621,000 after buying an additional 378 shares during the last quarter. Ledyard National Bank raised its position in Alphabet by 0.6% during the 2nd quarter. Ledyard National Bank now owns 7,553 shares of the information services provider’s stock worth $8,179,000 after buying an additional 42 shares during the last quarter. Finally, Exane Derivatives raised its position in Alphabet by 49.3% during the 4th quarter. Exane Derivatives now owns 790 shares of the information services provider’s stock worth $825,000 after buying an additional 261 shares during the last quarter. Institutional investors and hedge funds own 33.94% of the company’s stock.

A number of research firms have issued reports on GOOGL. MKM Partners reissued a “buy” rating and set a $1,450.00 price target on shares of Alphabet in a research report on Friday, August 2nd. Nomura reissued a “buy” rating and set a $1,400.00 price target (up from $1,300.00) on shares of Alphabet in a research report on Friday, July 26th. JPMorgan Chase & Co. raised 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 report on Friday, July 26th. Credit Suisse Group raised their price target 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. Finally, ValuEngine lowered shares of Alphabet from a “buy” rating to a “hold” rating in a research report on Tuesday, April 30th. Eight analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $1,371.05.

Shares of NASDAQ GOOGL traded down $17.29 during midday trading on Friday, reaching $1,188.90. 843,363 shares of the stock were exchanged, compared to its average volume of 1,775,499. The company has a market capitalization of $815.37 billion, a price-to-earnings ratio of 25.02, a price-to-earnings-growth ratio of 1.29 and a beta of 0.97. Alphabet Inc has a twelve month low of $977.66 and a twelve month high of $1,296.97. The firm has a 50-day moving average price of $1,149.24. The company has a current ratio of 3.98, a quick ratio of 3.96 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $11.49 by $2.72. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. The firm had revenue of $31.71 billion for the quarter, compared to analysts’ expectations of $30.90 billion. On average, analysts forecast 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.

Read More: Trading Ex-Dividend Strategy

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc (NASDAQ:GOOGL).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.