Pinnacle Associates Ltd. Raises Stake in Alphabet Inc (NASDAQ:GOOGL)

Pinnacle Associates Ltd. boosted its holdings in shares of Alphabet Inc (NASDAQ:GOOGL) by 6.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 14,541 shares of the information services provider’s stock after purchasing an additional 913 shares during the period. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $15,745,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the business. UMB Bank N A MO raised its position in Alphabet by 5.2% during the 4th quarter. UMB Bank N A MO now owns 37,471 shares of the information services provider’s stock valued at $39,156,000 after purchasing an additional 1,836 shares during the last quarter. Notis McConarty Edward raised its position in Alphabet by 9.4% during the 4th quarter. Notis McConarty Edward now owns 5,199 shares of the information services provider’s stock valued at $5,434,000 after purchasing an additional 447 shares during the last quarter. Traynor Capital Management Inc. raised its position in Alphabet by 7.2% during the 4th quarter. Traynor Capital Management Inc. now owns 11,014 shares of the information services provider’s stock valued at $11,509,000 after purchasing an additional 739 shares during the last quarter. V Wealth Advisors LLC raised its position in Alphabet by 29.4% during the 4th quarter. V Wealth Advisors LLC now owns 2,183 shares of the information services provider’s stock valued at $2,357,000 after purchasing an additional 496 shares during the last quarter. Finally, Liberty Capital Management Inc. raised its position in Alphabet by 1.0% during the 4th quarter. Liberty Capital Management Inc. now owns 3,609 shares of the information services provider’s stock valued at $3,771,000 after purchasing an additional 34 shares during the last quarter. 34.09% of the stock is currently owned by institutional investors.

GOOGL traded up $12.75 during trading on Wednesday, hitting $1,196.28. 255,614 shares of the company’s stock traded hands, compared to its average volume of 1,845,357. The company’s 50 day simple moving average is $1,168.00 and its two-hundred day simple moving average is $1,158.92. 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 Inc has a 12-month low of $977.66 and a 12-month high of $1,296.97. The stock has a market capitalization of $817.66 billion, a price-to-earnings ratio of 25.18, a PEG ratio of 1.30 and a beta of 0.97.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, July 25th. The information services provider reported $14.21 EPS for the quarter, beating the consensus estimate of $11.49 by $2.72. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. The business had revenue of $31.71 billion for the quarter, compared to the consensus estimate of $30.90 billion. On average, equities analysts expect that Alphabet Inc will post 51.94 EPS for the current year.

A number of research analysts have commented on GOOGL shares. Oppenheimer set a $1,370.00 price target on Alphabet and gave the company a “buy” rating in a research report on Friday, July 26th. Raymond James set a $1,360.00 target price on Alphabet and gave the stock a “buy” rating in a research report on Friday, July 26th. Zacks Investment Research raised Alphabet from a “sell” rating to a “hold” rating and set a $1,189.00 target price for the company in a research report on Monday, July 8th. Credit Suisse Group increased their target price on 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, Needham & Company LLC set a $1,350.00 target price on Alphabet and gave the stock a “buy” rating in a research report on Friday, July 26th. Eight analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price 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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