Glovista Investments LLC Increases Holdings in Alphabet Inc (NASDAQ:GOOGL)

Glovista Investments LLC grew its holdings in shares of Alphabet Inc (NASDAQ:GOOGL) by 206.2% in the 1st quarter, HoldingsChannel reports. The firm owned 1,243 shares of the information services provider’s stock after acquiring an additional 837 shares during the quarter. Alphabet accounts for approximately 0.8% of Glovista Investments LLC’s investment portfolio, making the stock its 29th biggest holding. Glovista Investments LLC’s holdings in Alphabet were worth $1,444,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the company. Norges Bank bought a new position in shares of Alphabet during the 4th quarter worth $6,806,866,000. Girard Partners LTD. boosted its stake in Alphabet by 9,648.1% in the 1st quarter. Girard Partners LTD. now owns 505,535 shares of the information services provider’s stock worth $6,229,000 after purchasing an additional 500,349 shares during the period. Franklin Resources Inc. boosted its stake in Alphabet by 44.3% in the 1st quarter. Franklin Resources Inc. now owns 866,062 shares of the information services provider’s stock worth $1,006,266,000 after purchasing an additional 265,700 shares during the period. DekaBank Deutsche Girozentrale bought a new position in Alphabet in the 4th quarter worth about $332,028,000. Finally, Altarock Partners LLC bought a new position in Alphabet in the 4th quarter worth about $308,060,000. 34.22% of the stock is owned by hedge funds and other institutional investors.

GOOGL has been the subject of several analyst reports. Citigroup raised their target price on Alphabet from $1,400.00 to $1,600.00 and gave the stock a “buy” rating in a research note on Tuesday, May 12th. Nomura Securities raised their price target on Alphabet from $1,560.00 to $1,680.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Loop Capital raised their price target on Alphabet from $1,320.00 to $1,400.00 in a report on Thursday, April 9th. SunTrust Banks raised their price target on Alphabet from $1,350.00 to $1,550.00 and gave the company a “buy” rating in a report on Friday, April 24th. They noted that the move was a valuation call. Finally, Oppenheimer reaffirmed a “buy” rating and issued a $1,445.00 price target on shares of Alphabet in a report on Wednesday, April 29th. Three investment analysts have rated the stock with a hold rating and forty-three have issued a buy rating to the stock. Alphabet presently has a consensus rating of “Buy” and a consensus price target of $1,510.46.

Shares of GOOGL stock traded down $3.52 during mid-day trading on Wednesday, reaching $1,438.79. The company’s stock had a trading volume of 775,233 shares, compared to its average volume of 1,676,941. The company’s 50 day simple moving average is $1,340.56 and its 200-day simple moving average is $1,337.46. Alphabet Inc has a 12-month low of $1,008.87 and a 12-month high of $1,530.74. The company has a quick ratio of 3.64, a current ratio of 3.66 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $984.55 billion, a PE ratio of 29.00, a price-to-earnings-growth ratio of 2.15 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, April 28th. The information services provider reported $9.87 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $11.16 by ($1.29). The company had revenue of $33.71 billion during the quarter, compared to the consensus estimate of $32.59 billion. Alphabet had a return on equity of 17.43% and a net margin of 20.71%. During the same period in the previous year, the firm posted $9.50 EPS. As a group, research analysts anticipate that Alphabet Inc will post 41.47 EPS 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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