Convergence Investment Partners LLC Increases Holdings in Alphabet Inc (NASDAQ:GOOG)

Convergence Investment Partners LLC increased its holdings in shares of Alphabet Inc (NASDAQ:GOOG) by 7.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,937 shares of the information services provider’s stock after purchasing an additional 131 shares during the period. Alphabet accounts for about 0.9% of Convergence Investment Partners LLC’s holdings, making the stock its 26th biggest holding. Convergence Investment Partners LLC’s holdings in Alphabet were worth $2,738,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the stock. Engrave Wealth Partners LLC boosted its position in Alphabet by 15.9% during the 2nd quarter. Engrave Wealth Partners LLC now owns 51 shares of the information services provider’s stock worth $72,000 after purchasing an additional 7 shares during the period. Charles Schwab Trust Co boosted its position in Alphabet by 2.2% in the 2nd quarter. Charles Schwab Trust Co now owns 325 shares of the information services provider’s stock valued at $459,000 after buying an additional 7 shares during the last quarter. JGP Wealth Management LLC increased its position in shares of Alphabet by 4.8% during the first quarter. JGP Wealth Management LLC now owns 173 shares of the information services provider’s stock worth $209,000 after acquiring an additional 8 shares during the last quarter. Harvest Group Wealth Management LLC lifted its stake in shares of Alphabet by 7.0% in the first quarter. Harvest Group Wealth Management LLC now owns 122 shares of the information services provider’s stock worth $141,000 after acquiring an additional 8 shares in the last quarter. Finally, Legacy Bridge LLC lifted its stake in shares of Alphabet by 1.1% in the first quarter. Legacy Bridge LLC now owns 735 shares of the information services provider’s stock worth $855,000 after acquiring an additional 8 shares in the last quarter. 32.91% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:GOOG traded down $48.49 during midday trading on Friday, reaching $1,482.96. 3,429,036 shares of the company traded hands, compared to its average volume of 1,408,813. Alphabet Inc has a twelve month low of $1,013.54 and a twelve month high of $1,586.99. The firm has a market capitalization of $1,012.30 billion, a price-to-earnings ratio of 32.61, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.66 and a quick ratio of 3.64. The company has a fifty day moving average price of $1,474.19 and a 200 day moving average price of $1,377.20.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $8.43 by $1.70. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. The business had revenue of $31.60 billion during the quarter, compared to analyst estimates of $30.58 billion. On average, equities research analysts forecast that Alphabet Inc will post 42.07 earnings per share for the current fiscal year.

In other Alphabet news, Director Ann Mather sold 32 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the completion of the transaction, the director now owns 1,119 shares in the company, valued at approximately $1,587,178.41. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 60 shares of the business’s stock in a transaction on Monday, July 6th. The stock was sold at an average price of $1,495.85, for a total value of $89,751.00. Following the transaction, the director now owns 664 shares of the company’s stock, valued at approximately $993,244.40. The disclosure for this sale can be found here. Insiders have sold a total of 212 shares of company stock valued at $303,047 in the last 90 days. Insiders own 12.99% of the company’s stock.

Several research firms have issued reports on GOOG. Credit Suisse Group restated a “buy” rating on shares of Alphabet in a report on Friday. Barclays lifted their price objective on Alphabet from $1,600.00 to $1,800.00 and gave the stock an “overweight” rating in a report on Friday. Deutsche Bank lifted their price objective on Alphabet from $1,700.00 to $1,975.00 and gave the stock a “buy” rating in a report on Tuesday. BidaskClub upgraded Alphabet from a “hold” rating to a “buy” rating in a report on Thursday, June 25th. Finally, Zacks Investment Research upgraded Alphabet from a “sell” rating to a “hold” rating in a report on Wednesday, July 15th. Four investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $1,671.00.

Alphabet Profile

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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