Magnolia Capital Advisors LLC Invests $264,000 in Alphabet Inc (NASDAQ:GOOG)

Magnolia Capital Advisors LLC acquired a new stake in Alphabet Inc (NASDAQ:GOOG) in the 2nd quarter, HoldingsChannel reports. The fund acquired 187 shares of the information services provider’s stock, valued at approximately $264,000.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. grew its position in shares of Alphabet by 1.5% during the first quarter. BlackRock Inc. now owns 20,264,225 shares of the information services provider’s stock worth $23,563,444,000 after buying an additional 295,467 shares in the last quarter. State Street Corp increased its position in shares of Alphabet by 0.8% in the 1st quarter. State Street Corp now owns 11,814,026 shares of the information services provider’s stock valued at $13,737,468,000 after purchasing an additional 98,084 shares during the last quarter. Capital International Investors increased its position in shares of Alphabet by 5.0% in the 1st quarter. Capital International Investors now owns 4,555,880 shares of the information services provider’s stock valued at $5,297,617,000 after purchasing an additional 218,823 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Alphabet by 3.5% in the 1st quarter. Geode Capital Management LLC now owns 4,403,934 shares of the information services provider’s stock valued at $5,110,389,000 after purchasing an additional 149,012 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in shares of Alphabet by 0.6% during the 1st quarter. JPMorgan Chase & Co. now owns 3,707,376 shares of the information services provider’s stock worth $4,310,974,000 after purchasing an additional 22,951 shares during the last quarter. Hedge funds and other institutional investors own 32.91% of the company’s stock.

In other Alphabet news, Director John L. Hennessy sold 60 shares of Alphabet stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $1,363.61, for a total transaction of $81,816.60. Following the completion of the transaction, the director now owns 592 shares in the company, valued at $807,257.12. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Ann Mather sold 32 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 1,119 shares of the company’s stock, valued at $1,587,178.41. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 212 shares of company stock valued at $303,047. 12.99% of the stock is currently owned by insiders.

GOOG has been the topic of a number of analyst reports. Robert W. Baird raised their price target on Alphabet from $1,650.00 to $1,675.00 in a research note on Friday. Raymond James raised their target price on Alphabet from $1,425.00 to $1,700.00 and gave the stock an “outperform” rating in a research report on Friday. Goldman Sachs Group reaffirmed a “buy” rating on shares of Alphabet in a report on Friday. Cowen raised their price objective on shares of Alphabet from $1,450.00 to $1,525.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Finally, Zacks Investment Research upgraded shares of Alphabet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 15th. Four investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $1,671.00.

GOOG stock traded down $48.49 during trading on Friday, reaching $1,482.96. 3,429,036 shares of the company were exchanged, compared to its average volume of 1,408,813. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.64 and a current ratio of 3.66. The stock’s 50 day moving average price is $1,474.19 and its 200 day moving average price is $1,377.20. Alphabet Inc has a 52-week low of $1,013.54 and a 52-week high of $1,586.99. The company has a market cap of $1,012.30 billion, a P/E ratio of 32.61, a PEG ratio of 2.27 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. The business had revenue of $31.60 billion for the quarter, compared to analyst estimates of $30.58 billion. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. As a group, equities research analysts forecast that Alphabet Inc will post 42.07 EPS for the current year.

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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