Alphabet Inc (NASDAQ:GOOG) Holdings Lifted by Principal Financial Group Inc.

Principal Financial Group Inc. grew its position in shares of Alphabet Inc (NASDAQ:GOOG) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 785,123 shares of the information services provider’s stock after buying an additional 40,159 shares during the period. Alphabet accounts for 1.0% of Principal Financial Group Inc.’s investment portfolio, making the stock its 9th largest position. Principal Financial Group Inc.’s holdings in Alphabet were worth $1,109,860,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Virtus ETF Advisers LLC purchased a new position in shares of Alphabet during the 2nd quarter valued at $38,000. Campbell Wealth Management purchased a new position in shares of Alphabet during the 2nd quarter valued at $41,000. Islay Capital Management LLC lifted its position in shares of Alphabet by 40.0% during the 2nd quarter. Islay Capital Management LLC now owns 35 shares of the information services provider’s stock valued at $49,000 after buying an additional 10 shares during the last quarter. Prestige Wealth Management Group LLC lifted its position in shares of Alphabet by 1,700.0% during the 1st quarter. Prestige Wealth Management Group LLC now owns 36 shares of the information services provider’s stock valued at $42,000 after buying an additional 34 shares during the last quarter. Finally, Cordasco Financial Network lifted its position in shares of Alphabet by 32.1% during the 1st quarter. Cordasco Financial Network now owns 37 shares of the information services provider’s stock valued at $43,000 after buying an additional 9 shares during the last quarter. 32.91% of the stock is currently owned by hedge funds and other institutional investors.

In other Alphabet news, Director John L. Hennessy sold 60 shares of the stock in a transaction that occurred 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 completion of the sale, the director now owns 664 shares in the company, valued at approximately $993,244.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Ann Mather sold 32 shares of the 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 value of $45,388.48. Following the completion of the sale, the director now owns 1,119 shares of the company’s stock, valued at approximately $1,587,178.41. The disclosure for this sale can be found here. Insiders have sold a total of 152 shares of company stock valued at $221,230 over the last 90 days. 12.99% of the stock is currently owned by company insiders.

Shares of Alphabet stock traded up $7.47 during trading on Thursday, hitting $1,514.09. 79,707 shares of the stock traded hands, compared to its average volume of 1,990,139. The company has a quick ratio of 3.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.07. The stock has a market cap of $1,014.42 billion, a price-to-earnings ratio of 33.40, a PEG ratio of 2.10 and a beta of 1.03. The firm’s fifty day moving average is $1,487.83 and its 200-day moving average is $1,378.73. Alphabet Inc has a 52 week low of $1,013.54 and a 52 week high of $1,586.99.

Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, beating the consensus estimate of $8.43 by $1.70. The company had revenue of $31.60 billion during the quarter, compared to analysts’ expectations of $30.58 billion. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. On average, analysts forecast that Alphabet Inc will post 44 earnings per share for the current fiscal year.

GOOG has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their price objective on Alphabet from $1,505.00 to $1,700.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Robert W. Baird boosted their price objective on Alphabet from $1,650.00 to $1,675.00 in a research note on Friday, July 31st. Cowen boosted their price objective on Alphabet from $1,450.00 to $1,525.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Jefferies Financial Group reiterated a “buy” rating on shares of Alphabet in a research note on Tuesday, April 28th. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of Alphabet in a research note on Friday, July 31st. Five research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $1,671.00.

Alphabet Company 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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