Cary Street Partner Investment Advisory LLC Makes New $458,000 Investment in Alphabet Inc (NASDAQ:GOOGL)

Cary Street Partner Investment Advisory LLC purchased a new stake in shares of Alphabet Inc (NASDAQ:GOOGL) in the second quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 323 shares of the information services provider’s stock, valued at approximately $458,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wintrust Investments LLC lifted its holdings in shares of Alphabet by 13.3% in the first quarter. Wintrust Investments LLC now owns 978 shares of the information services provider’s stock worth $1,136,000 after buying an additional 115 shares in the last quarter. AE Wealth Management LLC increased its position in Alphabet by 78.3% during the second quarter. AE Wealth Management LLC now owns 12,543 shares of the information services provider’s stock valued at $17,786,000 after acquiring an additional 5,507 shares during the last quarter. Old North State Trust LLC increased its position in Alphabet by 36.1% during the first quarter. Old North State Trust LLC now owns 132 shares of the information services provider’s stock valued at $153,000 after acquiring an additional 35 shares during the last quarter. Optimum Investment Advisors increased its position in Alphabet by 4.1% during the first quarter. Optimum Investment Advisors now owns 538 shares of the information services provider’s stock valued at $625,000 after acquiring an additional 21 shares during the last quarter. Finally, Harwood Advisory Group LLC increased its position in Alphabet by 32.1% during the first quarter. Harwood Advisory Group LLC now owns 420 shares of the information services provider’s stock valued at $487,000 after acquiring an additional 102 shares during the last quarter. 34.14% of the stock is owned by institutional investors.

A number of research firms have weighed in on GOOGL. Wells Fargo & Co reiterated a “buy” rating and set a $1,750.00 price objective (up previously from $1,575.00) on shares of Alphabet in a research report on Monday, July 27th. Nomura Instinet upped their price target on shares of Alphabet from $1,680.00 to $1,700.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. MKM Partners upped their price target on shares of Alphabet from $1,500.00 to $1,700.00 in a report on Monday, July 27th. JPMorgan Chase & Co. upped their price target on shares of Alphabet from $1,340.00 to $1,505.00 and gave the stock an “overweight” rating in a report on Wednesday, April 29th. Finally, Pivotal Research upped their price target on shares of Alphabet from $1,575.00 to $1,725.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Four investment analysts have rated the stock with a hold rating and forty have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $1,662.16.

NASDAQ GOOGL traded up $8.78 during trading on Thursday, hitting $1,516.02. The stock had a trading volume of 62,642 shares, compared to its average volume of 2,196,840. The company has a market capitalization of $1,025.17 billion, a PE ratio of 33.61, a PEG ratio of 2.05 and a beta of 1.04. 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 firm has a 50 day moving average price of $1,488.79 and a 200 day moving average price of $1,377.80. Alphabet Inc has a twelve month low of $1,008.87 and a twelve month high of $1,587.05.

Alphabet (NASDAQ:GOOGL) last released 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 the consensus estimate of $30.58 billion. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. On average, sell-side analysts anticipate that Alphabet Inc will post 44.74 earnings per share for the current year.

Alphabet 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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