PNC Financial Services Group Inc. Boosts Position in Alphabet Inc (NASDAQ:GOOGL)

PNC Financial Services Group Inc. boosted its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 483,778 shares of the information services provider’s stock after acquiring an additional 7,950 shares during the quarter. Alphabet accounts for 0.9% of PNC Financial Services Group Inc.’s portfolio, making the stock its 19th biggest holding. PNC Financial Services Group Inc. owned 0.07% of Alphabet worth $686,023,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Virtus Alternative Investment Advisers Inc. bought a new stake in Alphabet during the second quarter valued at about $45,000. Cedar Mountain Advisors LLC grew its holdings in Alphabet by 26.9% during the second quarter. Cedar Mountain Advisors LLC now owns 33 shares of the information services provider’s stock valued at $47,000 after purchasing an additional 7 shares during the period. Center for Financial Planning Inc. grew its holdings in Alphabet by 35.5% during the first quarter. Center for Financial Planning Inc. now owns 42 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 11 shares during the period. Watson Rebecca bought a new stake in Alphabet during the second quarter valued at about $60,000. Finally, MBE Wealth Management LLC bought a new stake in Alphabet during the first quarter valued at about $69,000. Institutional investors own 33.78% of the company’s stock.

GOOGL stock traded up $26.29 during midday trading on Tuesday, reaching $1,535.12. 1,148,698 shares of the company traded hands, compared to its average volume of 2,132,639. Alphabet Inc has a 52-week low of $1,008.87 and a 52-week high of $1,726.10. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.40 and a current ratio of 3.41. The business has a 50 day moving average of $1,548.42 and a 200-day moving average of $1,393.09. The firm has a market capitalization of $1,026.25 billion, a price-to-earnings ratio of 33.80, a P/E/G ratio of 2.08 and a beta of 1.07.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, topping the consensus estimate of $8.43 by $1.70. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. The firm had revenue of $31.60 billion for the quarter, compared to the consensus estimate of $30.58 billion. Research analysts anticipate that Alphabet Inc will post 44.74 earnings per share for the current year.

Several analysts have issued reports on the company. Wells Fargo & Company reissued a “buy” rating and set a $1,750.00 price target (up previously from $1,575.00) on shares of Alphabet in a report on Monday, July 27th. Monness Crespi & Hardt boosted their price target on Alphabet from $1,420.00 to $1,700.00 and gave the company a “buy” rating in a report on Friday, July 31st. Credit Suisse Group boosted their price target on Alphabet from $1,600.00 to $1,850.00 and gave the company an “outperform” rating in a report on Monday, July 20th. Barclays boosted their price target on Alphabet from $1,600.00 to $1,800.00 and gave the company an “overweight” rating in a report on Friday, July 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $1,800.00 price objective on shares of Alphabet in a research note on Friday, July 31st. Four research analysts have rated the stock with a hold rating and forty have given a buy rating to the stock. Alphabet currently has an average rating of “Buy” and an average target price of $1,666.49.

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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