Alphabet Inc. (NASDAQ:GOOGL) is Mackay Shields LLC’s 10th Largest Position

Mackay Shields LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 28.8% in the 2nd quarter, Holdings Channel reports. The fund owned 47,337 shares of the information services provider’s stock after selling 19,157 shares during the quarter. Alphabet accounts for 1.1% of Mackay Shields LLC’s holdings, making the stock its 10th largest holding. Mackay Shields LLC’s holdings in Alphabet were worth $115,587,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. First Interstate Bank acquired a new position in Alphabet in the 2nd quarter valued at about $8,822,000. Triumph Capital Management acquired a new position in Alphabet in the 2nd quarter valued at about $1,054,000. Psagot Investment House Ltd. boosted its holdings in Alphabet by 43.0% in the 1st quarter. Psagot Investment House Ltd. now owns 13,016 shares of the information services provider’s stock valued at $26,846,000 after purchasing an additional 3,917 shares during the last quarter. Sargent Bickham Lagudis LLC boosted its holdings in Alphabet by 1.7% in the 2nd quarter. Sargent Bickham Lagudis LLC now owns 5,405 shares of the information services provider’s stock valued at $13,198,000 after purchasing an additional 92 shares during the last quarter. Finally, Cornerstone Wealth Group LLC boosted its holdings in Alphabet by 64.7% in the 2nd quarter. Cornerstone Wealth Group LLC now owns 3,333 shares of the information services provider’s stock valued at $8,304,000 after purchasing an additional 1,309 shares during the last quarter. 34.43% of the stock is owned by institutional investors.

GOOGL has been the topic of several recent analyst reports. Wedbush boosted their target price on shares of Alphabet from $3,127.00 to $3,424.00 and gave the company an “outperform” rating in a report on Wednesday, July 28th. Jefferies Financial Group boosted their target price on shares of Alphabet from $3,150.00 to $3,325.00 and gave the company a “buy” rating in a report on Friday, September 17th. They noted that the move was a valuation call. Morgan Stanley upped their price objective on shares of Alphabet from $2,575.00 to $3,000.00 and gave the stock an “overweight” rating in a report on Wednesday, July 28th. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $2,875.00 to $3,250.00 and gave the stock an “overweight” rating in a report on Wednesday, July 28th. Finally, Mizuho upped their price objective on shares of Alphabet from $2,800.00 to $3,000.00 and gave the stock a “buy” rating in a report on Wednesday, July 28th. Three research analysts have rated the stock with a hold rating and thirty-eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Alphabet has an average rating of “Buy” and a consensus price target of $2,884.67.

Shares of NASDAQ GOOGL traded up $62.35 during mid-day trading on Thursday, reaching $2,813.99. The company had a trading volume of 52,384 shares, compared to its average volume of 1,525,323. The company has a current ratio of 3.15, a quick ratio of 3.14 and a debt-to-equity ratio of 0.06. The firm has a 50 day simple moving average of $2,793.11 and a two-hundred day simple moving average of $2,531.99. The stock has a market cap of $1.88 trillion, a P/E ratio of 30.39, a PEG ratio of 1.83 and a beta of 1.00. Alphabet Inc. has a 52-week low of $1,508.48 and a 52-week high of $2,925.07.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Monday, July 26th. The information services provider reported $27.26 EPS for the quarter, beating the Zacks’ consensus estimate of $19.89 by $7.37. The firm had revenue of $50.95 billion for the quarter, compared to the consensus estimate of $46.07 billion. Alphabet had a net margin of 28.57% and a return on equity of 27.87%. During the same period last year, the firm posted $10.13 EPS. On average, equities analysts expect that Alphabet Inc. will post 101.86 EPS for the current year.

About Alphabet

Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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