Alphabet Inc (GOOGL) Stake Lowered by Destination Wealth Management
Destination Wealth Management decreased its holdings in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,703 shares of the information services provider’s stock after selling 437 shares during the quarter. Alphabet accounts for approximately 1.5% of Destination Wealth Management’s portfolio, making the stock its 19th largest position. Destination Wealth Management’s holdings in Alphabet were worth $22,966,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of GOOGL. State of Alaska Department of Revenue purchased a new stake in Alphabet in the second quarter worth approximately $102,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of Alphabet during the first quarter valued at approximately $108,000. Parkside Financial Bank & Trust boosted its stake in shares of Alphabet by 39.6% during the second quarter. Parkside Financial Bank & Trust now owns 127 shares of the information services provider’s stock valued at $118,000 after purchasing an additional 36 shares during the period. Farmers National Bank boosted its stake in shares of Alphabet by 2.7% during the first quarter. Farmers National Bank now owns 150 shares of the information services provider’s stock valued at $127,000 after purchasing an additional 4 shares during the period. Finally, Riggs Asset Managment Co. Inc. boosted its stake in shares of Alphabet by 58.3% during the first quarter. Riggs Asset Managment Co. Inc. now owns 152 shares of the information services provider’s stock valued at $129,000 after purchasing an additional 56 shares during the period. 33.62% of the stock is owned by institutional investors.
Shares of Alphabet Inc (NASDAQ:GOOGL) opened at $1,044.57 on Friday. The company has a current ratio of 5.77, a quick ratio of 5.73 and a debt-to-equity ratio of 0.03. Alphabet Inc has a 12-month low of $787.91 and a 12-month high of $1,080.00. The company has a market capitalization of $722,580.00, a price-to-earnings ratio of 34.13, a P/E/G ratio of 1.71 and a beta of 0.90.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, October 26th. The information services provider reported $9.57 EPS for the quarter, beating the consensus estimate of $8.43 by $1.14. Alphabet had a return on equity of 14.26% and a net margin of 20.09%. The company had revenue of $22.27 billion for the quarter, compared to analysts’ expectations of $21.94 billion. During the same period last year, the firm posted $9.06 earnings per share. research analysts predict that Alphabet Inc will post 32.34 EPS for the current fiscal year.
A number of analysts have recently weighed in on GOOGL shares. MKM Partners reissued a “buy” rating and set a $1,210.00 price objective (up previously from $1,170.00) on shares of Alphabet in a research note on Thursday, August 10th. Cowen reissued an “outperform” rating and set a $1,075.00 price objective on shares of Alphabet in a research note on Thursday, August 10th. SunTrust Banks started coverage on Alphabet in a research note on Tuesday, August 15th. They set a “buy” rating and a $1,100.00 price objective for the company. UBS reissued an “overweight” rating on shares of Alphabet in a research note on Thursday, August 24th. Finally, Robert W. Baird reissued an “outperform” rating and set a $1,100.00 price objective on shares of Alphabet in a research note on Saturday, August 26th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $1,089.17.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc (NASDAQ:GOOGL).
Receive News & Ratings for Alphabet Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet Inc and related companies with Analyst Ratings Network's FREE daily email newsletter.