Highland Capital Management LLC Lowers Position in Alphabet Inc. (NASDAQ:GOOGL)
Highland Capital Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.7% during the second quarter, Holdings Channel reports. The fund owned 11,674 shares of the information services provider’s stock after selling 86 shares during the period. Alphabet accounts for about 0.9% of Highland Capital Management LLC’s portfolio, making the stock its 27th largest position. Highland Capital Management LLC’s holdings in Alphabet were worth $10,853,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently bought and sold shares of the stock. State of Alaska Department of Revenue bought a new stake in Alphabet during the second quarter valued at approximately $102,000. Franklin Parlapiano Turner & Welch LLC bought a new stake in Alphabet during the first quarter valued at approximately $108,000. Delta Asset Management LLC TN increased its stake in Alphabet by 1.5% in the first quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock valued at $116,000 after buying an additional 2 shares in the last quarter. Farmers National Bank increased its stake in Alphabet by 2.7% in the first quarter. Farmers National Bank now owns 150 shares of the information services provider’s stock valued at $127,000 after buying an additional 4 shares in the last quarter. Finally, Riggs Asset Managment Co. Inc. increased its stake in Alphabet by 58.3% in the first quarter. Riggs Asset Managment Co. Inc. now owns 152 shares of the information services provider’s stock valued at $129,000 after buying an additional 56 shares in the last quarter. 34.31% of the stock is owned by institutional investors and hedge funds.
Alphabet Inc. (NASDAQ:GOOGL) traded up 0.78% during midday trading on Friday, reaching $930.79. The company had a trading volume of 966,609 shares. The company’s 50 day moving average is $957.55 and its 200-day moving average is $908.38. The company has a market capitalization of $644.92 billion, a P/E ratio of 33.73 and a beta of 0.99. Alphabet Inc. has a 52-week low of $743.59 and a 52-week high of $1,008.61.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $8.25 by $3.24. The company had revenue of $20.92 billion for the quarter, compared to analyst estimates of $20.83 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. During the same period last year, the business earned $8.42 EPS. Equities analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current fiscal year.
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GOOGL has been the subject of several analyst reports. JMP Securities reaffirmed an “outperform” rating and set a $1,095.00 price objective (up from $1,020.00) on shares of Alphabet in a research note on Monday, May 1st. Cowen and Company reaffirmed an “outperform” rating and set a $1,050.00 price objective on shares of Alphabet in a research note on Monday, April 24th. Societe Generale set a $1,210.00 price objective on Alphabet and gave the company a “buy” rating in a research note on Friday, July 7th. They noted that the move was a valuation call. MKM Partners reaffirmed a “buy” rating and set a $1,170.00 price objective (up from $1,000.00) on shares of Alphabet in a research note on Monday, May 8th. Finally, Vetr downgraded Alphabet from a “buy” rating to a “hold” rating and set a $893.60 price objective for the company. in a research note on Monday, April 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty-two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $1,049.20.
Alphabet Company Profile
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.
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