Diamond Hill Capital Management Inc. raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 466,073 shares of the information services provider’s stock after purchasing an additional 5,587 shares during the period. Alphabet accounts for approximately 2.3% of Diamond Hill Capital Management Inc.’s portfolio, making the stock its 3rd largest holding. Diamond Hill Capital Management Inc. owned 0.07% of Alphabet worth $433,299,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of Alphabet by 1.2% in the first quarter. State Street Corp now owns 11,946,348 shares of the information services provider’s stock worth $10,128,119,000 after acquiring an additional 142,214 shares during the period. Bank of Montreal Can boosted its holdings in shares of Alphabet by 0.8% in the second quarter. Bank of Montreal Can now owns 1,094,698 shares of the information services provider’s stock worth $1,017,719,000 after acquiring an additional 8,375 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Alphabet by 2.6% in the first quarter. Fisher Asset Management LLC now owns 1,071,363 shares of the information services provider’s stock worth $908,302,000 after acquiring an additional 27,598 shares during the period. Schwab Charles Investment Management Inc. boosted its holdings in shares of Alphabet by 4.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 994,541 shares of the information services provider’s stock worth $843,172,000 after acquiring an additional 45,805 shares during the period. Finally, Boston Partners boosted its holdings in shares of Alphabet by 9.9% in the first quarter. Boston Partners now owns 970,802 shares of the information services provider’s stock worth $823,046,000 after acquiring an additional 87,783 shares during the period. 33.85% of the stock is owned by institutional investors and hedge funds.
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GOOGL has been the subject of a number of analyst reports. Vetr raised Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,069.98 price target for the company in a report on Tuesday, June 27th. Societe Generale set a $1,210.00 price target on Alphabet and gave the stock a “buy” rating in a report on Friday, July 7th. They noted that the move was a valuation call. SunTrust Banks, Inc. reaffirmed a “buy” rating and issued a $1,100.00 price target on shares of Alphabet in a report on Saturday, September 23rd. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $1,150.00 price target on shares of Alphabet in a report on Saturday, July 22nd. Finally, Zacks Investment Research lowered Alphabet from a “hold” rating to a “sell” rating in a report on Monday, July 17th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, thirty-nine have assigned a buy rating and one has assigned a strong buy rating to the company. Alphabet has a consensus rating of “Buy” and a consensus price target of $1,058.31.
Alphabet (NASDAQ:GOOGL) last announced its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $8.25 by ($3.24). The firm had revenue of $20.92 billion during 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 quarter last year, the business earned $8.42 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post $30.59 EPS for the current fiscal year.
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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