Myriad Asset Management Ltd. lowered its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 45.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,700 shares of the information services provider’s stock after selling 51,612 shares during the quarter. Alphabet makes up approximately 4.0% of Myriad Asset Management Ltd.’s holdings, making the stock its 6th biggest holding. Myriad Asset Management Ltd.’s holdings in Alphabet were worth $57,361,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. State of Alaska Department of Revenue bought a new stake in Alphabet during the 2nd quarter worth about $102,000. Franklin Parlapiano Turner & Welch LLC bought a new position in shares of Alphabet in the 1st quarter valued at about $108,000. Parkside Financial Bank & Trust boosted its stake in shares of Alphabet by 39.6% in the 2nd 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 last quarter. Farmers National Bank boosted its stake in shares of Alphabet by 2.7% in the 1st 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 last quarter. Finally, Riggs Asset Managment Co. Inc. boosted its stake in shares of Alphabet by 58.3% in the 1st 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 last quarter. Institutional investors and hedge funds own 33.62% of the company’s stock.
Several research analysts have recently issued reports on the stock. Cowen reaffirmed an “outperform” rating and issued a $1,075.00 target price on shares of Alphabet in a research note on Thursday, August 10th. Bank of America reaffirmed a “buy” rating and issued a $1,100.00 target price on shares of Alphabet in a research note on Tuesday, September 26th. B. Riley reaffirmed a “buy” rating and issued a $1,050.00 target price on shares of Alphabet in a research note on Monday, September 25th. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $1,250.00 target price on shares of Alphabet in a research note on Wednesday, September 27th. Finally, Evercore ISI assumed coverage on shares of Alphabet in a research note on Tuesday. They issued an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, forty have assigned a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $1,089.17.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $8.43 by $1.14. The business had revenue of $22.27 billion for the quarter, compared to the consensus estimate of $21.94 billion. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. During the same period in the previous year, the company earned $9.06 earnings per share. analysts anticipate that Alphabet Inc will post 32.34 EPS for the current year.
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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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