Edgewood Management LLC Boosts Stock Position in Alphabet Inc (NASDAQ:GOOGL)

Edgewood Management LLC lifted its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,477,111 shares of the information services provider’s stock after buying an additional 23,947 shares during the quarter. Alphabet makes up 5.7% of Edgewood Management LLC’s holdings, making the stock its 4th largest holding. Edgewood Management LLC owned about 0.22% of Alphabet worth $1,716,329,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Norges Bank purchased a new stake in shares of Alphabet during the 4th quarter worth $6,806,866,000. Girard Partners LTD. raised its stake in shares of Alphabet by 9,648.1% in the first quarter. Girard Partners LTD. now owns 505,535 shares of the information services provider’s stock worth $6,229,000 after purchasing an additional 500,349 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Alphabet by 44.3% in the first quarter. Franklin Resources Inc. now owns 866,062 shares of the information services provider’s stock worth $1,006,266,000 after purchasing an additional 265,700 shares during the last quarter. DekaBank Deutsche Girozentrale purchased a new position in shares of Alphabet in the fourth quarter worth about $332,028,000. Finally, Altarock Partners LLC purchased a new position in shares of Alphabet in the fourth quarter worth about $308,060,000. 34.22% of the stock is currently owned by institutional investors and hedge funds.

Alphabet stock traded down $1.37 during trading on Tuesday, reaching $1,433.50. 721,260 shares of the company were exchanged, compared to its average volume of 1,690,995. Alphabet Inc has a 52-week low of $1,008.87 and a 52-week high of $1,530.74. The company has a market capitalization of $979.26 billion, a P/E ratio of 28.94, a PEG ratio of 2.15 and a beta of 1.07. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.66 and a quick ratio of 3.64. The stock’s 50 day simple moving average is $1,336.00 and its two-hundred day simple moving average is $1,336.76.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, April 28th. The information services provider reported $9.87 EPS for the quarter, missing the Zacks’ consensus estimate of $11.16 by ($1.29). Alphabet had a return on equity of 17.43% and a net margin of 20.71%. The company had revenue of $33.71 billion for the quarter, compared to analysts’ expectations of $32.59 billion. During the same quarter in the previous year, the business posted $9.50 EPS. As a group, equities analysts forecast that Alphabet Inc will post 41.47 earnings per share for the current year.

Several research firms recently commented on GOOGL. Loop Capital raised their target price on Alphabet from $1,320.00 to $1,400.00 in a report on Thursday, April 9th. Nomura Securities raised their target price on Alphabet from $1,560.00 to $1,680.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. UBS Group dropped their target price on Alphabet from $1,675.00 to $1,530.00 and set a “buy” rating on the stock in a report on Monday, March 30th. KeyCorp reaffirmed a “buy” rating and set a $1,769.00 target price on shares of Alphabet in a report on Tuesday, February 4th. Finally, Pivotal Research dropped their target price on Alphabet from $1,700.00 to $1,425.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Three equities research analysts have rated the stock with a hold rating and forty-three have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $1,510.46.

About Alphabet

Alphabet Inc, through its subsidiaries, provides online advertising services in the United States and internationally. The company offers performance and brand advertising services. It operates through Google and Other Bets segments. The Google segment includes principal Internet products, such as Ads, Android, Chrome, Commerce, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure and newer efforts, including Virtual Reality.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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