Ninety One UK Ltd decreased its position in Alphabet Inc (NASDAQ:GOOGL) by 6.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 533,947 shares of the information services provider’s stock after selling 36,940 shares during the quarter. Alphabet makes up 2.5% of Ninety One UK Ltd’s portfolio, making the stock its 7th biggest holding. Ninety One UK Ltd owned 0.08% of Alphabet worth $757,164,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Virtus Alternative Investment Advisers Inc. purchased a new position in shares of Alphabet during the 2nd quarter worth $45,000. Cedar Mountain Advisors LLC raised its holdings in Alphabet by 26.9% in the 2nd quarter. Cedar Mountain Advisors LLC now owns 33 shares of the information services provider’s stock worth $47,000 after purchasing an additional 7 shares during the period. Center for Financial Planning Inc. lifted its position in Alphabet by 35.5% during the first quarter. Center for Financial Planning Inc. now owns 42 shares of the information services provider’s stock valued at $49,000 after purchasing an additional 11 shares in the last quarter. Watson Rebecca purchased a new position in Alphabet during the second quarter valued at $60,000. Finally, MBE Wealth Management LLC bought a new stake in Alphabet during the first quarter valued at about $69,000. 33.78% of the stock is currently owned by institutional investors.
A number of analysts have recently issued reports on the stock. Mizuho increased their price objective on shares of Alphabet from $1,650.00 to $1,750.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. MKM Partners increased their price target on Alphabet from $1,500.00 to $1,700.00 in a research note on Monday, July 27th. Credit Suisse Group boosted their price objective on Alphabet from $1,600.00 to $1,850.00 and gave the company an “outperform” rating in a research report on Monday, July 20th. Guggenheim upped their price objective on Alphabet from $1,580.00 to $1,725.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Stifel Nicolaus downgraded Alphabet from a “buy” rating to a “hold” rating and lifted their target price for the company from $1,550.00 to $1,600.00 in a research note on Friday, July 31st. Four investment analysts have rated the stock with a hold rating and forty have issued a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $1,666.49.
Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. Alphabet had a net margin of 18.99% and a return on equity of 15.62%. The business had revenue of $31.60 billion during the quarter, compared to the consensus estimate of $30.58 billion. On average, sell-side analysts expect that Alphabet Inc will post 44.74 EPS for the current year.
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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