Mattern Wealth Management LLC increased its holdings in Alphabet Inc (NASDAQ:GOOGL) by 6.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 917 shares of the information services provider’s stock after purchasing an additional 54 shares during the quarter. Mattern Wealth Management LLC’s holdings in Alphabet were worth $1,300,000 at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of the stock. Spence Asset Management raised its holdings in shares of Alphabet by 45.5% during the first quarter. Spence Asset Management now owns 32 shares of the information services provider’s stock valued at $37,000 after purchasing an additional 10 shares during the period. OmniStar Financial Group Inc. acquired a new stake in shares of Alphabet in the 1st quarter worth about $44,000. Cedar Mountain Advisors LLC raised its holdings in shares of 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 acquiring an additional 7 shares during the last quarter. Center for Financial Planning Inc. raised its holdings in shares of Alphabet by 35.5% in the 1st quarter. Center for Financial Planning Inc. now owns 42 shares of the information services provider’s stock worth $49,000 after acquiring an additional 11 shares during the last quarter. Finally, Danda Trouve Investment Management Inc. grew its position in Alphabet by 42.9% in the 1st quarter. Danda Trouve Investment Management Inc. now owns 50 shares of the information services provider’s stock worth $58,000 after purchasing an additional 15 shares in the last quarter. 34.14% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on GOOGL shares. SunTrust Banks upped their price objective on shares of Alphabet from $1,805.00 to $1,850.00 and gave the stock a “buy” rating in a research report on Friday. Citigroup increased their target price on shares of Alphabet from $1,400.00 to $1,600.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. Guggenheim increased their target price on shares of Alphabet from $1,580.00 to $1,725.00 and gave the company a “buy” rating in a research report on Friday. Nomura increased their target price on shares of Alphabet from $1,680.00 to $1,700.00 in a research report on Wednesday, April 29th. Finally, Stifel Nicolaus downgraded shares of Alphabet from a “buy” rating to a “hold” rating and increased their target price for the company from $1,550.00 to $1,600.00 in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and forty have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $1,657.51.
Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.43 by $1.70. The business had revenue of $31.60 billion for the quarter, compared to analyst estimates of $30.58 billion. Alphabet had a net margin of 18.99% and a return on equity of 15.77%. As a group, sell-side analysts expect that Alphabet Inc will post 42.07 earnings per share for the current fiscal 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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