Skylands Capital LLC trimmed its stake in Alphabet Inc (NASDAQ:GOOGL) by 5.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,205 shares of the information services provider’s stock after selling 375 shares during the period. Alphabet accounts for 1.6% of Skylands Capital LLC’s portfolio, making the stock its 15th largest position. Skylands Capital LLC’s holdings in Alphabet were worth $8,799,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors also recently modified their holdings of GOOGL. Spence Asset Management increased its position 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 worth $37,000 after purchasing an additional 10 shares in the last quarter. OmniStar Financial Group Inc. acquired a new position in Alphabet during the 1st quarter valued at about $44,000. Cedar Mountain Advisors LLC raised its stake in Alphabet by 26.9% in the second quarter. Cedar Mountain Advisors LLC now owns 33 shares of the information services provider’s stock valued at $47,000 after buying an additional 7 shares during the last quarter. Center for Financial Planning Inc. boosted its holdings in Alphabet by 35.5% in the first 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 in the last quarter. Finally, Danda Trouve Investment Management Inc. grew its stake in shares of Alphabet by 42.9% during the first quarter. Danda Trouve Investment Management Inc. now owns 50 shares of the information services provider’s stock worth $58,000 after acquiring an additional 15 shares during the last quarter. Hedge funds and other institutional investors own 34.14% of the company’s stock.
Several research firms have weighed in on GOOGL. Wells Fargo & Co reissued a “buy” rating and set a $1,750.00 target price (up previously from $1,575.00) on shares of Alphabet in a research report on Monday, July 27th. Needham & Company LLC restated a “buy” rating and issued a $1,800.00 target price on shares of Alphabet in a research note on Friday. Robert W. Baird lifted their price target on Alphabet from $1,500.00 to $1,650.00 in a research report on Thursday, June 25th. Monness Crespi & Hardt increased their price objective on Alphabet from $1,420.00 to $1,700.00 and gave the company a “buy” rating in a report on Friday. Finally, MKM Partners raised their price objective on Alphabet from $1,500.00 to $1,700.00 in a research note on Monday, July 27th. Four analysts have rated the stock with a hold rating and forty have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $1,657.51.
Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. The firm had revenue of $31.60 billion for the quarter, compared to the consensus estimate 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 predict that Alphabet Inc will post 42.07 EPS 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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