Manitou Investment Management Ltd. raised its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.9% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 18,125 shares of the information services provider’s stock after buying an additional 160 shares during the quarter. Alphabet makes up about 7.8% of Manitou Investment Management Ltd.’s investment portfolio, making the stock its 2nd largest holding. Manitou Investment Management Ltd.’s holdings in Alphabet were worth $44,257,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Day & Ennis LLC increased its stake in Alphabet by 20.3% in the 2nd quarter. Day & Ennis LLC now owns 207 shares of the information services provider’s stock worth $505,000 after purchasing an additional 35 shares in the last quarter. Prentice Wealth Management LLC grew its stake in shares of Alphabet by 15.4% in the 2nd quarter. Prentice Wealth Management LLC now owns 225 shares of the information services provider’s stock valued at $549,000 after buying an additional 30 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in Alphabet by 16.8% in the 2nd quarter. Mackenzie Financial Corp now owns 390,392 shares of the information services provider’s stock worth $953,255,000 after purchasing an additional 56,143 shares during the last quarter. Financial Network Wealth Management LLC acquired a new stake in Alphabet in the 2nd quarter worth approximately $208,000. Finally, Nicolet Bankshares Inc. lifted its holdings in shares of Alphabet by 8.8% during the second quarter. Nicolet Bankshares Inc. now owns 936 shares of the information services provider’s stock worth $2,286,000 after buying an additional 76 shares during the last quarter. Institutional investors and hedge funds own 34.43% of the company’s stock.
NASDAQ GOOGL traded up $4.23 on Tuesday, hitting $2,778.62. 18,459 shares of the stock traded hands, compared to its average volume of 1,530,552. The business’s fifty day moving average is $2,746.73 and its two-hundred day moving average is $2,450.48. Alphabet Inc. has a 12 month low of $1,402.15 and a 12 month high of $2,925.07. The firm has a market capitalization of $1.85 trillion, a price-to-earnings ratio of 30.07, a PEG ratio of 1.83 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.14 and a current ratio of 3.15.
GOOGL has been the topic of a number of analyst reports. Stifel Nicolaus upped their price target on Alphabet from $2,700.00 to $3,000.00 and gave the company a “buy” rating in a research report on Wednesday, July 28th. Susquehanna Bancshares increased their target price on Alphabet from $3,100.00 to $3,600.00 and gave the company a “positive” rating in a research note on Wednesday, July 28th. JPMorgan Chase & Co. increased their target price on Alphabet from $2,875.00 to $3,250.00 and gave the company an “overweight” rating in a research note on Wednesday, July 28th. Canaccord Genuity raised their price target on Alphabet from $2,800.00 to $3,100.00 and gave the stock a “buy” rating in a research report on Wednesday, July 28th. Finally, Barclays increased their price objective on Alphabet from $3,000.00 to $3,200.00 and gave the stock an “overweight” rating in a report on Wednesday, July 28th. Three research analysts have rated the stock with a hold rating and thirty-nine have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $2,846.21.
Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.
Further Reading: Hold Rating
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