Wesbanco Bank Inc. lessened its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 35.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 14,401 shares of the information services provider’s stock after selling 7,867 shares during the quarter. Alphabet comprises approximately 1.0% of Wesbanco Bank Inc.’s portfolio, making the stock its 25th largest position. Wesbanco Bank Inc.’s holdings in Alphabet were worth $15,170,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Odey Holdings AG increased its holdings in Alphabet by 18.2% in the 2nd quarter. Odey Holdings AG now owns 130 shares of the information services provider’s stock valued at $121,000 after purchasing an additional 20 shares during the last quarter. Stelac Advisory Services LLC acquired a new stake in Alphabet in the 3rd quarter valued at approximately $126,000. Wealthcare Advisory Partners LLC acquired a new stake in Alphabet in the 3rd quarter valued at approximately $137,000. Farmers National Bank increased its holdings in Alphabet by 3.3% in the 2nd quarter. Farmers National Bank now owns 155 shares of the information services provider’s stock valued at $144,000 after purchasing an additional 5 shares during the last quarter. Finally, QCI Asset Management Inc. NY increased its holdings in Alphabet by 27.2% in the 2nd quarter. QCI Asset Management Inc. NY now owns 173 shares of the information services provider’s stock valued at $161,000 after purchasing an additional 37 shares during the last quarter. 34.38% of the stock is currently owned by hedge funds and other institutional investors.
Shares of GOOGL stock opened at $1,036.04 on Friday. The company has a debt-to-equity ratio of 0.03, a current ratio of 5.14 and a quick ratio of 5.11. The firm has a market cap of $720,691.50, a P/E ratio of 32.40, a PEG ratio of 1.11 and a beta of 1.05. Alphabet Inc. has a 12 month low of $841.03 and a 12 month high of $1,198.00.
Alphabet declared that its Board of Directors has approved a share repurchase program on Thursday, February 1st that permits the company to buyback $8.59 billion in shares. This buyback authorization permits the information services provider to buy shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.
GOOGL has been the subject of several research reports. Barclays lifted their target price on shares of Alphabet from $1,260.00 to $1,330.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Vetr upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,192.20 target price for the company in a report on Friday, March 23rd. Deutsche Bank reiterated a “buy” rating and issued a $1,400.00 target price on shares of Alphabet in a report on Monday, January 29th. B. Riley boosted their price target on shares of Alphabet from $1,200.00 to $1,375.00 and gave the stock a “buy” rating in a research note on Tuesday, January 30th. Finally, Robert W. Baird restated a “buy” rating and issued a $1,150.00 price target on shares of Alphabet in a research note on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, thirty-eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $1,172.65.
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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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