Davy Asset Management Ltd Invests $9.93 Million in Alphabet Inc (NASDAQ:GOOGL)

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Davy Asset Management Ltd acquired a new position in Alphabet Inc (NASDAQ:GOOGL) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 9,170 shares of the information services provider’s stock, valued at approximately $9,929,000. Alphabet comprises 3.2% of Davy Asset Management Ltd’s investment portfolio, making the stock its 4th biggest holding.

Several other institutional investors also recently modified their holdings of GOOGL. Thoroughbred Financial Services LLC grew its holdings in shares of Alphabet by 205,910.9% in the second quarter. Thoroughbred Financial Services LLC now owns 3,393,000 shares of the information services provider’s stock valued at $339,300,000 after acquiring an additional 3,391,353 shares in the last quarter. Fisher Asset Management LLC grew its holdings in shares of Alphabet by 4.0% in the fourth quarter. Fisher Asset Management LLC now owns 1,322,249 shares of the information services provider’s stock valued at $1,381,697,000 after acquiring an additional 51,160 shares in the last quarter. Packer & Co Ltd grew its holdings in shares of Alphabet by 4,018.6% in the second quarter. Packer & Co Ltd now owns 958,600 shares of the information services provider’s stock valued at $25,202,000 after acquiring an additional 935,325 shares in the last quarter. Clearbridge Investments LLC grew its holdings in Alphabet by 3.3% during the first quarter. Clearbridge Investments LLC now owns 613,338 shares of the information services provider’s stock valued at $721,831,000 after purchasing an additional 19,842 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in Alphabet by 0.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 534,707 shares of the information services provider’s stock valued at $558,747,000 after purchasing an additional 4,472 shares during the period. 33.47% of the stock is owned by hedge funds and other institutional investors.

Shares of Alphabet stock traded up $2.41 during trading hours on Tuesday, reaching $1,141.62. The company had a trading volume of 572,387 shares, compared to its average volume of 1,252,179. Alphabet Inc has a one year low of $977.66 and a one year high of $1,296.97. The business has a fifty day moving average price of $1,106.17. The company has a debt-to-equity ratio of 0.02, a quick ratio of 3.93 and a current ratio of 3.96. The company has a market cap of $794.41 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 1.33 and a beta of 0.96.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Monday, April 29th. The information services provider reported $11.90 EPS for the quarter, topping the Zacks’ consensus estimate of $10.56 by $1.34. Alphabet had a return on equity of 20.06% and a net margin of 19.71%. The firm had revenue of $29.48 billion during the quarter, compared to analyst estimates of $29.99 billion. During the same period last year, the company earned $13.33 earnings per share. As a group, equities research analysts predict that Alphabet Inc will post 48.43 earnings per share for the current fiscal year.

Several brokerages have weighed in on GOOGL. Bank of America reduced their price objective on ManpowerGroup from $100.00 to $96.00 and set a “neutral” rating for the company in a report on Monday. BMO Capital Markets raised Gold Fields from a “market perform” rating to an “outperform” rating in a report on Thursday, April 25th. Argus increased their price objective on Thermo Fisher Scientific from $285.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday, May 1st. Moffett Nathanson reduced their price objective on Alphabet from $1,290.00 to $1,250.00 and set a “buy” rating for the company in a report on Monday, June 24th. Finally, Morgan Stanley set a $70.00 price objective on Edison International and gave the company a “hold” rating in a report on Monday, July 15th. Eight investment analysts have rated the stock with a hold rating and twenty-nine have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $1,318.83.

Alphabet Company Profile

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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