Convergence Investment Partners LLC Grows Position in Alphabet Inc (NASDAQ:GOOG)

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Convergence Investment Partners LLC raised its holdings in shares of Alphabet Inc (NASDAQ:GOOG) by 7.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,937 shares of the information services provider’s stock after acquiring an additional 131 shares during the quarter. Alphabet comprises approximately 0.9% of Convergence Investment Partners LLC’s holdings, making the stock its 26th biggest position. Convergence Investment Partners LLC’s holdings in Alphabet were worth $2,738,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Alphabet by 1.5% during the first quarter. BlackRock Inc. now owns 20,264,225 shares of the information services provider’s stock valued at $23,563,444,000 after buying an additional 295,467 shares during the period. State Street Corp increased its position in shares of Alphabet by 0.8% during the first quarter. State Street Corp now owns 11,814,026 shares of the information services provider’s stock valued at $13,737,468,000 after buying an additional 98,084 shares during the period. Capital International Investors increased its position in shares of Alphabet by 5.0% during the first quarter. Capital International Investors now owns 4,555,880 shares of the information services provider’s stock valued at $5,297,617,000 after buying an additional 218,823 shares during the period. Geode Capital Management LLC increased its position in shares of Alphabet by 3.5% during the first quarter. Geode Capital Management LLC now owns 4,403,934 shares of the information services provider’s stock valued at $5,110,389,000 after buying an additional 149,012 shares during the period. Finally, JPMorgan Chase & Co. increased its position in shares of Alphabet by 0.6% during the first quarter. JPMorgan Chase & Co. now owns 3,707,376 shares of the information services provider’s stock valued at $4,310,974,000 after buying an additional 22,951 shares during the period. 32.91% of the stock is currently owned by institutional investors and hedge funds.

Several research analysts recently weighed in on the stock. Oppenheimer upped their price objective on shares of Alphabet from $1,445.00 to $1,685.00 and gave the stock an “outperform” rating in a research report on Friday. Goldman Sachs Group restated a “buy” rating on shares of Alphabet in a research report on Friday. Pivotal Research upped their price objective on shares of Alphabet from $1,575.00 to $1,725.00 and gave the stock a “buy” rating in a research report on Friday. Mizuho upped their price objective on shares of Alphabet from $1,650.00 to $1,750.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Cowen upped their price objective on shares of Alphabet from $1,450.00 to $1,525.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Four research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Alphabet currently has an average rating of “Buy” and an average price target of $1,671.00.

Alphabet stock traded down $48.49 during mid-day trading on Friday, hitting $1,482.96. The company’s stock had a trading volume of 3,429,036 shares, compared to its average volume of 1,408,813. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.66 and a quick ratio of 3.64. The stock has a market cap of $1,012.30 billion, a price-to-earnings ratio of 32.61, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05. The business has a 50 day moving average price of $1,474.19 and a 200-day moving average price of $1,377.20. Alphabet Inc has a 12 month low of $1,013.54 and a 12 month high of $1,586.99.

Alphabet (NASDAQ:GOOG) 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 consensus estimate of $8.43 by $1.70. The business had revenue of $31.60 billion during 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%. On average, equities research analysts expect that Alphabet Inc will post 42.07 earnings per share for the current fiscal year.

In other news, Director Ann Mather sold 32 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the completion of the transaction, the director now directly owns 1,119 shares of the company’s stock, valued at $1,587,178.41. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 60 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $1,363.61, for a total transaction of $81,816.60. Following the transaction, the director now directly owns 592 shares of the company’s stock, valued at $807,257.12. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 212 shares of company stock valued at $303,047. Insiders own 12.99% of the company’s stock.

About Alphabet

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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