Morse Asset Management Inc reduced its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 12.2% in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 6,616 shares of the information services provider’s stock after selling 919 shares during the quarter. Alphabet comprises 3.0% of Morse Asset Management Inc’s portfolio, making the stock its 7th largest holding. Morse Asset Management Inc’s holdings in Alphabet were worth $8,079,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. Roof Eidam & Maycock ADV acquired a new stake in shares of Alphabet in the third quarter worth $33,000. Garrett Wealth Advisory Group LLC acquired a new stake in shares of Alphabet in the third quarter worth $39,000. Litman Gregory Asset Management LLC acquired a new stake in shares of Alphabet in the second quarter worth $37,000. Lipe & Dalton acquired a new stake in shares of Alphabet in the second quarter worth $49,000. Finally, Johnson Financial Group Inc. boosted its position in shares of Alphabet by 26.3% in the second quarter. Johnson Financial Group Inc. now owns 48 shares of the information services provider’s stock worth $52,000 after buying an additional 10 shares during the period. 33.56% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ:GOOGL traded down $11.04 during midday trading on Monday, hitting $1,297.96. 70,783 shares of the stock were exchanged, compared to its average volume of 1,555,468. The company has a debt-to-equity ratio of 0.07, a quick ratio of 3.75 and a current ratio of 3.78. Alphabet Inc has a 52-week low of $977.66 and a 52-week high of $1,322.65. The business’s fifty day simple moving average is $1,241.32 and its two-hundred day simple moving average is $1,181.32. The company has a market capitalization of $895.48 billion, a PE ratio of 27.32, a P/E/G ratio of 1.58 and a beta of 1.01.
Alphabet (NASDAQ:GOOGL) last posted its earnings results on Monday, October 28th. The information services provider reported $10.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $12.42 by ($2.30). Alphabet had a net margin of 21.04% and a return on equity of 18.34%. The company had revenue of $33.01 billion for the quarter, compared to the consensus estimate of $32.84 billion. During the same quarter last year, the business earned $13.06 earnings per share. As a group, equities analysts anticipate that Alphabet Inc will post 49.05 EPS for the current year.
Several analysts have recently commented on the company. SunTrust Banks reaffirmed a “buy” rating and issued a $1,400.00 target price on shares of Alphabet in a research report on Monday, October 28th. They noted that the move was a valuation call. Morgan Stanley raised their target price on Alphabet from $1,400.00 to $1,450.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Oppenheimer set a $1,370.00 target price on Alphabet and gave the stock a “buy” rating in a research report on Friday, July 26th. Stifel Nicolaus raised their target price on Alphabet from $1,299.00 to $1,325.00 and gave the stock a “hold” rating in a research report on Tuesday, October 29th. Finally, Jefferies Financial Group raised their target price on Alphabet from $1,500.00 to $1,550.00 in a research report on Tuesday, October 29th. Seven investment analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $1,411.81.
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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