Condor Capital Management lifted its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,987.5% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 86,379 shares of the information services provider’s stock after purchasing an additional 82,241 shares during the quarter. Alphabet accounts for 1.1% of Condor Capital Management’s portfolio, making the stock its 22nd largest position. Condor Capital Management’s holdings in Alphabet were worth $8,262,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Massachusetts Financial Services Co. MA raised its position in Alphabet by 1,955.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock valued at $5,847,474,000 after acquiring an additional 58,159,150 shares in the last quarter. Fisher Asset Management LLC raised its position in Alphabet by 1,928.6% during the third quarter. Fisher Asset Management LLC now owns 42,474,883 shares of the information services provider’s stock valued at $4,062,723,000 after acquiring an additional 40,381,114 shares in the last quarter. Jennison Associates LLC raised its position in Alphabet by 1,690.3% during the third quarter. Jennison Associates LLC now owns 26,231,920 shares of the information services provider’s stock valued at $2,509,083,000 after acquiring an additional 24,766,730 shares in the last quarter. Vanguard Group Inc. raised its position in Alphabet by 1.4% during the first quarter. Vanguard Group Inc. now owns 23,304,411 shares of the information services provider’s stock valued at $64,817,723,000 after acquiring an additional 331,945 shares in the last quarter. Finally, Alecta Tjanstepension Omsesidigt raised its position in Alphabet by 1,900.0% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 19,286,000 shares of the information services provider’s stock valued at $1,845,092,000 after acquiring an additional 18,321,700 shares in the last quarter. 34.06% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities analysts recently weighed in on GOOGL shares. MKM Partners raised their price objective on shares of Alphabet from $120.00 to $126.00 in a research report on Friday, February 3rd. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price target on shares of Alphabet in a report on Friday, February 3rd. Loop Capital increased their price target on Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. JMP Securities reiterated a “market outperform” rating and set a $132.00 price target on shares of Alphabet in a report on Friday, February 3rd. Finally, Tigress Financial lowered their price target on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a report on Friday, January 6th. Five analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $132.32.
Insider Activity at Alphabet
Alphabet Stock Performance
Alphabet stock opened at $93.65 on Monday. The stock has a 50-day simple moving average of $93.66 and a 200 day simple moving average of $97.39. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $143.79. The stock has a market capitalization of $1.20 trillion, a price-to-earnings ratio of 20.58, a P/E/G ratio of 1.29 and a beta of 1.09.
Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The business had revenue of $76.05 billion during the quarter, compared to the consensus estimate of $63.15 billion. During the same period in the prior year, the firm earned $1.53 earnings per share. On average, research analysts anticipate that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.
Alphabet Company Profile
Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.
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