Marco Investment Management LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 0.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,942 shares of the information services provider’s stock after selling 7 shares during the quarter. Marco Investment Management LLC’s holdings in Alphabet were worth $7,184,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Laurel Wealth Planning LLC acquired a new stake in Alphabet during the 2nd quarter valued at approximately $27,000. Sage Financial Management Group Inc. acquired a new stake in Alphabet during the 1st quarter valued at approximately $56,000. Harvest Group Wealth Management LLC acquired a new stake in Alphabet during the 2nd quarter valued at approximately $66,000. Cowen Prime Advisors LLC acquired a new stake in shares of Alphabet during the 2nd quarter worth approximately $98,000. Finally, Strategic Point Investment Advisors LLC acquired a new stake in shares of Alphabet during the 2nd quarter worth approximately $122,000. 34.43% of the stock is owned by institutional investors and hedge funds.
Several brokerages have recently commented on GOOGL. KeyCorp raised their price objective on shares of Alphabet from $2,681.00 to $3,071.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 28th. Needham & Company LLC raised their price objective on shares of Alphabet from $2,700.00 to $3,200.00 and gave the stock a “buy” rating in a research report on Wednesday, July 28th. Piper Sandler raised their price objective on shares of Alphabet from $2,635.00 to $3,034.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 28th. Zacks Investment Research cut Alphabet from a “buy” rating to a “hold” rating and set a $2,818.00 target price on the stock. in a report on Tuesday, June 29th. Finally, Wedbush increased their target price on Alphabet from $3,127.00 to $3,424.00 and gave the stock an “outperform” rating in a report on Wednesday, July 28th. Three analysts have rated the stock with a hold rating and thirty-nine have given a buy rating to the company’s stock. According to MarketBeat, Alphabet currently has a consensus rating of “Buy” and a consensus price target of $2,846.21.
Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Monday, July 26th. The information services provider reported $27.26 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $19.89 by $7.37. The firm had revenue of $50.95 billion during the quarter, compared to the consensus estimate of $46.07 billion. Alphabet had a return on equity of 27.87% and a net margin of 28.57%. During the same quarter last year, the company posted $10.13 EPS. As a group, analysts forecast that Alphabet Inc. will post 101.86 EPS for the current year.
Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.
Further Reading: How dollar cost averaging works
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.