Cim Investment Management Inc. lowered its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 3.1% in the second quarter, Holdings Channel.com reports. The fund owned 1,881 shares of the information services provider’s stock after selling 61 shares during the quarter. Alphabet makes up 1.4% of Cim Investment Management Inc.’s investment portfolio, making the stock its 9th largest position. Cim Investment Management Inc.’s holdings in Alphabet were worth $4,593,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Laurel Wealth Planning LLC acquired a new stake in Alphabet in the second quarter valued at $27,000. Financial Insights Inc. acquired a new position in shares of Alphabet during the 2nd quarter worth $39,000. Harvest Group Wealth Management LLC acquired a new position in shares of Alphabet during the 2nd quarter worth $66,000. Cowen Prime Advisors LLC acquired a new position in shares of Alphabet during the 2nd quarter worth $98,000. Finally, Capital Advisors Ltd. LLC raised its stake in shares of Alphabet by 35.9% during the 1st quarter. Capital Advisors Ltd. LLC now owns 53 shares of the information services provider’s stock worth $109,000 after buying an additional 14 shares during the last quarter. 34.43% of the stock is owned by institutional investors.
Several research firms have recently issued reports on GOOGL. KeyCorp lifted their price target on Alphabet from $2,681.00 to $3,071.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 28th. Wedbush lifted their price target on Alphabet from $3,127.00 to $3,424.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 28th. Credit Suisse Group boosted their target price on shares of Alphabet from $2,755.00 to $3,350.00 and gave the company an “outperform” rating in a research note on Friday, July 23rd. Canaccord Genuity boosted their target price on shares of Alphabet from $2,800.00 to $3,100.00 and gave the company a “buy” rating in a research note on Wednesday, July 28th. Finally, Barclays boosted their target price on shares of Alphabet from $3,000.00 to $3,200.00 and gave the company an “overweight” rating in a research note on Wednesday, July 28th. Three equities research analysts have rated the stock with a hold rating and thirty-eight have assigned a buy rating to the company. According to MarketBeat.com, Alphabet presently has a consensus rating of “Buy” and a consensus target price of $2,884.67.
Alphabet (NASDAQ:GOOGL) last announced its 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. Alphabet had a return on equity of 27.87% and a net margin of 28.57%. The company had revenue of $50.95 billion for the quarter, compared to analyst estimates of $46.07 billion. During the same period in the prior year, the company posted $10.13 EPS. As a group, sell-side analysts expect that Alphabet Inc. will post 101.86 EPS for the current fiscal 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: Cash Asset Ratio
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