Parallel Advisors LLC boosted its stake in Alphabet Inc (NASDAQ:GOOG) by 5.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 4,186 shares of the information services provider’s stock after purchasing an additional 228 shares during the period. Alphabet comprises approximately 0.7% of Parallel Advisors LLC’s portfolio, making the stock its 29th largest position. Parallel Advisors LLC’s holdings in Alphabet were worth $4,670,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in GOOG. Smart Portfolios LLC acquired a new position in shares of Alphabet during the first quarter worth about $103,000. Braun Bostich & Associates Inc. acquired a new position in Alphabet during the first quarter worth about $107,000. Litman Gregory Asset Management LLC acquired a new position in Alphabet during the first quarter worth about $113,000. JJJ Advisors Inc. acquired a new position in Alphabet during the second quarter worth about $134,000. Finally, WealthShield LLC acquired a new position in Alphabet during the fourth quarter worth about $144,000. 34.18% of the stock is owned by hedge funds and other institutional investors.
Several brokerages have issued reports on GOOG. ValuEngine downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a report on Thursday. Morgan Stanley reissued a “buy” rating on shares of Alphabet in a research note on Tuesday, October 2nd. Goldman Sachs Group reissued a “buy” rating on shares of Alphabet in a research note on Friday, September 28th. Macquarie reissued a “buy” rating on shares of Alphabet in a research note on Thursday, September 27th. Finally, Morningstar reissued a “neutral” rating on shares of Alphabet in a research note on Wednesday, September 26th. One research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-five have assigned a buy rating to the stock. Alphabet currently has an average rating of “Buy” and an average target price of $1,311.71.
GOOG traded up $30.76 during trading hours on Friday, reaching $1,110.08. 2,029,862 shares of the stock traded hands, compared to its average volume of 1,669,302. The firm has a market cap of $830.59 billion, a price-to-earnings ratio of 29.15 and a beta of 1.11. Alphabet Inc has a fifty-two week low of $960.52 and a fifty-two week high of $1,273.89. The company has a current ratio of 4.15, a quick ratio of 4.13 and a debt-to-equity ratio of 0.02.
Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Monday, July 23rd. The information services provider reported $11.75 earnings per share for the quarter, beating the Zacks’ consensus estimate of $9.66 by $2.09. The business had revenue of $32.66 billion during the quarter, compared to analyst estimates of $32.13 billion. Alphabet had a net margin of 13.16% and a return on equity of 18.24%. The business’s revenue was up 25.6% on a year-over-year basis. During the same period last year, the business earned $5.01 EPS.
Alphabet Company Profile
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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