Jericho Capital Asset Management L.P. Purchases 34,075 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Jericho Capital Asset Management L.P. grew its position in Alphabet Inc. (NASDAQ:GOOGL) by 79.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,000 shares of the information services provider’s stock after purchasing an additional 34,075 shares during the period. Alphabet makes up approximately 4.2% of Jericho Capital Asset Management L.P.’s holdings, making the stock its 4th largest holding. Jericho Capital Asset Management L.P.’s holdings in Alphabet were worth $158,814,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. Confluence Investment Management LLC lifted its position in Alphabet by 2.4% during the 1st quarter. Confluence Investment Management LLC now owns 212 shares of the information services provider’s stock worth $437,000 after acquiring an additional 5 shares in the last quarter. Cardan Capital Partners LLC lifted its position in Alphabet by 0.8% during the 1st quarter. Cardan Capital Partners LLC now owns 601 shares of the information services provider’s stock worth $1,239,000 after acquiring an additional 5 shares in the last quarter. Legacy Capital Partners Inc. lifted its position in Alphabet by 1.2% during the 1st quarter. Legacy Capital Partners Inc. now owns 410 shares of the information services provider’s stock worth $846,000 after acquiring an additional 5 shares in the last quarter. Stewart & Patten Co. LLC lifted its position in Alphabet by 1.1% during the 1st quarter. Stewart & Patten Co. LLC now owns 468 shares of the information services provider’s stock worth $965,000 after acquiring an additional 5 shares in the last quarter. Finally, Northside Capital Management LLC lifted its position in Alphabet by 0.5% during the 1st quarter. Northside Capital Management LLC now owns 1,054 shares of the information services provider’s stock worth $2,174,000 after acquiring an additional 5 shares in the last quarter. 34.52% of the stock is currently owned by institutional investors and hedge funds.

GOOGL has been the topic of several recent research reports. Citigroup lowered Alphabet from a “buy” rating to a “neutral” rating in a research report on Monday, May 10th. JMP Securities lifted their price objective on Alphabet from $2,400.00 to $2,850.00 and gave the stock an “outperform” rating in a report on Wednesday, April 28th. Stifel Nicolaus upgraded Alphabet from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $2,025.00 to $2,350.00 in a report on Monday, March 29th. Needham & Company LLC lifted their price objective on Alphabet from $2,500.00 to $2,700.00 and gave the stock a “buy” rating in a report on Wednesday, April 28th. Finally, Moffett Nathanson lifted their price objective on Alphabet from $2,500.00 to $2,800.00 in a report on Wednesday, April 28th. Three research analysts have rated the stock with a hold rating and forty-two have given a buy rating to the company’s stock. Alphabet presently has a consensus rating of “Buy” and a consensus target price of $2,520.50.

Shares of Alphabet stock traded up $13.94 on Thursday, reaching $2,564.92. 14,738 shares of the company were exchanged, compared to its average volume of 1,119,521. The business has a fifty day simple moving average of $2,423.87. The stock has a market cap of $1.72 trillion, a price-to-earnings ratio of 34.08, a price-to-earnings-growth ratio of 1.54 and a beta of 1.01. The company has a debt-to-equity ratio of 0.06, a current ratio of 3.10 and a quick ratio of 3.09. Alphabet Inc. has a fifty-two week low of $1,402.15 and a fifty-two week high of $2,586.53.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Monday, April 26th. The information services provider reported $26.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $15.82 by $10.47. The company had revenue of $45.60 billion for the quarter, compared to analyst estimates of $42.46 billion. Alphabet had a return on equity of 23.54% and a net margin of 26.11%. During the same period in the previous year, the firm earned $9.87 earnings per share. As a group, research analysts anticipate that Alphabet Inc. will post 90.17 EPS for the current year.

Alphabet Company Profile

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.

Recommended Story: Consumer Price Index (CPI)

Institutional Ownership by Quarter for Alphabet (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.