Patten & Patten Inc. TN Increases Position in Alphabet Inc. (NASDAQ:GOOGL)
Patten & Patten Inc. TN increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,422 shares of the information services provider’s stock after buying an additional 446 shares during the period. Patten & Patten Inc. TN’s holdings in Alphabet were worth $7,830,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. State Street Corp raised its stake in shares of Alphabet by 1.2% in the first quarter. State Street Corp now owns 11,946,348 shares of the information services provider’s stock worth $10,128,119,000 after buying an additional 142,214 shares in the last quarter. Norges Bank acquired a new stake in shares of Alphabet during the fourth quarter worth approximately $2,411,505,000. Franklin Resources Inc. raised its stake in shares of Alphabet by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 1,575,345 shares of the information services provider’s stock worth $1,248,643,000 after buying an additional 16,006 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Alphabet by 0.8% in the second quarter. Bank of Montreal Can now owns 1,094,698 shares of the information services provider’s stock worth $1,017,719,000 after buying an additional 8,375 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Alphabet by 2.6% in the first quarter. Fisher Asset Management LLC now owns 1,071,363 shares of the information services provider’s stock worth $908,302,000 after buying an additional 27,598 shares in the last quarter. 34.31% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Inc. (NASDAQ:GOOGL) traded up 0.16% during midday trading on Tuesday, reaching $947.25. 515,744 shares of the company traded hands. The firm has a 50-day moving average price of $963.05 and a 200-day moving average price of $904.34. The firm has a market capitalization of $656.33 billion, a price-to-earnings ratio of 34.33 and a beta of 0.99. Alphabet Inc. has a one year low of $743.59 and a one year high of $1,008.61.
Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, missing the consensus estimate of $8.25 by $3.24. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The firm had revenue of $20.92 billion during the quarter, compared to analysts’ expectations of $20.83 billion. During the same period last year, the business posted $8.42 EPS. Equities analysts predict that Alphabet Inc. will post $30.60 EPS for the current fiscal year.
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GOOGL has been the topic of a number of research reports. JMP Securities reissued an “outperform” rating and issued a $1,095.00 price objective (up previously from $1,020.00) on shares of Alphabet in a research report on Monday, May 1st. Cowen and Company restated an “outperform” rating and set a $1,050.00 target price on shares of Alphabet in a report on Monday, April 24th. Societe Generale set a $1,210.00 target price on shares of Alphabet and gave the stock a “buy” rating in a report on Friday, July 7th. They noted that the move was a valuation call. MKM Partners restated a “buy” rating and set a $1,170.00 target price (up from $1,000.00) on shares of Alphabet in a report on Monday, May 8th. Finally, Vetr downgraded shares of Alphabet from a “buy” rating to a “hold” rating and set a $893.60 target price on the stock. in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty-two have assigned a buy rating and one has given a strong buy rating to the stock. Alphabet has an average rating of “Buy” and an average price target of $1,047.77.
Alphabet Company Profile
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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