Sit Investment Associates Inc. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 6.7% during the second quarter, Holdings Channel reports. The firm owned 26,976 shares of the information services provider’s stock after selling 1,942 shares during the period. Sit Investment Associates Inc.’s holdings in Alphabet were worth $25,079,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GOOGL. State of Alaska Department of Revenue purchased a new stake in shares of Alphabet during the second quarter valued at about $102,000. Franklin Parlapiano Turner & Welch LLC purchased a new stake in shares of Alphabet during the first quarter valued at about $108,000. Delta Asset Management LLC TN increased its stake in shares of Alphabet by 1.5% in the first quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock valued at $116,000 after buying an additional 2 shares during the period. Farmers National Bank increased its stake in shares of Alphabet by 2.7% in the first quarter. Farmers National Bank now owns 150 shares of the information services provider’s stock valued at $127,000 after buying an additional 4 shares during the period. Finally, Riggs Asset Managment Co. Inc. increased its stake in shares of Alphabet by 58.3% in the first quarter. Riggs Asset Managment Co. Inc. now owns 152 shares of the information services provider’s stock valued at $129,000 after buying an additional 56 shares during the period. 34.31% of the stock is owned by institutional investors.

Shares of Alphabet Inc. (NASDAQ:GOOGL) traded down 1.50% during trading on Thursday, reaching $925.98. The company had a trading volume of 1,334,107 shares. The company has a 50 day moving average of $959.12 and a 200-day moving average of $908.27. The firm has a market capitalization of $641.59 billion, a P/E ratio of 33.56 and a beta of 0.99. Alphabet Inc. has a 52-week low of $743.59 and a 52-week high of $1,008.61.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 EPS for the quarter, missing analysts’ consensus estimates of $8.25 by $3.24. The company had revenue of $20.92 billion during the quarter, compared to the consensus estimate of $20.83 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. During the same quarter in the prior year, the company posted $8.42 EPS. Equities analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current year.

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Several analysts have issued reports on the stock. UBS AG reaffirmed a “buy” rating and issued a $1,050.00 price objective (up previously from $980.00) on shares of Alphabet in a research report on Saturday, April 29th. B. Riley reaffirmed a “buy” rating and issued a $1,032.00 price objective on shares of Alphabet in a research report on Wednesday, May 3rd. MKM Partners reaffirmed a “buy” rating and issued a $1,210.00 price objective (up previously from $1,170.00) on shares of Alphabet in a research report on Thursday. KeyCorp reaffirmed an “overweight” rating and issued a $1,100.00 price objective on shares of Alphabet in a research report on Thursday, July 27th. Finally, JMP Securities reaffirmed a “buy” rating and issued a $1,077.00 price objective (down previously from $1,095.00) on shares of Alphabet in a research report on Tuesday, July 25th. One research 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 assigned a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $1,048.66.

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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