Fort Pitt Capital Group LLC lifted its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 20.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 958 shares of the information services provider’s stock after purchasing an additional 164 shares during the quarter. Fort Pitt Capital Group LLC’s holdings in Alphabet were worth $1,082,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Trail Advisors LLC lifted its position in shares of Alphabet by 134,676.9% during the 1st quarter. Summit Trail Advisors LLC now owns 17,938,806 shares of the information services provider’s stock valued at $17,939,000 after buying an additional 17,925,496 shares in the last quarter. Cornerstone Wealth Management LLC lifted its position in shares of Alphabet by 115,058.0% during the 2nd quarter. Cornerstone Wealth Management LLC now owns 1,388,805 shares of the information services provider’s stock valued at $1,216,000 after buying an additional 1,387,599 shares in the last quarter. OppenheimerFunds Inc. lifted its position in shares of Alphabet by 78.1% during the 1st quarter. OppenheimerFunds Inc. now owns 1,313,669 shares of the information services provider’s stock valued at $1,362,458,000 after buying an additional 575,882 shares in the last quarter. BlackRock Inc. lifted its position in shares of Alphabet by 1.5% during the 1st quarter. BlackRock Inc. now owns 18,733,196 shares of the information services provider’s stock valued at $19,428,946,000 after buying an additional 269,848 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in shares of Alphabet by 20.5% during the 1st quarter. California Public Employees Retirement System now owns 1,271,699 shares of the information services provider’s stock valued at $1,318,930,000 after buying an additional 216,119 shares in the last quarter. 33.40% of the stock is currently owned by institutional investors and hedge funds.

Shares of GOOGL opened at $1,068.27 on Monday. Alphabet Inc has a 52-week low of $984.00 and a 52-week high of $1,291.44. The firm has a market capitalization of $743.38 billion, a price-to-earnings ratio of 24.04, a P/E/G ratio of 1.31 and a beta of 1.06. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.14 and a quick ratio of 4.10.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Thursday, October 25th. The information services provider reported $13.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $10.54 by $2.52. Alphabet had a return on equity of 19.40% and a net margin of 14.45%. The business had revenue of $27.16 billion during the quarter, compared to the consensus estimate of $27.32 billion. On average, sell-side analysts forecast that Alphabet Inc will post 45.24 EPS for the current fiscal year.

A number of brokerages have weighed in on GOOGL. B. Riley raised their price objective on Alphabet from $1,350.00 to $1,475.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. JMP Securities raised their price objective on Alphabet from $1,235.00 to $1,390.00 and gave the company an “outperform” rating in a report on Tuesday, July 24th. SunTrust Banks raised their price objective on Alphabet to $1,370.00 and gave the company a “buy” rating in a report on Tuesday, July 24th. BMO Capital Markets raised their price objective on Alphabet from $1,100.00 to $1,150.00 and gave the company a “neutral” rating in a report on Tuesday, July 24th. Finally, Credit Suisse Group restated an “outperform” rating and issued a $1,375.00 price objective (up previously from $1,330.00) on shares of Alphabet in a report on Tuesday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and thirty have given a buy rating to the company. Alphabet presently has an average rating of “Buy” and a consensus target price of $1,333.29.

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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.

Further Reading: How to calculate the intrinsic value of a stock

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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