Alphabet Inc (NASDAQ:GOOGL) Position Lessened by HBK Sorce Advisory LLC
HBK Sorce Advisory LLC trimmed its position in shares of Alphabet Inc (NASDAQ:GOOGL) by 5.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,782 shares of the information services provider’s stock after selling 204 shares during the period. HBK Sorce Advisory LLC’s holdings in Alphabet were worth $4,095,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in GOOGL. Belvedere Advisors LLC acquired a new position in Alphabet during the first quarter worth $38,000. Litman Gregory Asset Management LLC acquired a new position in Alphabet during the second quarter worth $37,000. Thor Advisors LLC acquired a new position in Alphabet during the first quarter worth $45,000. Lipe & Dalton acquired a new position in Alphabet during the second quarter worth $49,000. Finally, Johnson Financial Group Inc. increased its position in Alphabet by 26.3% during the second quarter. Johnson Financial Group Inc. now owns 48 shares of the information services provider’s stock worth $52,000 after buying an additional 10 shares during the last quarter. Institutional investors and hedge funds own 33.50% of the company’s stock.
Several research firms have commented on GOOGL. KeyCorp reissued an “overweight” rating and set a $1,516.00 target price (up from $1,430.00) on shares of Alphabet in a research report on Friday, July 26th. BidaskClub raised shares of Alphabet from a “hold” rating to a “buy” rating in a research report on Saturday, July 13th. Citigroup reissued a “buy” rating and set a $1,450.00 target price (up from $1,325.00) on shares of Alphabet in a research report on Friday, July 26th. Morgan Stanley increased their target price on shares of Alphabet from $1,400.00 to $1,450.00 and gave the stock an “overweight” rating in a research report on Friday, July 26th. Finally, JPMorgan Chase & Co. increased their target price on shares of Alphabet from $1,310.00 to $1,420.00 and gave the stock a “positive” rating in a research report on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and thirty-two have assigned a buy rating to the stock. Alphabet presently has a consensus rating of “Buy” and an average price target of $1,373.76.
Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $11.49 by $2.72. The company had revenue of $31.71 billion for the quarter, compared to the consensus estimate of $30.90 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. As a group, analysts anticipate that Alphabet Inc will post 51.29 EPS for the current year.
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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