Manning & Napier Group LLC Cuts Position in Alphabet Inc (NASDAQ:GOOGL)

Manning & Napier Group LLC decreased its position in Alphabet Inc (NASDAQ:GOOGL) by 31.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 83,865 shares of the information services provider’s stock after selling 38,637 shares during the quarter. Alphabet accounts for approximately 1.1% of Manning & Napier Group LLC’s portfolio, making the stock its 25th largest position. Manning & Napier Group LLC’s holdings in Alphabet were worth $102,409,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Alphabet by 1.4% in the second quarter. Vanguard Group Inc. now owns 22,536,432 shares of the information services provider’s stock worth $24,402,449,000 after acquiring an additional 302,354 shares in the last quarter. Invesco Ltd. grew its stake in shares of Alphabet by 37.1% during the second quarter. Invesco Ltd. now owns 4,752,079 shares of the information services provider’s stock worth $5,145,551,000 after purchasing an additional 1,285,824 shares in the last quarter. Northern Trust Corp grew its stake in shares of Alphabet by 0.9% during the second quarter. Northern Trust Corp now owns 3,876,945 shares of the information services provider’s stock worth $4,197,956,000 after purchasing an additional 33,408 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Alphabet by 205,910.9% during the second quarter. Thoroughbred Financial Services LLC now owns 3,393,000 shares of the information services provider’s stock worth $339,300,000 after purchasing an additional 3,391,353 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Alphabet by 3.0% during the second quarter. Morgan Stanley now owns 2,301,237 shares of the information services provider’s stock worth $2,491,779,000 after purchasing an additional 66,773 shares in the last quarter. 33.50% of the stock is currently owned by institutional investors.

GOOGL has been the subject of a number of analyst reports. Royal Bank of Canada boosted their target price on shares of Alphabet from $1,425.00 to $1,500.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $1,310.00 to $1,420.00 and gave the company a “positive” rating in a research note on Friday, July 26th. Credit Suisse Group upped their price objective on shares of Alphabet from $1,400.00 to $1,500.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. BidaskClub upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Saturday, July 13th. Finally, Oppenheimer set a $1,370.00 price objective on shares of Alphabet and gave the company a “buy” rating in a research note on Friday, July 26th. Eight investment analysts have rated the stock with a hold rating and thirty-two have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $1,375.78.

Alphabet stock traded up $7.05 during mid-day trading on Thursday, reaching $1,209.45. The company had a trading volume of 110,431 shares, compared to its average volume of 1,329,242. Alphabet Inc has a 1 year low of $977.66 and a 1 year high of $1,296.97. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.98 and a quick ratio of 3.96. The company has a market capitalization of $837.41 billion, a P/E ratio of 25.46, a P/E/G ratio of 1.42 and a beta of 0.99. The stock’s 50-day simple moving average is $1,205.66 and its 200-day simple moving average is $1,174.05.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Thursday, July 25th. The information services provider reported $14.21 EPS for the quarter, beating the consensus estimate of $11.49 by $2.72. The business had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. Alphabet had a net margin of 23.43% and a return on equity of 20.15%. On average, equities analysts forecast that Alphabet Inc will post 51.29 EPS for the current fiscal year.

About Alphabet

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.

Read More: Bar Chart

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc (NASDAQ:GOOGL).

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.