PNC Financial Services Group Inc. Grows Stock Position in Alphabet Inc (NASDAQ:GOOGL)

PNC Financial Services Group Inc. raised its stake in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 483,778 shares of the information services provider’s stock after acquiring an additional 7,950 shares during the period. Alphabet comprises about 0.9% of PNC Financial Services Group Inc.’s investment portfolio, making the stock its 19th biggest position. PNC Financial Services Group Inc.’s holdings in Alphabet were worth $686,023,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Advisor OS LLC purchased a new position in shares of Alphabet during the 2nd quarter valued at about $440,000. WFA of San Diego LLC purchased a new position in shares of Alphabet during the 2nd quarter valued at about $1,324,000. Handelsbanken Fonder AB raised its stake in shares of Alphabet by 121.9% during the 2nd quarter. Handelsbanken Fonder AB now owns 115,123 shares of the information services provider’s stock valued at $163,250,000 after buying an additional 63,244 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Alphabet by 6.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 2,047 shares of the information services provider’s stock valued at $2,903,000 after buying an additional 121 shares during the last quarter. Finally, Phocas Financial Corp. raised its stake in shares of Alphabet by 2.5% during the 2nd quarter. Phocas Financial Corp. now owns 887 shares of the information services provider’s stock valued at $1,257,000 after buying an additional 22 shares during the last quarter. Institutional investors and hedge funds own 33.78% of the company’s stock.

Shares of GOOGL stock traded up $26.29 on Tuesday, reaching $1,535.12. 1,148,698 shares of the stock were exchanged, compared to its average volume of 2,132,639. The company has a current ratio of 3.41, a quick ratio of 3.40 and a debt-to-equity ratio of 0.02. The business’s 50 day moving average price is $1,548.42 and its 200 day moving average price is $1,393.09. The company has a market capitalization of $1,026.25 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 2.08 and a beta of 1.07. Alphabet Inc has a twelve month low of $1,008.87 and a twelve month high of $1,726.10.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $8.43 by $1.70. Alphabet had a net margin of 18.99% and a return on equity of 15.62%. The company had revenue of $31.60 billion during the quarter, compared to the consensus estimate of $30.58 billion. Equities research analysts forecast that Alphabet Inc will post 44.74 earnings per share for the current year.

A number of research firms have recently commented on GOOGL. Pivotal Research raised their target price on Alphabet from $1,575.00 to $1,725.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Robert W. Baird raised their target price on Alphabet from $1,500.00 to $1,650.00 in a research report on Thursday, June 25th. Bank of America raised their target price on Alphabet from $1,610.00 to $1,730.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Monness Crespi & Hardt raised their target price on Alphabet from $1,420.00 to $1,700.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Finally, Susquehanna Bancshares raised their target price on Alphabet from $1,550.00 to $1,850.00 and gave the company a “positive” rating in a research report on Friday, July 31st. Four equities research analysts have rated the stock with a hold rating and forty have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $1,666.49.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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