Mitsubishi UFJ Trust & Banking Corp increased its stake in Alphabet Inc (NASDAQ:GOOGL) by 8.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 315,928 shares of the information services provider’s stock after purchasing an additional 24,538 shares during the quarter. Alphabet accounts for 1.1% of Mitsubishi UFJ Trust & Banking Corp’s investment portfolio, making the stock its 8th largest position. Mitsubishi UFJ Trust & Banking Corp’s holdings in Alphabet were worth $448,001,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Advisor Group Holdings Inc. acquired a new position in shares of Alphabet during the 1st quarter worth $79,769,000. Nordea Investment Management AB increased its holdings in Alphabet by 115.4% during the 2nd quarter. Nordea Investment Management AB now owns 1,164,092 shares of the information services provider’s stock valued at $1,620,126,000 after acquiring an additional 623,604 shares in the last quarter. Wellington Management Group LLP raised its position in Alphabet by 12.1% during the first quarter. Wellington Management Group LLP now owns 4,485,396 shares of the information services provider’s stock worth $5,211,807,000 after acquiring an additional 483,219 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Alphabet by 2.2% in the second quarter. BlackRock Inc. now owns 20,565,856 shares of the information services provider’s stock valued at $29,163,413,000 after purchasing an additional 445,690 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of Alphabet by 14.3% in the second quarter. Bank of New York Mellon Corp now owns 3,509,469 shares of the information services provider’s stock valued at $4,976,599,000 after purchasing an additional 439,638 shares during the last quarter. Hedge funds and other institutional investors own 33.78% of the company’s stock.
A number of research firms recently commented on GOOGL. Tigress Financial reaffirmed a “buy” rating on shares of Alphabet in a research note on Tuesday, August 25th. Royal Bank of Canada raised their price target on shares of Alphabet from $1,500.00 to $1,700.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Wells Fargo & Company reiterated a “buy” rating and set a $1,750.00 price target (up from $1,575.00) on shares of Alphabet in a report on Monday, July 27th. Bank of America upped their price objective on shares of Alphabet from $1,610.00 to $1,730.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Finally, KeyCorp began coverage on shares of Alphabet in a research note on Monday. They issued an “overweight” rating and a $1,955.00 target price for the company. Four research analysts have rated the stock with a hold rating and forty have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $1,666.49.
Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings data on Thursday, July 30th. The information services provider reported $10.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.43 by $1.70. The company had revenue of $31.60 billion for the quarter, compared to the consensus estimate of $30.58 billion. Alphabet had a return on equity of 15.62% and a net margin of 18.99%. Sell-side analysts predict that Alphabet Inc will post 44.74 EPS for the current year.
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.
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