Cidel Asset Management Inc. Decreases Stake in Alphabet Inc (NASDAQ:GOOGL)

Cidel Asset Management Inc. cut its holdings in Alphabet Inc (NASDAQ:GOOGL) by 8.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 500 shares of the information services provider’s stock after selling 45 shares during the period. Cidel Asset Management Inc.’s holdings in Alphabet were worth $580,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Thoroughbred Financial Services LLC grew its holdings 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 during the last quarter. Packer & Co Ltd grew its holdings in shares of Alphabet by 4,018.6% during the second quarter. Packer & Co Ltd now owns 958,600 shares of the information services provider’s stock worth $25,202,000 after purchasing an additional 935,325 shares during the last quarter. Royal London Asset Management Ltd. bought a new stake in shares of Alphabet during the fourth quarter worth about $237,900,000. AMF Pensionsforsakring AB grew its holdings in shares of Alphabet by 172.7% during the fourth quarter. AMF Pensionsforsakring AB now owns 209,505 shares of the information services provider’s stock worth $218,924,000 after purchasing an additional 132,686 shares during the last quarter. Finally, Acadian Asset Management LLC grew its holdings in shares of Alphabet by 56.6% during the second quarter. Acadian Asset Management LLC now owns 207,407 shares of the information services provider’s stock worth $224,580,000 after purchasing an additional 74,940 shares during the last quarter. Institutional investors own 33.81% of the company’s stock.

GOOGL has been the topic of several research reports. Moffett Nathanson reduced their price target on Alphabet from $1,290.00 to $1,250.00 and set a “buy” rating on the stock in a report on Monday, June 24th. JMP Securities upped their target price on Alphabet to $1,450.00 and gave the company an “outperform” rating in a report on Monday, July 29th. Canaccord Genuity upped their target price on Alphabet from $1,250.00 to $1,350.00 and gave the company a “buy” rating in a report on Friday, July 26th. Credit Suisse Group increased their price target on Alphabet from $1,400.00 to $1,500.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Finally, KeyCorp reaffirmed 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. Eight research analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $1,373.76.

Shares of GOOGL traded up $2.01 during mid-day trading on Friday, hitting $1,236.98. The stock had a trading volume of 164,726 shares, compared to its average volume of 1,133,439. Alphabet Inc has a fifty-two week low of $977.66 and a fifty-two week high of $1,296.97. The company has a market cap of $836.03 billion, a PE ratio of 26.04, a PEG ratio of 1.34 and a beta of 0.99. The company has a quick ratio of 3.96, a current ratio of 3.98 and a debt-to-equity ratio of 0.07. The company’s fifty day simple moving average is $1,191.17 and its two-hundred day simple moving average is $1,166.46.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Thursday, July 25th. The information services provider reported $14.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $11.49 by $2.72. The company had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. Equities analysts expect that Alphabet Inc will post 51.29 earnings per share 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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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