Castle Rock Wealth Management LLC boosted its stake in Alphabet Inc (NASDAQ:GOOGL) by 9.6% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 649 shares of the information services provider’s stock after purchasing an additional 57 shares during the quarter. Castle Rock Wealth Management LLC’s holdings in Alphabet were worth $682,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the stock. Litman Gregory Asset Management LLC bought a new stake in shares of Alphabet during the second quarter worth about $37,000. Belvedere Advisors LLC bought a new stake in shares of Alphabet during the first quarter worth about $38,000. Thor Advisors LLC bought a new stake in shares of Alphabet during the first quarter worth about $45,000. Lipe & Dalton bought a new stake in shares of Alphabet during the second quarter worth about $49,000. Finally, Smart Money Group LLC bought a new stake in shares of Alphabet during the second quarter worth about $61,000. 33.81% of the stock is owned by institutional investors and hedge funds.
NASDAQ:GOOGL traded up $2.01 during midday trading on Friday, reaching $1,236.98. 164,726 shares of the company traded hands, compared to its average volume of 1,133,439. The company has a fifty day moving average price of $1,191.17 and a 200 day moving average price of $1,166.46. 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 firm has a market capitalization of $836.03 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 1.34 and a beta of 0.99. Alphabet Inc has a twelve month low of $977.66 and a twelve month high of $1,296.97.
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. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. The company had revenue of $31.71 billion for the quarter, compared to analyst estimates of $30.90 billion. On average, equities research analysts forecast that Alphabet Inc will post 51.29 earnings per share for the current fiscal year.
GOOGL has been the topic of several research reports. JMP Securities boosted their price target on Alphabet to $1,450.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Zacks Investment Research upgraded Alphabet from a “sell” rating to a “hold” rating and set a $1,189.00 target price on the stock in a report on Monday, July 8th. Macquarie set a $1,300.00 target price on Alphabet and gave the company a “buy” rating in a report on Friday, July 26th. Bank of America set a $1,450.00 price target on Alphabet and gave the stock a “buy” rating in a report on Friday, September 6th. Finally, Cowen set a $1,500.00 target price on Alphabet and gave the stock a “buy” rating 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.
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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