JPMorgan Chase & Co. boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 28.9% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 3,594,116 shares of the information services provider’s stock after acquiring an additional 804,739 shares during the quarter. Alphabet accounts for about 1.0% of JPMorgan Chase & Co.’s portfolio, making the stock its 5th biggest holding. JPMorgan Chase & Co.’s holdings in Alphabet were worth $7,434,896,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Cigna Investments Inc. New lifted its holdings in Alphabet by 2.6% in the 1st quarter. Cigna Investments Inc. New now owns 10,451 shares of the information services provider’s stock valued at $21,620,000 after purchasing an additional 262 shares in the last quarter. Captrust Financial Advisors boosted its stake in Alphabet by 6.5% during the fourth quarter. Captrust Financial Advisors now owns 14,964 shares of the information services provider’s stock worth $26,215,000 after buying an additional 912 shares during the last quarter. Brave Asset Management Inc. increased its stake in shares of Alphabet by 2.4% in the 1st quarter. Brave Asset Management Inc. now owns 2,706 shares of the information services provider’s stock worth $5,598,000 after acquiring an additional 64 shares during the last quarter. First National Bank of Hutchinson acquired a new stake in shares of Alphabet in the 4th quarter worth $2,214,000. Finally, Reby Advisors LLC purchased a new position in shares of Alphabet during the 4th quarter worth $238,000. 31.73% of the stock is owned by institutional investors.
GOOG has been the topic of several recent analyst reports. Barclays reiterated a “buy” rating on shares of Alphabet in a report on Wednesday, April 28th. Oppenheimer raised their target price on Alphabet from $2,350.00 to $2,510.00 and gave the stock an “outperform” rating in a research note on Monday, April 26th. Mizuho increased their price target on Alphabet from $2,350.00 to $2,600.00 and gave the stock a “buy” rating in a report on Monday, April 19th. Credit Suisse Group reaffirmed a “buy” rating on shares of Alphabet in a research report on Thursday, May 20th. Finally, UBS Group reissued a “buy” rating on shares of Alphabet in a research note on Wednesday, April 28th. Three investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $2,495.63.
Alphabet stock traded down $17.58 during trading on Friday, reaching $2,504.02. The company had a trading volume of 23,574 shares, compared to its average volume of 1,477,568. The stock has a market capitalization of $1.68 trillion, a price-to-earnings ratio of 33.57, a price-to-earnings-growth ratio of 1.52 and a beta of 1.01. The business’s 50 day moving average price is $2,344.39. Alphabet Inc. has a 12-month low of $1,347.01 and a 12-month high of $2,523.26. The company has a quick ratio of 3.09, a current ratio of 3.10 and a debt-to-equity ratio of 0.06.
Alphabet (NASDAQ:GOOG) last announced its earnings results on Monday, April 26th. The information services provider reported $26.29 earnings per share for the quarter, beating the consensus estimate of $15.74 by $10.55. The business had revenue of $55.30 billion during the quarter, compared to the consensus estimate of $51.40 billion. Alphabet had a net margin of 26.11% and a return on equity of 23.54%. The business’s quarterly revenue was up 34.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $9.87 earnings per share. Equities analysts expect that Alphabet Inc. will post 89.46 earnings per share for the current year.
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. The company offers performance and brand advertising services. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, such as ads, Android, Chrome, hardware, Google Maps, Google Play, Search, and YouTube, as well as technical infrastructure; and digital content.
Further Reading: Correction
Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG).
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.