Mackay Shields LLC Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Mackay Shields LLC lowered its position in Alphabet Inc. (NASDAQ:GOOGL) by 28.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 47,337 shares of the information services provider’s stock after selling 19,157 shares during the period. Alphabet accounts for about 1.1% of Mackay Shields LLC’s holdings, making the stock its 10th biggest position. Mackay Shields LLC’s holdings in Alphabet were worth $115,587,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in GOOGL. Liberty Wealth Management LLC lifted its holdings in shares of Alphabet by 232,278.4% in the second quarter. Liberty Wealth Management LLC now owns 625,098 shares of the information services provider’s stock valued at $256,000 after purchasing an additional 624,829 shares in the last quarter. Jennison Associates LLC lifted its holdings in shares of Alphabet by 21.3% in the second quarter. Jennison Associates LLC now owns 1,742,830 shares of the information services provider’s stock valued at $4,255,625,000 after purchasing an additional 306,146 shares in the last quarter. Whale Rock Capital Management LLC purchased a new stake in shares of Alphabet during the first quarter valued at approximately $595,998,000. Parnassus Investments CA increased its position in shares of Alphabet by 46.7% during the second quarter. Parnassus Investments CA now owns 693,072 shares of the information services provider’s stock valued at $1,692,336,000 after acquiring an additional 220,762 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Alphabet by 2.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,329,607 shares of the information services provider’s stock valued at $15,117,461,000 after acquiring an additional 145,732 shares during the last quarter. Institutional investors and hedge funds own 34.43% of the company’s stock.

GOOGL stock traded up $62.35 during midday trading on Thursday, hitting $2,813.99. The company’s stock had a trading volume of 52,384 shares, compared to its average volume of 1,525,323. The company has a market cap of $1.88 trillion, a PE ratio of 30.39, a P/E/G ratio of 1.83 and a beta of 1.00. Alphabet Inc. has a 12 month low of $1,508.48 and a 12 month high of $2,925.07. The company has a current ratio of 3.15, a quick ratio of 3.14 and a debt-to-equity ratio of 0.06. The firm’s 50-day moving average is $2,793.11 and its 200-day moving average is $2,531.99.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Monday, July 26th. The information services provider reported $27.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $19.89 by $7.37. The business had revenue of $50.95 billion for the quarter, compared to analysts’ expectations of $46.07 billion. Alphabet had a return on equity of 27.87% and a net margin of 28.57%. During the same period in the prior year, the firm posted $10.13 EPS. Analysts expect that Alphabet Inc. will post 101.86 earnings per share for the current year.

A number of analysts recently commented on GOOGL shares. Mizuho increased their price target on Alphabet from $2,800.00 to $3,000.00 and gave the company a “buy” rating in a research report on Wednesday, July 28th. Royal Bank of Canada assumed coverage on Alphabet in a research report on Thursday, September 30th. They issued an “outperform” rating and a $3,400.00 target price for the company. Credit Suisse Group raised their target price on Alphabet from $2,755.00 to $3,350.00 and gave the stock an “outperform” rating in a research report on Friday, July 23rd. Susquehanna raised their price target on Alphabet from $3,100.00 to $3,600.00 and gave the stock a “positive” rating in a report on Wednesday, July 28th. Finally, Morgan Stanley raised their price target on Alphabet from $2,575.00 to $3,000.00 and gave the stock an “overweight” rating in a report on Wednesday, July 28th. Three equities research analysts have rated the stock with a hold rating and thirty-eight have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $2,884.67.

Alphabet Profile

Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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