Destination Wealth Management Cuts Holdings in Alphabet Inc (NASDAQ:GOOGL)
Destination Wealth Management reduced its position in Alphabet Inc (NASDAQ:GOOGL) by 1.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,978 shares of the information services provider’s stock after selling 410 shares during the quarter. Alphabet comprises about 1.6% of Destination Wealth Management’s investment portfolio, making the stock its 19th biggest position. Destination Wealth Management’s holdings in Alphabet were worth $26,699,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Amundi Pioneer Asset Management Inc. raised its position in Alphabet by 29.3% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 968,665 shares of the information services provider’s stock valued at $1,297,422,000 after purchasing an additional 219,626 shares during the period. Banco Bilbao Vizcaya Argentaria S.A. purchased a new position in Alphabet in the fourth quarter valued at about $76,173,000. Eagle Asset Management Inc. raised its position in Alphabet by 0.9% in the fourth quarter. Eagle Asset Management Inc. now owns 6,805 shares of the information services provider’s stock valued at $9,114,000 after purchasing an additional 63 shares during the period. Blue Whale Capital LLP purchased a new position in Alphabet in the fourth quarter valued at about $9,670,000. Finally, Watchman Group Inc. purchased a new position in Alphabet in the fourth quarter valued at about $2,104,000. 34.22% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have commented on GOOGL. Royal Bank of Canada raised their price objective on Alphabet from $1,350.00 to $1,500.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. raised their target price on Alphabet from $1,340.00 to $1,505.00 and gave the company an “overweight” rating in a research note on Wednesday, April 29th. Nomura Instinet raised their target price on Alphabet from $1,680.00 to $1,700.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. UBS Group lowered their target price on Alphabet from $1,675.00 to $1,530.00 and set a “buy” rating for the company in a research note on Monday, March 30th. Finally, Oppenheimer restated a “buy” rating and set a $1,445.00 target price on shares of Alphabet in a research note on Wednesday, April 29th. Three analysts have rated the stock with a hold rating and forty-three have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $1,510.46.
Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Tuesday, April 28th. The information services provider reported $9.87 earnings per share for the quarter, missing the Zacks’ consensus estimate of $11.16 by ($1.29). Alphabet had a net margin of 20.71% and a return on equity of 17.43%. The business had revenue of $33.71 billion for the quarter, compared to the consensus estimate of $32.59 billion. During the same period last year, the firm posted $9.50 EPS. Equities research analysts anticipate that Alphabet Inc will post 41.47 EPS for the current year.
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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