Provident Trust Co. Lowers Stake in Alphabet Inc (GOOGL)

Provident Trust Co. cut its stake in shares of Alphabet Inc (NASDAQ:GOOGL) by 1.1% in the 3rd quarter, Holdings Channel reports. The firm owned 147,277 shares of the information services provider’s stock after selling 1,639 shares during the quarter. Alphabet comprises approximately 6.4% of Provident Trust Co.’s holdings, making the stock its 8th biggest position. Provident Trust Co.’s holdings in Alphabet were worth $143,407,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of GOOGL. First Bank & Trust grew its holdings in Alphabet by 0.3% in the 2nd quarter. First Bank & Trust now owns 764 shares of the information services provider’s stock worth $710,000 after buying an additional 2 shares in the last quarter. Fort Pitt Capital Group LLC grew its holdings in Alphabet by 0.3% in the 2nd quarter. Fort Pitt Capital Group LLC now owns 723 shares of the information services provider’s stock worth $672,000 after buying an additional 2 shares in the last quarter. Probity Advisors Inc. grew its holdings in Alphabet by 1.1% in the 2nd quarter. Probity Advisors Inc. now owns 270 shares of the information services provider’s stock worth $251,000 after buying an additional 3 shares in the last quarter. Glassman Wealth Services grew its holdings in Alphabet by 0.8% in the 2nd quarter. Glassman Wealth Services now owns 376 shares of the information services provider’s stock worth $350,000 after buying an additional 3 shares in the last quarter. Finally, Capital Counsel LLC NY grew its holdings in Alphabet by 0.7% in the 2nd quarter. Capital Counsel LLC NY now owns 602 shares of the information services provider’s stock worth $560,000 after buying an additional 4 shares in the last quarter. 33.61% of the stock is owned by institutional investors.

Alphabet Inc (GOOGL) opened at $1,062.39 on Tuesday. Alphabet Inc has a one year low of $814.29 and a one year high of $1,198.00. The company has a quick ratio of 5.11, a current ratio of 5.14 and a debt-to-equity ratio of 0.03. The firm has a market cap of $777,621.25, a price-to-earnings ratio of 59.15, a PEG ratio of 1.45 and a beta of 0.94.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Thursday, February 1st. The information services provider reported $9.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $10.12 by ($0.42). Alphabet had a return on equity of 14.94% and a net margin of 11.42%. The company had revenue of $25.87 billion during the quarter, compared to analyst estimates of $25.65 billion. research analysts predict that Alphabet Inc will post 41.91 EPS for the current fiscal year.

Alphabet declared that its board has authorized a share buyback program on Thursday, February 1st that authorizes the company to repurchase $8.59 billion in outstanding shares. This repurchase authorization authorizes the information services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

GOOGL has been the subject of a number of recent analyst reports. CIBC reissued an “outperform” rating and issued a $1,180.00 price objective (up from $1,050.00) on shares of Alphabet in a report on Friday, October 27th. Pivotal Research reissued a “hold” rating and issued a $970.00 price objective on shares of Alphabet in a report on Friday, October 13th. Cowen increased their price objective on Alphabet from $1,150.00 to $1,230.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. Citigroup reissued a “buy” rating and issued a $1,180.00 price objective on shares of Alphabet in a report on Tuesday, October 24th. They noted that the move was a valuation call. Finally, Credit Suisse Group reissued an “outperform” rating on shares of Alphabet in a report on Wednesday, October 11th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, thirty-eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $1,157.75.

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Alphabet Profile

Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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