Manitou Investment Management Ltd. Trims Position in Alphabet Inc (NASDAQ:GOOGL)

Manitou Investment Management Ltd. decreased its stake in shares of Alphabet Inc (NASDAQ:GOOGL) by 0.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 18,420 shares of the information services provider’s stock after selling 90 shares during the quarter. Alphabet accounts for about 5.4% of Manitou Investment Management Ltd.’s holdings, making the stock its 9th biggest holding. Manitou Investment Management Ltd.’s holdings in Alphabet were worth $22,493,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. DAGCO Inc. boosted its holdings in shares of Alphabet by 0.6% in the third quarter. DAGCO Inc. now owns 1,282 shares of the information services provider’s stock valued at $1,565,000 after acquiring an additional 8 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its holdings in shares of Alphabet by 7.8% in the second quarter. Creative Financial Designs Inc. ADV now owns 125 shares of the information services provider’s stock valued at $140,000 after acquiring an additional 9 shares in the last quarter. Copperwynd Financial LLC boosted its holdings in shares of Alphabet by 2.1% in the second quarter. Copperwynd Financial LLC now owns 448 shares of the information services provider’s stock valued at $485,000 after acquiring an additional 9 shares in the last quarter. Pensionmark Financial Group LLC boosted its holdings in shares of Alphabet by 4.5% in the second quarter. Pensionmark Financial Group LLC now owns 210 shares of the information services provider’s stock valued at $251,000 after acquiring an additional 9 shares in the last quarter. Finally, Cypress Capital Group boosted its holdings in shares of Alphabet by 1.0% in the third quarter. Cypress Capital Group now owns 874 shares of the information services provider’s stock valued at $1,067,000 after acquiring an additional 9 shares in the last quarter. Hedge funds and other institutional investors own 33.56% of the company’s stock.

Several research firms have recently issued reports on GOOGL. Barclays reiterated a “buy” rating and issued a $1,400.00 price objective on shares of Alphabet in a report on Tuesday, October 29th. Credit Suisse Group reiterated an “outperform” rating and issued a $1,700.00 price objective (up from $1,500.00) on shares of Alphabet in a report on Wednesday, October 23rd. They noted that the move was a valuation call. Needham & Company LLC set a $1,350.00 target price on shares of Alphabet and gave the stock a “buy” rating in a report on Friday, July 26th. JPMorgan Chase & Co. raised their target price on shares of Alphabet from $1,310.00 to $1,420.00 and gave the stock a “positive” rating in a report on Friday, July 26th. Finally, Bank of America restated a “buy” rating and set a $1,450.00 target price on shares of Alphabet in a report on Thursday, October 24th. Seven equities research analysts have rated the stock with a hold rating and thirty-two have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $1,406.25.

Alphabet stock traded up $2.06 during midday trading on Friday, reaching $1,309.00. The stock had a trading volume of 1,519,600 shares, compared to its average volume of 1,555,468. The firm has a market cap of $895.48 billion, a price-to-earnings ratio of 27.55, a PEG ratio of 1.58 and a beta of 1.01. The firm’s fifty day simple moving average is $1,241.32 and its two-hundred day simple moving average is $1,181.32. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.78 and a quick ratio of 3.75. Alphabet Inc has a twelve month low of $977.66 and a twelve month high of $1,322.65.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Monday, October 28th. The information services provider reported $10.12 earnings per share for the quarter, missing analysts’ consensus estimates of $12.42 by ($2.30). The business had revenue of $33.01 billion for the quarter, compared to the consensus estimate of $32.84 billion. Alphabet had a net margin of 21.04% and a return on equity of 18.34%. During the same quarter in the prior year, the business posted $13.06 EPS. As a group, sell-side analysts predict that Alphabet Inc will post 49.05 EPS for the current fiscal year.

Alphabet Profile

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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