Alphabet Inc. (NASDAQ:GOOGL) Stake Lowered by Highland Capital Management LLC

Highland Capital Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,674 shares of the information services provider’s stock after selling 86 shares during the period. Alphabet makes up about 0.9% of Highland Capital Management LLC’s investment portfolio, making the stock its 27th largest position. Highland Capital Management LLC’s holdings in Alphabet were worth $10,853,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of GOOGL. Profit Investment Management LLC increased its position in shares of Alphabet by 21.9% in the second quarter. Profit Investment Management LLC now owns 1,482 shares of the information services provider’s stock worth $1,378,000 after buying an additional 266 shares during the period. Patten & Patten Inc. TN increased its position in shares of Alphabet by 5.6% in the second quarter. Patten & Patten Inc. TN now owns 8,422 shares of the information services provider’s stock worth $7,830,000 after buying an additional 446 shares during the period. Johnson Financial Group LLC increased its position in shares of Alphabet by 3.3% in the second quarter. Johnson Financial Group LLC now owns 309 shares of the information services provider’s stock worth $287,000 after buying an additional 10 shares during the period. First Quadrant L P CA increased its position in shares of Alphabet by 23.4% in the second quarter. First Quadrant L P CA now owns 54,136 shares of the information services provider’s stock worth $50,329,000 after buying an additional 10,267 shares during the period. Finally, Aperio Group LLC increased its position in shares of Alphabet by 9.7% in the second quarter. Aperio Group LLC now owns 219,112 shares of the information services provider’s stock worth $203,704,000 after buying an additional 19,360 shares during the period. Hedge funds and other institutional investors own 34.31% of the company’s stock.

Shares of Alphabet Inc. (NASDAQ GOOGL) traded up 0.78% during trading on Friday, reaching $930.79. The company’s stock had a trading volume of 966,609 shares. The company has a 50-day moving average price of $957.55 and a 200-day moving average price of $908.38. The stock has a market cap of $644.92 billion, a price-to-earnings ratio of 33.73 and a beta of 0.99. Alphabet Inc. has a one year low of $743.59 and a one year high of $1,008.61.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, missing the consensus estimate of $8.25 by $3.24. The firm had revenue of $20.92 billion during the quarter, compared to analysts’ expectations of $20.83 billion. Alphabet had a net margin of 19.49% and a return on equity of 13.66%. During the same quarter last year, the business earned $8.42 EPS. On average, equities research analysts forecast that Alphabet Inc. will post $30.59 earnings per share for the current fiscal year.

A number of brokerages recently weighed in on GOOGL. Vetr raised shares of Alphabet from a “hold” rating to a “buy” rating and set a $1,052.36 price target on the stock in a report on Monday, June 5th. Zacks Investment Research downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Citigroup Inc. upped their price objective on shares of Alphabet from $1,135.00 to $1,180.00 and gave the company a “buy” rating in a report on Tuesday, July 25th. They noted that the move was a valuation call. UBS AG reaffirmed a “buy” rating and set a $1,080.00 price objective (up from $1,050.00) on shares of Alphabet in a report on Tuesday, July 25th. Finally, Barclays PLC reaffirmed an “overweight” rating and set a $1,060.00 price objective (down from $1,065.00) on shares of Alphabet in a report on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, forty-two have issued a buy rating and one has given a strong buy rating to the company’s stock. Alphabet currently has an average rating of “Buy” and a consensus target price of $1,049.20.

Alphabet Company 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.