Peconic Partners LLC Buys New Stake in Alphabet Inc. (NASDAQ:GOOGL)

Peconic Partners LLC acquired a new position in Alphabet Inc. (NASDAQ:GOOGL) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,000 shares of the information services provider’s stock, valued at approximately $4,239,000. Alphabet accounts for 0.5% of Peconic Partners LLC’s portfolio, making the stock its 22nd biggest holding.

Other large investors have also added to or reduced their stakes in the company. Delta Asset Management LLC TN lifted its stake in shares of Alphabet by 1.5% in the first quarter. Delta Asset Management LLC TN now owns 136 shares of the information services provider’s stock worth $116,000 after buying an additional 2 shares in the last quarter. Riggs Asset Managment Co. Inc. lifted its stake in shares of Alphabet by 58.3% in the first quarter. Riggs Asset Managment Co. Inc. now owns 152 shares of the information services provider’s stock worth $129,000 after buying an additional 56 shares in the last quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC lifted its stake in shares of Alphabet by 22.6% in the first quarter. Genovese Burford & Brothers Wealth & Retirement Plan Management LLC now owns 179 shares of the information services provider’s stock worth $152,000 after buying an additional 33 shares in the last quarter. Cordasco Financial Network lifted its stake in shares of Alphabet by 2.2% in the first quarter. Cordasco Financial Network now owns 235 shares of the information services provider’s stock worth $199,000 after buying an additional 5 shares in the last quarter. Finally, First Command Financial Services Inc. lifted its stake in shares of Alphabet by 56.1% in the first quarter. First Command Financial Services Inc. now owns 242 shares of the information services provider’s stock worth $205,000 after buying an additional 87 shares in the last quarter. Hedge funds and other institutional investors own 33.88% of the company’s stock.

A number of equities analysts have commented on the stock. B. Riley reaffirmed a “buy” rating and set a $1,050.00 target price on shares of Alphabet in a research note on Sunday, July 30th. MKM Partners reaffirmed a “buy” rating and set a $1,210.00 target price (up from $1,170.00) on shares of Alphabet in a research note on Thursday, August 10th. Cowen and Company reaffirmed an “outperform” rating and set a $1,075.00 target price on shares of Alphabet in a research note on Thursday, August 10th. Vetr upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,053.55 price target for the company in a research report on Monday, July 3rd. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $1,200.00 price target on shares of Alphabet in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, forty-two have given a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $1,053.45.

Shares of Alphabet Inc. (GOOGL) traded down 0.51% during trading on Friday, reaching $935.29. The company had a trading volume of 1,994,265 shares. Alphabet Inc. has a 52-week low of $743.59 and a 52-week high of $1,008.61. The company has a 50 day moving average of $940.56 and a 200-day moving average of $926.45. The firm has a market capitalization of $648.04 billion, a P/E ratio of 33.90 and a beta of 0.98.

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). Alphabet had a net margin of 19.49% and a return on equity of 13.66%. The company had revenue of $20.92 billion during the quarter, compared to analyst estimates of $20.83 billion. During the same period in the previous year, the company posted $8.42 EPS. Equities analysts expect that Alphabet Inc. will post $30.59 earnings per share for the current year.

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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.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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