Kentucky Retirement Systems Acquires Shares of 17,513 Alphabet Inc. (NASDAQ:GOOGL)

Kentucky Retirement Systems purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) in the second quarter, HoldingsChannel.com reports. The fund purchased 17,513 shares of the information services provider’s stock, valued at approximately $42,763,000. Alphabet comprises 2.0% of Kentucky Retirement Systems’ holdings, making the stock its 5th largest position.

A number of other hedge funds also recently added to or reduced their stakes in GOOGL. Covey Capital Advisors LLC lifted its stake in shares of Alphabet by 1.9% in the first quarter. Covey Capital Advisors LLC now owns 2,189 shares of the information services provider’s stock valued at $4,515,000 after buying an additional 40 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. increased its stake in shares of Alphabet by 314.3% in the first quarter. Sumitomo Mitsui Financial Group Inc. now owns 58 shares of the information services provider’s stock worth $119,000 after purchasing an additional 44 shares in the last quarter. Ironwood Wealth Management LLC. boosted its position in shares of Alphabet by 12.2% in the first quarter. Ironwood Wealth Management LLC. now owns 1,014 shares of the information services provider’s stock valued at $2,091,000 after acquiring an additional 110 shares during the period. Bull Street Advisors LLC boosted its position in shares of Alphabet by 0.9% in the first quarter. Bull Street Advisors LLC now owns 769 shares of the information services provider’s stock valued at $1,586,000 after acquiring an additional 7 shares during the period. Finally, Stevens Capital Management LP bought a new stake in Alphabet during the first quarter valued at approximately $1,776,000. Institutional investors and hedge funds own 34.43% of the company’s stock.

Several research analysts recently commented on the stock. JMP Securities lifted their target price on shares of Alphabet from $2,850.00 to $3,100.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 28th. JPMorgan Chase & Co. upped their target price on shares of Alphabet from $2,875.00 to $3,250.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 28th. Susquehanna Bancshares upped their price target on shares of Alphabet from $3,100.00 to $3,600.00 and gave the stock a “positive” rating in a research note on Wednesday, July 28th. Susquehanna upped their target price on shares of Alphabet from $3,100.00 to $3,600.00 and gave the company a “positive” rating in a research note on Wednesday, July 28th. Finally, Truist Securities upped their price target on shares of Alphabet from $2,800.00 to $3,100.00 and gave the company a “buy” rating in a research report on Wednesday, July 28th. Three analysts have rated the stock with a hold rating and thirty-nine have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $2,846.21.

GOOGL traded down $21.14 during trading on Monday, hitting $2,823.16. The company had a trading volume of 21,590 shares, compared to its average volume of 1,522,923. The company has a market capitalization of $1.88 trillion, a PE ratio of 30.60, a PEG ratio of 1.83 and a beta of 1.00. Alphabet Inc. has a one year low of $1,407.68 and a one year high of $2,925.07. The firm’s 50-day moving average price is $2,768.01 and its 200 day moving average price is $2,472.12. The company has a quick ratio of 3.14, a current ratio of 3.15 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Monday, July 26th. The information services provider reported $27.26 earnings per share for the quarter, topping the consensus estimate of $19.89 by $7.37. Alphabet had a net margin of 28.57% and a return on equity of 27.87%. The company had revenue of $50.95 billion for the quarter, compared to analyst estimates of $46.07 billion. During the same period in the previous year, the business earned $10.13 EPS. Sell-side analysts forecast that Alphabet Inc. will post 101.86 earnings per share for the current year.

About Alphabet

Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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