Parsec Financial Management Inc. Has $9.56 Million Stake in Alphabet Inc Class C (GOOG)

Parsec Financial Management Inc. cut its position in Alphabet Inc Class C (NASDAQ:GOOG) by 0.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,571 shares of the information services provider’s stock after selling 53 shares during the period. Parsec Financial Management Inc.’s holdings in Alphabet Inc Class C were worth $9,562,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. grew its stake in Alphabet Inc Class C by 1.9% during the first quarter. BlackRock Inc. now owns 19,071,440 shares of the information services provider’s stock valued at $19,677,721,000 after acquiring an additional 352,952 shares in the last quarter. Summit Trail Advisors LLC grew its stake in Alphabet Inc Class C by 132,719.3% during the first quarter. Summit Trail Advisors LLC now owns 18,679,702 shares of the information services provider’s stock valued at $18,680,000 after acquiring an additional 18,665,638 shares in the last quarter. Geode Capital Management LLC grew its stake in Alphabet Inc Class C by 3.3% during the fourth quarter. Geode Capital Management LLC now owns 3,357,642 shares of the information services provider’s stock valued at $3,506,398,000 after acquiring an additional 105,985 shares in the last quarter. Alliancebernstein L.P. grew its stake in Alphabet Inc Class C by 0.7% during the fourth quarter. Alliancebernstein L.P. now owns 3,228,459 shares of the information services provider’s stock valued at $3,378,260,000 after acquiring an additional 23,200 shares in the last quarter. Finally, Magellan Asset Management Ltd grew its stake in Alphabet Inc Class C by 684.2% during the first quarter. Magellan Asset Management Ltd now owns 2,114,849 shares of the information services provider’s stock valued at $2,182,080,000 after acquiring an additional 1,845,160 shares in the last quarter. 34.31% of the stock is owned by hedge funds and other institutional investors.

Several equities analysts recently weighed in on GOOG shares. Morgan Stanley reaffirmed a “buy” rating on shares of Alphabet Inc Class C in a research note on Friday, May 18th. BidaskClub cut shares of Alphabet Inc Class C from a “buy” rating to a “hold” rating in a research note on Tuesday, May 22nd. Societe Generale reaffirmed a “buy” rating on shares of Alphabet Inc Class C in a research note on Friday, July 6th. Royal Bank of Canada reaffirmed a “buy” rating on shares of Alphabet Inc Class C in a research note on Tuesday, July 10th. Finally, Nomura reaffirmed a “buy” rating on shares of Alphabet Inc Class C in a research note on Wednesday, July 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $1,255.72.

GOOG stock opened at $1,175.33 on Friday. Alphabet Inc Class C has a 52 week low of $909.70 and a 52 week high of $1,273.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 4.15 and a quick ratio of 4.13. The firm has a market cap of $809.26 billion, a price-to-earnings ratio of 28.40 and a beta of 1.11.

Alphabet Inc Class C (NASDAQ:GOOG) last released its quarterly earnings data on Monday, July 23rd. The information services provider reported $11.75 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $9.66 by $2.09. Alphabet Inc Class C had a net margin of 13.16% and a return on equity of 18.24%. The business had revenue of $32.66 billion during the quarter, compared to analyst estimates of $32.13 billion. During the same quarter last year, the business earned $5.01 earnings per share. Alphabet Inc Class C’s quarterly revenue was up 25.6% compared to the same quarter last year.

In other Alphabet Inc Class C news, VP Amie Thuener O’toole sold 73 shares of the stock in a transaction on Tuesday, July 3rd. The shares were sold at an average price of $1,135.82, for a total transaction of $82,914.86. Following the completion of the transaction, the vice president now owns 388 shares in the company, valued at $440,698.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann Mather sold 24 shares of the stock in a transaction on Monday, July 2nd. The shares were sold at an average price of $1,100.00, for a total transaction of $26,400.00. Following the transaction, the director now owns 1,870 shares of the company’s stock, valued at approximately $2,057,000. The disclosure for this sale can be found here. Insiders have sold 88,362 shares of company stock valued at $105,611,408 in the last quarter. 13.11% of the stock is owned by company insiders.

Alphabet Inc Class C 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.

Further Reading: How are Outstanding Shares Different from Authorized Shares?

Institutional Ownership by Quarter for Alphabet Inc Class C (NASDAQ:GOOG)

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