Rhumbline Advisers boosted its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.0% in the 2nd quarter, Holdings Channel reports. The firm owned 11,900,912 shares of the information services provider’s stock after acquiring an additional 119,238 shares during the quarter. Alphabet accounts for about 1.6% of Rhumbline Advisers’ portfolio, making the stock its 5th largest position. Rhumbline Advisers’ holdings in Alphabet were worth $1,424,539,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOGL. Live Oak Investment Partners acquired a new position in Alphabet during the fourth quarter worth about $26,000. Armor Investment Advisors LLC purchased a new stake in shares of Alphabet in the second quarter valued at approximately $28,000. CarsonAllaria Wealth Management Ltd. increased its holdings in shares of Alphabet by 136.7% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 284 shares of the information services provider’s stock valued at $34,000 after purchasing an additional 164 shares during the last quarter. Sanctuary Wealth Management L.L.C. purchased a new position in Alphabet during the fourth quarter worth approximately $34,000. Finally, Turim 21 Investimentos Ltda. acquired a new position in Alphabet during the third quarter worth $38,000. Hedge funds and other institutional investors own 35.08% of the company’s stock.
Analyst Upgrades and Downgrades
Several research firms have recently commented on GOOGL. Sanford C. Bernstein lifted their price target on Alphabet from $130.00 to $135.00 in a report on Wednesday, July 26th. Susquehanna reaffirmed a “positive” rating and set a $150.00 target price on shares of Alphabet in a research note on Thursday, August 31st. Morgan Stanley dropped their price target on shares of Alphabet from $155.00 to $150.00 and set an “overweight” rating for the company in a research note on Wednesday, October 25th. Piper Sandler lifted their price target on shares of Alphabet from $147.00 to $150.00 and gave the company an “overweight” rating in a research report on Wednesday, October 25th. Finally, Jefferies Financial Group increased their price objective on Alphabet from $150.00 to $165.00 in a research report on Wednesday, July 26th. Five research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $147.00.
In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $133.82, for a total value of $2,152,227.06. Following the transaction, the senior vice president now directly owns 75,621 shares in the company, valued at $10,119,602.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction that occurred on Friday, November 10th. The stock was sold at an average price of $132.92, for a total transaction of $26,584.00. Following the transaction, the director now owns 7,184 shares in the company, valued at approximately $954,897.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Prabhakar Raghavan sold 16,083 shares of the business’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $133.82, for a total value of $2,152,227.06. Following the completion of the sale, the senior vice president now owns 75,621 shares of the company’s stock, valued at approximately $10,119,602.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 176,576 shares of company stock worth $23,425,367. 0.88% of the stock is currently owned by insiders.
Alphabet Stock Down 1.2 %
Shares of Alphabet stock opened at $135.31 on Monday. The company has a quick ratio of 2.01, a current ratio of 2.04 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $84.86 and a 52-week high of $141.22. The company has a market capitalization of $1.69 trillion, a P/E ratio of 25.97, a P/E/G ratio of 1.51 and a beta of 1.05. The company has a 50 day moving average of $133.44 and a 200 day moving average of $127.65.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings data on Tuesday, October 24th. The information services provider reported $1.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.10. The business had revenue of $64.05 billion during the quarter, compared to analysts’ expectations of $63.13 billion. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. As a group, research analysts forecast that Alphabet Inc. will post 5.74 EPS for the current fiscal year.
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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