Sustainable Growth Advisers LP trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 12.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 18,925 shares of the information services provider’s stock after selling 2,584 shares during the quarter. Sustainable Growth Advisers LP’s holdings in Alphabet were worth $2,265,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bornite Capital Management LP bought a new position in Alphabet during the 1st quarter worth $16,688,000. Markel Corp raised its position in shares of Alphabet by 17.0% during the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after acquiring an additional 2,250 shares during the last quarter. United Bank lifted its stake in shares of Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after acquiring an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Alphabet by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after acquiring an additional 61,427 shares during the last quarter. Finally, Dakota Wealth Management increased its position in Alphabet by 20.4% during the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after purchasing an additional 1,570 shares during the period. 35.08% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on GOOGL. Loop Capital boosted their price target on shares of Alphabet from $125.00 to $140.00 and gave the stock a “hold” rating in a research report on Friday, August 18th. JPMorgan Chase & Co. upped their price target on shares of Alphabet from $121.00 to $150.00 in a research report on Wednesday, July 26th. JMP Securities lifted their price objective on Alphabet from $138.00 to $140.00 and gave the stock a “market outperform” rating in a research report on Wednesday, October 25th. Susquehanna restated a “positive” rating and set a $150.00 target price on shares of Alphabet in a research report on Thursday, August 31st. Finally, Piper Sandler lifted their target price on Alphabet from $147.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, October 25th. Five equities research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $147.00.
Insider Buying and Selling at Alphabet
In other news, Director Kavitark Ram Shriram sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The shares were sold at an average price of $131.09, for a total value of $9,831,750.00. Following the sale, the director now owns 104,364 shares of the company’s stock, valued at $13,681,076.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Frances Arnold sold 250 shares of Alphabet stock in a transaction on Monday, October 30th. The stock was sold at an average price of $124.36, for a total transaction of $31,090.00. Following the completion of the sale, the director now owns 14,226 shares of the company’s stock, valued at $1,769,145.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 75,000 shares of Alphabet stock in a transaction dated Tuesday, November 7th. The shares were sold at an average price of $131.09, for a total value of $9,831,750.00. Following the sale, the director now owns 104,364 shares of the company’s stock, valued at approximately $13,681,076.76. The disclosure for this sale can be found here. Insiders have sold a total of 176,576 shares of company stock valued at $23,425,367 over the last three months. 0.88% of the stock is currently owned by insiders.
Alphabet Price Performance
Alphabet stock opened at $135.31 on Monday. The company has a current ratio of 2.04, a quick ratio of 2.01 and a debt-to-equity ratio of 0.05. The business’s 50 day simple moving average is $133.44 and its 200 day simple moving average is $127.65. Alphabet Inc. has a 12 month low of $84.86 and a 12 month high of $141.22. The company has a market cap of $1.69 trillion, a price-to-earnings ratio of 25.97, a PEG ratio of 1.51 and a beta of 1.05.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, October 24th. The information services provider reported $1.55 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.10. Alphabet had a return on equity of 25.24% and a net margin of 22.46%. The firm had revenue of $64.05 billion for the quarter, compared to analysts’ expectations of $63.13 billion. Sell-side analysts forecast that Alphabet Inc. will post 5.74 EPS for the current 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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