Cornerstone Advisors LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 2,197.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 928,000 shares of the information services provider’s stock after acquiring an additional 887,600 shares during the period. Alphabet makes up approximately 4.4% of Cornerstone Advisors LLC’s portfolio, making the stock its 4th biggest holding. Cornerstone Advisors LLC’s holdings in Alphabet were worth $89,227,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Polen Capital Management LLC grew its holdings in Alphabet by 1,896.1% during the third quarter. Polen Capital Management LLC now owns 28,471,359 shares of the information services provider’s stock worth $2,737,521,000 after acquiring an additional 27,045,038 shares during the period. Jennison Associates LLC grew its holdings in Alphabet by 1,736.4% in the third quarter. Jennison Associates LLC now owns 23,253,198 shares of the information services provider’s stock valued at $2,235,795,000 after purchasing an additional 21,986,989 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Alphabet by 1,872.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock valued at $1,758,856,000 after purchasing an additional 17,365,189 shares during the last quarter. TD Asset Management Inc. grew its holdings in Alphabet by 1,863.4% in the third quarter. TD Asset Management Inc. now owns 16,524,239 shares of the information services provider’s stock valued at $1,620,863,000 after purchasing an additional 15,682,616 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Alphabet by 1,966.8% in the third quarter. Dimensional Fund Advisors LP now owns 14,818,151 shares of the information services provider’s stock valued at $1,424,954,000 after purchasing an additional 14,101,177 shares during the last quarter. Institutional investors and hedge funds own 28.69% of the company’s stock.
Analysts Set New Price Targets
Several research firms have weighed in on GOOG. Jefferies Financial Group set a $125.00 target price on Alphabet in a report on Friday, February 3rd. Royal Bank of Canada set a $130.00 target price on Alphabet in a report on Friday, February 3rd. Piper Sandler lowered their target price on Alphabet from $122.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, February 3rd. JPMorgan Chase & Co. set a $118.00 price objective on Alphabet in a research report on Thursday, February 9th. Finally, UBS Group set a $120.00 price objective on Alphabet in a research report on Monday, February 6th. One analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $137.13.
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.09). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The business had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $76.49 billion. During the same quarter in the prior year, the firm earned $1.53 earnings per share. Alphabet’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current year.
Insider Activity
In other news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at $1,008,412. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at $1,008,412. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $99.87, for a total transaction of $63,617.19. Following the completion of the transaction, the chief accounting officer now owns 25,282 shares of the company’s stock, valued at $2,524,913.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,583 shares of company stock worth $3,418,900. 12.99% of the stock is currently owned by company insiders.
Alphabet Profile
Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.
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