Two Creeks Capital Management LP increased its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,900.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 975,200 shares of the information services provider’s stock after buying an additional 926,440 shares during the quarter. Alphabet makes up 6.8% of Two Creeks Capital Management LP’s holdings, making the stock its 7th biggest position. Two Creeks Capital Management LP’s holdings in Alphabet were worth $93,765,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors also recently made changes to their positions in the stock. Polen Capital Management LLC increased its position in Alphabet by 1,896.1% during the 3rd quarter. Polen Capital Management LLC now owns 28,471,359 shares of the information services provider’s stock worth $2,737,521,000 after buying an additional 27,045,038 shares during the period. Jennison Associates LLC grew its position 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 acquiring an additional 21,986,989 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position 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 acquiring an additional 17,365,189 shares during the last quarter. TD Asset Management Inc. grew its position 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 acquiring an additional 15,682,616 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Alphabet by 1,966.8% during the third quarter. Dimensional Fund Advisors LP now owns 14,818,151 shares of the information services provider’s stock worth $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.
Analyst Upgrades and Downgrades
GOOG has been the subject of a number of analyst reports. Raymond James raised their price objective on Alphabet from $116.00 to $119.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. Societe Generale dropped their price target on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. Jefferies Financial Group set a $125.00 price target on shares of Alphabet in a research report on Friday, February 3rd. Credit Suisse Group set a $136.00 price target on shares of Alphabet in a research report on Friday, February 3rd. Finally, Piper Sandler dropped their target price on shares of Alphabet from $122.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, February 3rd. One research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $137.13.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOG – Get Rating) last posted its earnings results 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 firm had revenue of $76.05 billion during the quarter, compared to the consensus estimate of $76.49 billion. During the same quarter in the previous year, the company earned $1.53 EPS. The business’s revenue was up 1.0% compared to the same quarter last year. On average, analysts expect that Alphabet Inc. will post 5.12 EPS for the current fiscal year.
Insider Transactions at Alphabet
In other news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $90.05, for a total value of $34,219.00. Following the completion of the sale, the director now owns 11,300 shares in the company, valued at approximately $1,017,565. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Ann Mather sold 380 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $90.05, for a total transaction of $34,219.00. Following the completion of the transaction, the director now owns 11,300 shares in the company, valued at $1,017,565. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $101.13, for a total transaction of $86,466.15. Following the transaction, the chief accounting officer now owns 24,908 shares of the company’s stock, valued at approximately $2,518,946.04. The disclosure for this sale can be found here. Insiders sold a total of 36,963 shares of company stock worth $3,453,119 in the last quarter. 12.99% of the stock is currently owned by corporate insiders.
About Alphabet
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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