Nuveen Asset Management LLC Buys 33,329,215 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by on Mar 2nd, 2023

Nuveen Asset Management LLC raised its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,814.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 35,166,262 shares of the information services provider’s stock after acquiring an additional 33,329,215 shares during the quarter. Alphabet makes up approximately 1.4% of Nuveen Asset Management LLC’s investment portfolio, making the stock its 6th largest position. Nuveen Asset Management LLC owned approximately 0.27% of Alphabet worth $3,381,237,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. DC Investments Management LLC acquired a new position in Alphabet in the 1st quarter worth about $115,000. Guardian Wealth Management Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at approximately $184,000. Turim 21 Investimentos Ltda. grew its stake in Alphabet by 10.8% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after acquiring an additional 8 shares during the period. OneAscent Financial Services LLC purchased a new stake in Alphabet in the 2nd quarter worth $203,000. Finally, qPULA Trading Management LP acquired a new position in Alphabet during the first quarter worth $279,000. Hedge funds and other institutional investors own 28.69% of the company’s stock.

Insider Activity

In related news, Director Ann Mather sold 340 shares of the firm’s stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $96.92, for a total transaction of $32,952.80. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at approximately $1,095,196. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Ann Mather sold 340 shares of the stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $96.92, for a total transaction of $32,952.80. Following the sale, the director now owns 11,300 shares of the company’s stock, valued at $1,095,196. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the transaction, the senior vice president now owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,745 shares of company stock valued at $3,424,078. 12.99% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on GOOG shares. Raymond James boosted their target price on shares of Alphabet from $116.00 to $119.00 and gave the stock an “outperform” rating in a research note on Friday, February 3rd. Piper Sandler decreased their target price on Alphabet from $122.00 to $120.00 and set an “overweight” rating on the stock in a research report on Friday, February 3rd. Oppenheimer boosted their price target on Alphabet from $130.00 to $155.00 and gave the stock an “outperform” rating in a research report on Friday, February 3rd. Societe Generale lowered their target price on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a research note on Wednesday, November 30th. Finally, Credit Suisse Group set a $136.00 target price on shares of Alphabet in a research report on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $137.13.

Alphabet Price Performance

Shares of GOOG opened at $90.51 on Thursday. The firm has a 50-day simple moving average of $94.13 and a two-hundred day simple moving average of $98.53. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. Alphabet Inc. has a 1-year low of $83.45 and a 1-year high of $144.16. The stock has a market cap of $1.16 trillion, a PE ratio of 19.89, a P/E/G ratio of 1.24 and a beta of 1.08.

Alphabet (NASDAQ:GOOG – Get Rating) last posted its earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.09). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The company had revenue of $76.05 billion during the quarter, compared to analyst estimates of $76.49 billion. During the same quarter last year, the business posted $1.53 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. As a group, analysts forecast that Alphabet Inc. will post 5.12 EPS for the current year.

About Alphabet

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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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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