Jeereddi Investments LP Increases Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Mar 4th, 2023

Jeereddi Investments LP lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,738.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,658 shares of the information services provider’s stock after purchasing an additional 12,915 shares during the period. Alphabet accounts for about 3.0% of Jeereddi Investments LP’s portfolio, making the stock its 5th biggest position. Jeereddi Investments LP’s holdings in Alphabet were worth $1,313,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Nuveen Asset Management LLC boosted its holdings in Alphabet by 1,814.3% in the third quarter. Nuveen Asset Management LLC now owns 35,166,262 shares of the information services provider’s stock worth $3,381,237,000 after acquiring an additional 33,329,215 shares in the last quarter. Sanders Capital LLC boosted its holdings in Alphabet by 1,927.2% in the third quarter. Sanders Capital LLC now owns 33,084,588 shares of the information services provider’s stock worth $3,181,083,000 after acquiring an additional 31,452,549 shares in the last quarter. Polen Capital Management LLC boosted its holdings in Alphabet by 1,896.1% in 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 in the last quarter. Jennison Associates LLC boosted 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 worth $2,235,795,000 after acquiring an additional 21,986,989 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted 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 worth $1,758,856,000 after acquiring an additional 17,365,189 shares in the last quarter. Institutional investors own 28.69% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Societe Generale cut their price target on Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a report on Wednesday, November 30th. UBS Group set a $120.00 price target on Alphabet in a report on Monday, February 6th. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Credit Suisse Group set a $136.00 target price on Alphabet in a report on Friday, February 3rd. Finally, Jefferies Financial Group set a $125.00 target price on Alphabet in a report on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $137.13.

Insider Activity

In other news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction on Tuesday, December 27th. The stock was 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 document filed with the SEC, which is available through the SEC website. In related news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $99.87, for a total transaction of $63,617.19. Following the completion of the sale, the chief accounting officer now owns 25,282 shares of the company’s stock, valued at $2,524,913.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ann Mather sold 380 shares of Alphabet 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 sale, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,008,412. The disclosure for this sale can be found here. Over the last three months, insiders sold 36,745 shares of company stock worth $3,424,078. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Performance

NASDAQ:GOOG opened at $94.02 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. The business has a fifty day simple moving average of $94.29 and a two-hundred day simple moving average of $98.29. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $144.16. The company has a market capitalization of $1.20 trillion, a P/E ratio of 20.66, a P/E/G ratio of 1.25 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly 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). The company had revenue of $76.05 billion during the quarter, compared to analysts’ expectations of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. Alphabet’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted $1.53 earnings per share. On average, analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current year.

Alphabet Profile

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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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