Alphabet Inc. (NASDAQ:GOOGL) Stake Boosted by Fred Alger Management LLC

Posted by on Mar 15th, 2023

Fred Alger Management LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 2,125.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 106,037 shares of the information services provider’s stock after acquiring an additional 101,273 shares during the period. Fred Alger Management LLC’s holdings in Alphabet were worth $10,142,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Alphabet by 1,919.4% in the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp boosted its holdings in Alphabet by 1,900.6% in the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Alphabet by 1,759.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Alphabet by 1,955.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock valued at $5,847,474,000 after acquiring an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Alphabet by 1,896.9% during the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock valued at $5,553,529,000 after acquiring an additional 55,153,448 shares during the period. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Ann Mather sold 340 shares of the stock in a transaction that occurred on 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 directly owns 11,300 shares of the company’s stock, valued at $1,095,196. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total transaction of $77,933.25. Following the sale, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann Mather sold 340 shares of the stock in a transaction that occurred on 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 directly owns 11,300 shares in the company, valued at $1,095,196. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,745 shares of company stock valued at $3,424,078. 11.44% of the stock is currently owned by insiders.

Alphabet Price Performance

Shares of Alphabet stock opened at $93.97 on Wednesday. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06. The stock has a market capitalization of $1.20 trillion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 1.25 and a beta of 1.09. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $143.79. The firm’s 50-day moving average price is $94.35 and its two-hundred day moving average price is $96.30.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data 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 firm had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same period in the prior year, the company posted $1.53 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GOOGL shares. Mizuho decreased their price target on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, November 30th. Jefferies Financial Group restated a “buy” rating and set a $130.00 price target on shares of Alphabet in a report on Friday, February 10th. Credit Suisse Group decreased their price target on shares of Alphabet from $145.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, February 3rd. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Finally, New Street Research initiated coverage on shares of Alphabet in a report on Wednesday, January 4th. They set a “buy” rating and a $118.00 price target for the company. Five analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $132.32.

Alphabet Profile

(Get Rating)

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.

Read More

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL – Get Rating).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.