Procyon Advisors LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 35.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,191 shares of the information services provider’s stock after acquiring an additional 15,092 shares during the period. Alphabet makes up approximately 0.9% of Procyon Advisors LLC’s investment portfolio, making the stock its 23rd biggest position. Procyon Advisors LLC’s holdings in Alphabet were worth $5,046,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position 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 acquiring an additional 453,413,389 shares in the last quarter. State Street Corp boosted its position in shares of Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after buying an additional 206,300,042 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Alphabet by 1,759.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after buying an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of 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 buying an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of 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 buying an additional 55,153,448 shares during the period. Hedge funds and other institutional investors own 34.06% of the company’s stock.
Insider Activity
In other news, Director Ann Mather sold 340 shares of the business’s stock in a transaction 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the stock in a transaction on Monday, March 13th. The shares were bought at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now owns 1,709,527 shares in the company, valued at $50,072,045.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 340 shares of the company’s stock in a transaction 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 completion of 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. Insiders have sold 73,865 shares of company stock valued at $7,140,167 over the last ninety days. 11.44% of the stock is currently owned by insiders.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). The company had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $63.15 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. During the same period last year, the firm earned $1.53 earnings per share. Analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several research analysts have issued reports on GOOGL shares. Wells Fargo & Company boosted their target price on Alphabet from $145.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Truist Financial dropped their target price on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Mizuho dropped their target price on Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, November 30th. KeyCorp dropped their target price on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research report on Monday, January 30th. Finally, BNP Paribas raised shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price target for the company in a research note on Friday, March 17th. Four investment analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $131.83.
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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