Montecito Bank & Trust reduced its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 6.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,593 shares of the information services provider’s stock after selling 2,860 shares during the period. Alphabet makes up about 0.9% of Montecito Bank & Trust’s holdings, making the stock its 27th largest holding. Montecito Bank & Trust’s holdings in Alphabet were worth $3,758,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of the stock. Bornite Capital Management LP purchased a new position in Alphabet in the first quarter valued at $16,688,000. Markel Corp increased its holdings in Alphabet by 17.0% in the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after buying an additional 2,250 shares during the last quarter. United Bank increased its holdings in Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after buying an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Alphabet by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after buying an additional 61,427 shares during the last quarter. Finally, Dakota Wealth Management increased its holdings in Alphabet by 20.4% in the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after buying an additional 1,570 shares during the last quarter. 34.06% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Price Performance
Shares of NASDAQ:GOOGL opened at $103.73 on Monday. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.33 trillion, a P/E ratio of 22.80, a PEG ratio of 1.39 and a beta of 1.09. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $143.79. The company has a 50-day moving average price of $97.34 and a 200 day moving average price of $95.74.
Insider Activity
In other news, 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 sale, the senior vice president now directly owns 76,579 shares in the company, valued at approximately $6,872,965.25. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Kavitark Ram Shriram sold 37,500 shares of Alphabet stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the director now directly owns 144,740 shares in the company, valued at approximately $14,474,000. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total value of $1,992,719.25. Following the transaction, the senior vice president now owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The disclosure for this sale can be found here. In the last three months, insiders sold 102,871 shares of company stock worth $10,094,138. Company insiders own 11.44% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities analysts recently commented on GOOGL shares. Morgan Stanley increased their target price on Alphabet from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Credit Suisse Group dropped their price objective on Alphabet from $145.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, February 3rd. KeyCorp dropped their price objective on Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a report on Monday, January 30th. Evercore ISI dropped their price objective on Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 21st. Finally, Wells Fargo & Company raised their price objective on Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Four investment analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $131.39.
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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