State of Michigan Retirement System cut its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,377,180 shares of the information services provider’s stock after selling 114,400 shares during the quarter. Alphabet comprises approximately 1.5% of State of Michigan Retirement System’s portfolio, making the stock its 9th largest holding. State of Michigan Retirement System’s holdings in Alphabet were worth $209,739,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. Bornite Capital Management LP acquired a new position in shares of Alphabet during the first quarter worth about $16,688,000. Markel Corp increased its stake in shares of Alphabet by 17.0% during the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after acquiring an additional 2,250 shares during the period. United Bank increased its stake in shares of Alphabet by 5.9% during the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after acquiring an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after acquiring an additional 61,427 shares during the period. Finally, Dakota Wealth Management increased its stake in shares of Alphabet by 20.4% during the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after acquiring an additional 1,570 shares during the period. 34.06% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Alphabet
In other news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was acquired at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The stock was acquired at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $99.87, for a total transaction of $63,617.19. Following the completion of the transaction, the chief accounting officer now owns 25,282 shares of the company’s stock, valued at $2,524,913.34. The disclosure for this sale can be found here. Insiders sold 112,192 shares of company stock valued at $11,373,417 over the last 90 days. Corporate insiders own 11.44% of the company’s stock.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.09). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The business had revenue of $76.05 billion during the quarter, compared to analyst estimates of $63.15 billion. During the same period in the previous year, the company earned $1.53 EPS. As a group, analysts predict that Alphabet Inc. will post 5.11 EPS for the current year.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on GOOGL. UBS Group boosted their price target on shares of Alphabet from $120.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, April 6th. Truist Financial decreased their price objective on shares of Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. Barclays boosted their price objective on shares of Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. KeyCorp decreased their price objective on shares of Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a report on Monday, January 30th. Finally, Evercore ISI decreased their price objective on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 21st. Four analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $131.17.
Alphabet Company Profile
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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