Parnassus Investments LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 0.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,241,648 shares of the information services provider’s stock after selling 162,512 shares during the quarter. Alphabet accounts for about 3.8% of Parnassus Investments LLC’s portfolio, making the stock its 2nd biggest holding. Parnassus Investments LLC owned 0.13% of Alphabet worth $1,521,231,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in GOOGL. Vanguard Group Inc. grew its holdings in shares of Alphabet by 1,919.4% in the 3rd 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 during the last quarter. State Street Corp increased its stake in Alphabet by 1,900.6% in the 3rd 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 raised its holdings in Alphabet by 1,759.2% during the 3rd 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 buying an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA lifted its stake 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 buying an additional 58,159,150 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Alphabet by 1,896.9% in the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock worth $5,553,529,000 after buying an additional 55,153,448 shares during the period. Institutional investors own 34.06% of the company’s stock.
Analyst Upgrades and Downgrades
GOOGL has been the topic of a number of recent analyst reports. BNP Paribas upgraded shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price target on the stock in a report on Friday, March 17th. Credit Suisse Group reduced their target price on Alphabet from $145.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, February 3rd. Rosenblatt Securities lowered their price target on Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. KeyCorp reduced their price objective on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research note on Monday, January 30th. Finally, Barclays lifted their target price on Alphabet from $150.00 to $160.00 and gave the company an “overweight” rating in a research note on Friday, February 3rd. Four investment analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.17.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Rating) last released its earnings results 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). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The firm had revenue of $76.05 billion for the quarter, compared to analyst estimates of $63.15 billion. During the same period last year, the business earned $1.53 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 5.11 EPS for the current year.
Insider Activity at Alphabet
In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the firm’s stock in a transaction on Monday, March 13th. The shares were purchased at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was purchased at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the sale, the senior vice president now owns 76,580 shares in the company, valued at $7,922,966.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 112,192 shares of company stock worth $11,373,417. 11.44% of the stock is owned by corporate insiders.
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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