Progressive Investment Management Corp trimmed its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,672 shares of the information services provider’s stock after selling 1,559 shares during the quarter. Alphabet comprises about 1.1% of Progressive Investment Management Corp’s investment portfolio, making the stock its 27th biggest position. Progressive Investment Management Corp’s holdings in Alphabet were worth $2,794,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bornite Capital Management LP purchased a new position in shares of Alphabet during the first quarter valued at approximately $16,688,000. Markel Corp boosted its position 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 valued at $43,110,000 after buying an additional 2,250 shares during the period. United Bank boosted its position 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 valued at $5,654,000 after buying an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position 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 valued at $900,929,000 after buying an additional 61,427 shares during the period. Finally, Dakota Wealth Management boosted its position 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 valued at $25,806,000 after buying an additional 1,570 shares during the period. Hedge funds and other institutional investors own 34.06% of the company’s stock.
Alphabet Stock Performance
GOOGL stock opened at $104.50 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38. The stock has a market cap of $1.34 trillion, a P/E ratio of 22.96, a P/E/G ratio of 1.51 and a beta of 1.10. The firm has a 50 day simple moving average of $98.70 and a 200 day simple moving average of $96.21. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $131.40.
Insider Buying and Selling at Alphabet
In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet 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 directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider John Kent Walker sold 29,006 shares of the business’s stock in a transaction on Wednesday, March 29th. The shares were sold at an average price of $101.84, for a total value of $2,953,971.04. Following the completion of the sale, the insider now directly owns 24,277 shares in the company, valued at $2,472,369.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the sale, the senior vice president now owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The disclosure for this sale can be found here. Insiders sold 112,192 shares of company stock worth $11,373,417 over the last ninety days. 11.44% of the stock is currently owned by insiders.
Analyst Ratings Changes
GOOGL has been the subject of a number of recent research reports. MKM Partners boosted their price objective on shares of Alphabet from $120.00 to $126.00 in a research note on Friday, February 3rd. Loop Capital upped their price target on shares of Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. Barclays upped their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Jefferies Financial Group reissued a “buy” rating and set a $130.00 target price on shares of Alphabet in a research note on Friday, February 10th. Finally, Bank of America increased their target price on shares of Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a research note on Tuesday, January 31st. Four equities research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $131.17.
Alphabet 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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