Parsec Financial Management Inc. lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 0.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,260 shares of the information services provider’s stock after purchasing an additional 130 shares during the period. Parsec Financial Management Inc.’s holdings in Alphabet were worth $4,699,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Y.D. More Investments Ltd purchased a new stake in Alphabet in the fourth quarter worth about $5,259,000. Wittenberg Investment Management Inc. lifted its holdings in Alphabet by 1.6% in the fourth quarter. Wittenberg Investment Management Inc. now owns 124,050 shares of the information services provider’s stock worth $10,945,000 after buying an additional 2,000 shares during the period. Petredis Investment Advisors LLC purchased a new stake in Alphabet in the fourth quarter worth about $17,949,000. Sound Shore Management Inc. CT lifted its holdings in Alphabet by 64.7% in the fourth quarter. Sound Shore Management Inc. CT now owns 843,992 shares of the information services provider’s stock worth $74,465,000 after buying an additional 331,631 shares during the period. Finally, Dillon & Associates Inc. lifted its holdings in Alphabet by 0.6% in the fourth quarter. Dillon & Associates Inc. now owns 203,920 shares of the information services provider’s stock worth $17,945,000 after buying an additional 1,204 shares during the period. 34.06% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related 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 acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following 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 filing with the SEC, which can be accessed through this link. In related 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 acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following 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 filing with the SEC, which can be accessed through this link. Also, Director Ann Mather sold 380 shares of the business’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $90.05, for a total transaction of $34,219.00. Following the completion of the sale, the director now owns 11,300 shares in the company, valued at approximately $1,017,565. The disclosure for this sale can be found here. Insiders have sold a total of 100,539 shares of company stock worth $10,214,031 in the last 90 days. 11.44% of the stock is currently owned by corporate insiders.
Alphabet Stock Down 1.8 %
Alphabet (NASDAQ:GOOGL – Get Rating) last released its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The company had revenue of $69.79 billion for the quarter, compared to analysts’ expectations of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same quarter in the previous year, the company earned $1.23 EPS. On average, sell-side analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.
Analysts Set New Price Targets
GOOGL has been the subject of several research analyst reports. Citigroup raised their price objective on shares of Alphabet from $120.00 to $130.00 in a report on Wednesday, April 26th. Wolfe Research lifted their target price on shares of Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Truist Financial lifted their target price on shares of Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Oppenheimer lifted their target price on shares of Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Finally, Royal Bank of Canada lifted their target price on shares of Alphabet from $130.00 to $132.00 in a report on Wednesday, April 26th. Three equities research analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $130.06.
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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