Meridian Investment Counsel Inc. grew its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 9.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,630 shares of the information services provider’s stock after purchasing an additional 310 shares during the quarter. Meridian Investment Counsel Inc.’s holdings in Alphabet were worth $320,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Alphabet by 1,919.4% during the third 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 period. State Street Corp increased its position in Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after acquiring an additional 206,300,042 shares during the period. Price T Rowe Associates Inc. MD increased its position in Alphabet by 1,759.2% during the third 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 acquiring an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA increased its position 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 worth $5,847,474,000 after acquiring an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp increased its position in Alphabet by 1,896.9% during 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 acquiring an additional 55,153,448 shares during the period. Institutional investors own 34.06% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have weighed in on GOOGL shares. Rosenblatt Securities decreased their price target on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. StockNews.com upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a research note on Wednesday, April 26th. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Bank of America lifted their price target on shares of Alphabet from $125.00 to $128.00 and gave the stock a “buy” rating in a research note on Wednesday, April 26th. Finally, Sanford C. Bernstein decreased their price target on shares of Alphabet from $130.00 to $125.00 and set an “outperform” rating on the stock in a research note on Thursday, April 20th. Three analysts have rated the stock with a hold rating, thirty-five have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $130.06.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Rating) last posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The business had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same period in the prior year, the business earned $1.23 EPS. Analysts anticipate that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the completion of the transaction, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the transaction, the chief accounting officer now directly owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The disclosure for this sale can be found here. Insiders sold a total of 100,539 shares of company stock valued at $10,214,031 in the last quarter. 11.44% of the stock is currently owned by 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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