Granite Point Capital Management L.P. reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 19.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 48,400 shares of the information services provider’s stock after selling 12,000 shares during the period. Alphabet accounts for about 2.7% of Granite Point Capital Management L.P.’s portfolio, making the stock its 6th largest holding. Granite Point Capital Management L.P.’s holdings in Alphabet were worth $4,270,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in 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 valued at $45,628,484,000 after buying an additional 453,413,389 shares during the last quarter. State Street Corp grew its position in shares of 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 valued at $20,770,809,000 after acquiring an additional 206,300,042 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of Alphabet by 1,759.2% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after acquiring an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Alphabet by 1,955.0% in the 3rd 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 acquiring an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Alphabet by 1,896.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock valued at $5,553,529,000 after acquiring an additional 55,153,448 shares during the period. 34.06% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Price Performance
GOOGL stock opened at $107.35 on Wednesday. The company has a 50 day simple moving average of $102.31 and a 200 day simple moving average of $96.95. The stock has a market cap of $1.36 trillion, a price-to-earnings ratio of 23.91, a P/E/G ratio of 1.35 and a beta of 1.10. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $122.43. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32.
Insider Buying and Selling at Alphabet
In other Alphabet news, Director Ann Mather sold 380 shares of the company’s stock in a transaction that occurred on Monday, February 27th. The shares were sold at an average price of $90.05, for a total value of $34,219.00. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at approximately $1,017,565. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total value of $57,425.55. Following the sale, the chief accounting officer now directly owns 25,442 shares of the company’s stock, valued at approximately $2,293,596.30. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Monday, February 27th. The shares were 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 directly owns 11,300 shares in the company, valued at $1,017,565. The disclosure for this sale can be found here. In the last ninety days, insiders acquired 732,217 shares of company stock worth $21,135,371 and sold 138,039 shares worth $14,153,031. Corporate insiders own 11.44% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on the stock. Citigroup lifted their price objective on shares of Alphabet from $120.00 to $130.00 in a research report on Wednesday, April 26th. Roth Capital reissued a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Needham & Company LLC reissued a “buy” rating and issued a $115.00 price objective on shares of Alphabet in a research report on Monday, April 3rd. Wolfe Research lifted their price objective on shares of Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Finally, Sanford C. Bernstein reduced their target price on shares of Alphabet from $130.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, April 20th. Three 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, Alphabet 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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