Sawgrass Asset Management LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 25.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 245,569 shares of the information services provider’s stock after purchasing an additional 49,139 shares during the period. Alphabet accounts for about 3.0% of Sawgrass Asset Management LLC’s holdings, making the stock its 5th biggest holding. Sawgrass Asset Management LLC’s holdings in Alphabet were worth $21,667,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in GOOGL. Bornite Capital Management LP purchased a new stake in shares of Alphabet in the 1st quarter valued at about $16,688,000. Markel Corp increased its position in Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after purchasing an additional 2,250 shares during the period. United Bank increased its position in Alphabet by 5.9% during the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after purchasing an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Alphabet by 23.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after purchasing an additional 61,427 shares during the period. Finally, Dakota Wealth Management increased its position in Alphabet by 20.4% during the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after purchasing an additional 1,570 shares during the period. 34.06% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36. Following the sale, the insider now owns 11,421,476 shares of the company’s stock, valued at approximately $161,385,455.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of Alphabet stock in a transaction on Monday, May 8th. The stock was sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the transaction, the insider now directly owns 11,421,476 shares in the company, valued at approximately $161,385,455.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the stock in a transaction dated 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 transaction, the insider now owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 732,217 shares of company stock valued at $21,135,371 and have sold 601,450 shares valued at $28,354,856. Company insiders own 0.88% of the company’s stock.
Alphabet Trading Down 0.1 %
Alphabet (NASDAQ:GOOGL – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.11. The business had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same quarter last year, the business posted $1.23 EPS. Equities research analysts expect that Alphabet Inc. will post 5.41 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently weighed in on the company. BNP Paribas upgraded 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. MKM Partners upped their price target on Alphabet from $120.00 to $126.00 in a report on Friday, February 3rd. UBS Group upped their price target on Alphabet from $120.00 to $123.00 and gave the stock a “buy” rating in a report on Thursday, April 6th. Loop Capital cut Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price target on the stock. in a report on Monday, May 15th. Finally, Morgan Stanley upped their target price on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, April 26th. Four research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $130.06.
About Alphabet
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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