Webster Bank N. A. reduced its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 2.4% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 137,948 shares of the information services provider’s stock after selling 3,461 shares during the period. Alphabet accounts for approximately 1.9% of Webster Bank N. A.’s investment portfolio, making the stock its 7th largest holding. Webster Bank N. A.’s holdings in Alphabet were worth $14,309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently modified their holdings of the company. VitalStone Financial LLC bought a new position in Alphabet in the 4th quarter worth $25,000. Live Oak Investment Partners bought a new position in Alphabet in the 4th quarter worth $26,000. McElhenny Sheffield Capital Management LLC bought a new position in Alphabet in the 4th quarter worth $33,000. Sanctuary Wealth Management L.L.C. bought a new position in Alphabet in the 4th quarter worth $34,000. Finally, Turim 21 Investimentos Ltda. bought a new position in Alphabet in the 3rd quarter worth $38,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Stock Down 3.3 %
Shares of NASDAQ:GOOGL opened at $118.34 on Tuesday. The business has a 50 day simple moving average of $116.93 and a two-hundred day simple moving average of $103.38. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The firm has a market capitalization of $1.50 trillion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 1.56 and a beta of 1.09.
Analyst Upgrades and Downgrades
GOOGL has been the topic of a number of recent analyst reports. Needham & Company LLC reissued a “buy” rating and set a $115.00 price target on shares of Alphabet in a report on Monday, April 3rd. Credit Suisse Group decreased their price target on Alphabet from $136.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, April 26th. Truist Financial raised their price target on Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Wells Fargo & Company initiated coverage on Alphabet in a report on Wednesday, June 7th. They set an “equal weight” rating and a $117.00 price target on the stock. Finally, 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. Six equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $129.90.
Insider Activity
In other 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total transaction of $25,130.00. Following the completion of the sale, the director now owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total value of $3,349,931.34. Following the sale, the senior vice president now owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,930 shares of company stock valued at $29,996,488. Corporate insiders own 0.88% of the company’s stock.
About Alphabet
Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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