Spinnaker Trust lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 12.8% in the first quarter, Holdings Channel reports. The institutional investor owned 45,728 shares of the information services provider’s stock after selling 6,725 shares during the period. Spinnaker Trust’s holdings in Alphabet were worth $4,743,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of GOOGL. Vanguard Group Inc. lifted its holdings 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 buying an additional 453,413,389 shares during the period. State Street Corp lifted its holdings in shares of Alphabet by 1,900.6% during 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 purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC lifted its holdings in shares of Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock valued at $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alphabet by 1,759.2% during 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 purchasing an additional 109,870,525 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Alphabet during the 4th quarter valued at $8,335,063,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Analyst Upgrades and Downgrades
Several analysts have recently commented on GOOGL shares. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price objective on shares of Alphabet in a report on Monday, April 3rd. Roth Mkm increased their price objective on Alphabet from $126.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Robert W. Baird upped their target price on Alphabet from $120.00 to $123.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Piper Sandler upped their target price on Alphabet from $117.00 to $128.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Finally, Royal Bank of Canada upped their target price on Alphabet from $130.00 to $132.00 in a research report on Wednesday, April 26th. Six research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $129.90.
Alphabet Trading Down 3.3 %
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, topping analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion for the quarter, compared to analyst estimates of $57.19 billion. During the same period last year, the company posted $1.23 EPS. On average, sell-side analysts predict that Alphabet Inc. will post 5.41 EPS for the current fiscal year.
Insiders Place Their Bets
In other Alphabet news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total value of $25,130.00. Following the transaction, the director now directly owns 5,740 shares of the company’s stock, valued at approximately $721,231. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were 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 approximately $721,231. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 32,379 shares of the firm’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 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. Insiders have sold 854,930 shares of company stock valued at $29,996,488 in the last ninety days. 0.88% of the stock is currently owned by corporate insiders.
Alphabet Profile
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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