Galvin Gaustad & Stein LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 6.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 122,969 shares of the information services provider’s stock after selling 8,514 shares during the period. Galvin Gaustad & Stein LLC’s holdings in Alphabet were worth $12,789,000 at the end of the most recent quarter.
Several other hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Alphabet by 1,885.5% in the third quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock worth $40,593,957,000 after acquiring an additional 400,930,216 shares during the period. BlackRock Inc. grew its position in Alphabet by 1,857.3% in the third quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock worth $35,055,286,000 after acquiring an additional 345,962,033 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Alphabet by 1,770.6% during the third quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock worth $19,639,414,000 after buying an additional 192,607,045 shares during the period. State Street Corp boosted its position in shares of Alphabet by 1,851.7% during the third quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock worth $18,931,733,000 after buying an additional 186,809,281 shares during the period. Finally, Moneta Group Investment Advisors LLC boosted its position in shares of Alphabet by 61,587.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock worth $11,539,004,000 after buying an additional 129,835,437 shares during the period. 27.17% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Stock Down 0.9 %
Alphabet stock opened at $120.01 on Friday. Alphabet Inc. has a 1-year low of $83.45 and a 1-year high of $129.55. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. The stock has a market cap of $1.52 trillion, a PE ratio of 26.73, a P/E/G ratio of 1.52 and a beta of 1.09. The stock’s fifty day moving average is $118.46 and its two-hundred day moving average is $104.39.
Insider Transactions at Alphabet
In other news, Director Frances Arnold sold 240 shares of Alphabet stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $120.02, for a total transaction of $28,804.80. Following the sale, the director now owns 13,040 shares in the company, valued at $1,565,060.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ann Mather sold 380 shares of the firm’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $121.42, for a total transaction of $46,139.60. Following the transaction, the director now owns 4,700 shares of the company’s stock, valued at $570,674. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Frances Arnold sold 240 shares of the firm’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $120.02, for a total value of $28,804.80. Following the transaction, the director now directly owns 13,040 shares in the company, valued at approximately $1,565,060.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 848,978 shares of company stock worth $27,492,109. Corporate insiders own 12.99% of the company’s stock.
Analyst Ratings Changes
Several research analysts have recently commented on GOOG shares. Raymond James raised their price target on Alphabet from $119.00 to $130.00 in a research report on Wednesday, April 26th. Robert W. Baird raised their price target on Alphabet from $120.00 to $123.00 in a research report on Wednesday, April 26th. UBS Group raised their price target on Alphabet from $120.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, April 6th. Deutsche Bank Aktiengesellschaft raised their price target on Alphabet from $120.00 to $125.00 in a research report on Wednesday, April 26th. Finally, Oppenheimer reduced their price objective on Alphabet from $155.00 to $135.00 in a research note on Monday, April 24th. One investment analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $132.80.
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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