Connable Office Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 9.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,305 shares of the information services provider’s stock after purchasing an additional 2,662 shares during the quarter. Connable Office Inc.’s holdings in Alphabet were worth $3,351,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in GOOGL. Czech National Bank grew its stake in Alphabet by 0.3% in the first quarter. Czech National Bank now owns 701,511 shares of the information services provider’s stock valued at $72,768,000 after acquiring an additional 1,859 shares during the period. Hills Bank & Trust Co grew its stake in Alphabet by 8.3% in the first quarter. Hills Bank & Trust Co now owns 3,223 shares of the information services provider’s stock valued at $334,000 after acquiring an additional 246 shares during the period. First Heartland Consultants Inc. grew its stake in Alphabet by 5.2% in the first quarter. First Heartland Consultants Inc. now owns 8,628 shares of the information services provider’s stock valued at $895,000 after acquiring an additional 423 shares during the period. Parsons Capital Management Inc. RI grew its stake in Alphabet by 1.2% in the first quarter. Parsons Capital Management Inc. RI now owns 137,262 shares of the information services provider’s stock valued at $14,238,000 after acquiring an additional 1,639 shares during the period. Finally, Baldrige Asset Management LLC grew its stake in Alphabet by 47.0% in the first quarter. Baldrige Asset Management LLC now owns 1,588 shares of the information services provider’s stock valued at $165,000 after acquiring an additional 508 shares during the period. Institutional investors own 35.38% of the company’s stock.
Insider Buying and Selling at Alphabet
In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the transaction, the chief accounting officer now directly owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Kavitark Ram Shriram sold 37,500 shares of Alphabet stock in a transaction on Friday, May 5th. The stock was sold at an average price of $105.04, for a total value of $3,939,000.00. Following the transaction, the director now owns 107,240 shares in the company, valued at approximately $11,264,489.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the transaction, the chief accounting officer now owns 25,937 shares in the company, valued at approximately $2,788,486.87. The disclosure for this sale can be found here. Insiders sold 826,544 shares of company stock valued at $27,117,461 in the last three months. Corporate insiders own 0.88% of the company’s stock.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Free Report) last released its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.11. The business had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same period last year, the firm posted $1.23 EPS. Research analysts anticipate that Alphabet Inc. will post 5.39 earnings per share for the current year.
Analyst Ratings Changes
GOOGL has been the subject of several recent research reports. Credit Suisse Group reduced their price objective on Alphabet from $136.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, April 26th. Wells Fargo & Company initiated coverage on Alphabet in a research report on Wednesday, June 7th. They set an “equal weight” rating and a $117.00 price objective for the company. Wolfe Research upped their price objective on Alphabet from $120.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Morgan Stanley upped their price objective on Alphabet from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 26th. Finally, Evercore ISI upped their price objective on Alphabet from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Seven investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $129.63.
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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