First Hawaiian Bank increased its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 16.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,810 shares of the information services provider’s stock after acquiring an additional 14,890 shares during the quarter. First Hawaiian Bank’s holdings in Alphabet were worth $10,976,000 at the end of the most recent quarter.
A number of other institutional investors have also modified their holdings of GOOGL. Vanguard Group Inc. increased its holdings in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after acquiring an additional 453,413,389 shares during the period. State Street Corp increased its stake in Alphabet by 1,900.6% in 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 buying an additional 206,300,042 shares during the period. Moneta Group Investment Advisors LLC increased its stake in Alphabet by 111,197.8% in 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 buying an additional 170,267,122 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Alphabet by 1,759.2% in 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 buying an additional 109,870,525 shares during the period. Finally, Norges Bank acquired a new position in Alphabet in the 4th quarter valued at $8,335,063,000. 35.38% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the stock. Wolfe Research boosted their price objective on shares of Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Citigroup boosted their target price on shares of Alphabet from $120.00 to $130.00 in a research report on Wednesday, April 26th. Stifel Nicolaus began coverage on shares of Alphabet in a research report on Monday, March 20th. They set a “buy” rating and a $130.00 target price on the stock. Jefferies Financial Group boosted their target price on shares of Alphabet from $130.00 to $150.00 in a research report on Tuesday, May 23rd. Finally, Evercore ISI boosted their price objective on shares of Alphabet from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Seven analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $129.63.
Alphabet Stock Up 0.2 %
Alphabet (NASDAQ:GOOGL – Free Report) last posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. The firm had revenue of $69.79 billion during the quarter, compared to the consensus estimate of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same quarter in the prior year, the company earned $1.23 EPS. Sell-side analysts expect that Alphabet Inc. will post 5.39 earnings per share for the current year.
Insiders Place Their Bets
In other Alphabet news, Director Frances Arnold sold 240 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $120.02, for a total value of $28,804.80. Following the completion of the transaction, the director now owns 13,040 shares in the company, valued at approximately $1,565,060.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, Director Frances Arnold sold 240 shares of the stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $120.02, for a total transaction of $28,804.80. Following the completion of the transaction, the director now directly owns 13,040 shares in the company, valued at approximately $1,565,060.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder 2021 Gp L.L.C. Gv bought 309,931 shares of Alphabet stock in a transaction dated Wednesday, May 3rd. The shares were acquired at an average price of $28.34 per share, with a total value of $8,783,444.54. Following the completion of the purchase, the insider now owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The disclosure for this purchase can be found here. Insiders sold a total of 794,165 shares of company stock worth $23,767,530 in the last 90 days. 0.88% of the stock is owned by company insiders.
Alphabet Company 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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