Norris Perne & French LLP MI lifted its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 39.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 435,105 shares of the information services provider’s stock after buying an additional 124,185 shares during the quarter. Alphabet makes up 4.1% of Norris Perne & French LLP MI’s holdings, making the stock its 2nd largest position. Norris Perne & French LLP MI’s holdings in Alphabet were worth $45,110,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. boosted its position 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 purchasing an additional 453,413,389 shares in the last quarter. State Street Corp boosted its position in Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in Alphabet by 111,197.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after purchasing an additional 170,267,122 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Alphabet by 1,759.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Finally, Norges Bank purchased a new position in Alphabet during the fourth quarter worth approximately $8,335,063,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Insider Activity at Alphabet
In related news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the completion of the transaction, the director now directly owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $120.31, for a total value of $1,934,945.73. Following the sale, the senior vice president now directly owns 127,028 shares in the company, valued at $15,282,738.68. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction 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 completion of the sale, the director now owns 5,740 shares in the company, valued at $721,231. The disclosure for this sale can be found here. Over the last three months, insiders sold 810,248 shares of company stock worth $25,702,475. Company insiders own 0.88% of the company’s stock.
Alphabet Trading Down 0.5 %
Alphabet (NASDAQ:GOOGL – Free Report) last released its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The firm had revenue of $69.79 billion during the quarter, compared to analyst estimates 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 business posted $1.23 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 5.39 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of equities analysts have issued reports on the company. Bank of America increased their price target on Alphabet from $125.00 to $128.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. Citigroup increased their target price on Alphabet from $120.00 to $130.00 in a report on Wednesday, April 26th. Credit Suisse Group reduced their target price on Alphabet from $136.00 to $135.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. Evercore ISI increased their target price on Alphabet from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Finally, Loop Capital cut Alphabet from a “buy” rating to a “hold” rating and set a $125.00 target price for the company. in a report on Monday, May 15th. Seven investment analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $129.54.
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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