Wealth Enhancement Advisory Services LLC decreased its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 92.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 19,719 shares of the information services provider’s stock after selling 239,502 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Alphabet were worth $2,051,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in the company. Moneta Group Investment Advisors LLC grew its holdings 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 purchasing an additional 129,835,437 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Alphabet by 1,807.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 57,069,444 shares of the information services provider’s stock worth $5,487,226,000 after buying an additional 54,077,519 shares in the last quarter. Norges Bank bought a new stake in Alphabet during the 4th quarter worth about $3,059,614,000. Morgan Stanley increased its position in Alphabet by 37.6% in the 4th quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock valued at $6,368,961,000 after acquiring an additional 19,612,974 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Alphabet by 1,861.2% in the third quarter. California State Teachers Retirement System now owns 9,390,382 shares of the information services provider’s stock worth $902,885,000 after acquiring an additional 8,911,579 shares during the last quarter. Institutional investors and hedge funds own 27.17% of the company’s stock.
Alphabet Trading Up 1.6 %
NASDAQ GOOG opened at $119.62 on Thursday. Alphabet Inc. has a one year low of $83.45 and a one 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 firm has a market cap of $1.52 trillion, a P/E ratio of 26.64, a P/E/G ratio of 1.54 and a beta of 1.07. The stock’s 50-day moving average is $120.90 and its 200-day moving average is $106.29.
Analysts Set New Price Targets
Several analysts have recently commented on the stock. Oppenheimer decreased their price target on shares of Alphabet from $155.00 to $135.00 in a research note on Monday, April 24th. Robert W. Baird lifted their target price on Alphabet from $120.00 to $123.00 in a research note on Wednesday, April 26th. UBS Group upped their price target on Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, April 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on Alphabet from $120.00 to $125.00 in a research report on Wednesday, April 26th. Finally, Raymond James upped their target price on shares of Alphabet from $119.00 to $130.00 in a research report on Wednesday, April 26th. One analyst has rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.77.
Insider Activity at Alphabet
In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of the firm’s stock in a transaction dated Wednesday, May 3rd. The stock was bought at an average cost of $28.34 per share, with a total value of $8,783,444.54. Following the purchase, the insider now directly owns 2,243,665 shares of the company’s stock, valued at $63,585,466.10. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In related news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of Alphabet stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $12.72, for a total transaction of $347,128.80. Following the completion of the transaction, the insider now owns 10,958,925 shares in the company, valued at $139,397,526. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of the stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average cost of $28.34 per share, for a total transaction of $8,783,444.54. Following the transaction, the insider now owns 2,243,665 shares of the company’s stock, valued at $63,585,466.10. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 832,682 shares of company stock valued at $26,077,123. 12.99% of the stock is owned by corporate 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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