Tower Bridge Advisors lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 2.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 321,865 shares of the information services provider’s stock after selling 6,834 shares during the period. Alphabet makes up 2.7% of Tower Bridge Advisors’ portfolio, making the stock its 3rd biggest position. Tower Bridge Advisors’ holdings in Alphabet were worth $33,474,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Moneta Group Investment Advisors LLC boosted its holdings in 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 last quarter. Geode Capital Management LLC raised its position in shares of Alphabet by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 97,481,034 shares of the information services provider’s stock worth $8,631,760,000 after purchasing an additional 988,569 shares during the period. Morgan Stanley raised its position in shares of Alphabet by 37.6% during the fourth quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock worth $6,368,961,000 after purchasing an additional 19,612,974 shares during the period. Bank of New York Mellon Corp raised its position in shares of Alphabet by 1,807.4% during the third 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 purchasing an additional 54,077,519 shares during the period. Finally, Norges Bank acquired a new stake in shares of Alphabet during the fourth quarter worth about $3,059,614,000. Institutional investors own 27.17% of the company’s stock.
Alphabet Stock Performance
Shares of NASDAQ GOOG opened at $125.70 on Friday. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12 month low of $83.45 and a 12 month high of $129.55. The stock has a 50 day moving average of $121.68 and a 200-day moving average of $106.79. The company has a market capitalization of $1.60 trillion, a P/E ratio of 28.00, a P/E/G ratio of 1.60 and a beta of 1.06.
Insider Activity at Alphabet
In related news, SVP Prabhakar Raghavan sold 16,083 shares of the business’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 completion of the sale, the senior vice president now directly owns 127,028 shares in the company, valued at approximately $15,282,738.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the completion of the sale, the chief accounting officer now directly owns 25,937 shares in the company, valued at approximately $2,788,486.87. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 16,083 shares of the company’s stock in a transaction on Monday, July 3rd. The shares were 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 owns 127,028 shares of the company’s stock, valued at $15,282,738.68. The disclosure for this sale can be found here. Insiders sold 864,122 shares of company stock worth $29,751,580 in the last ninety days. 12.99% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on the company. 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. Robert W. Baird lifted their target price on Alphabet from $120.00 to $123.00 in a research report on Wednesday, April 26th. Raymond James lifted their target price on Alphabet from $119.00 to $130.00 in a research report on Wednesday, April 26th. Finally, Oppenheimer dropped their target price on Alphabet from $155.00 to $135.00 in a research report on Monday, April 24th. One analyst has rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.14.
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.
Featured Articles
- Five stocks we like better than Alphabet
- MarketBeat Week in Review – 7/10 – 7/14
- Wells Fargo’s Earnings, Why Markets Are Loving The Stock
- Citigroup Leads Banking Earnings, What’s Next?
- BlackRock Kicks Off Financials Earnings Season, Gauge To Markets
- JPMorgan Chase Is In Reversal But Don’t Chase It Higher
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.
