DAVENPORT & Co LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,672,251 shares of the information services provider’s stock after selling 6,877 shares during the period. Alphabet comprises about 1.4% of DAVENPORT & Co LLC’s holdings, making the stock its 8th biggest holding. DAVENPORT & Co LLC’s holdings in Alphabet were worth $172,309,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also modified their holdings of the stock. Bornite Capital Management LP purchased a new stake in Alphabet in the 1st quarter worth about $16,688,000. Markel Corp lifted its stake in Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after acquiring an additional 2,250 shares in the last quarter. United Bank lifted its stake in Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after acquiring an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Alphabet by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after acquiring an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management lifted its stake in Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after acquiring an additional 1,570 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.
Alphabet Stock Performance
GOOGL stock opened at $120.02 on Friday. The business’s 50-day moving average price is $122.00 and its two-hundred day moving average price is $107.35. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.52 trillion, a PE ratio of 26.73, a P/E/G ratio of 1.59 and a beta of 1.06. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $129.04.
Analysts Set New Price Targets
Several brokerages recently issued reports on GOOGL. KeyCorp increased their price objective on Alphabet from $122.00 to $140.00 in a research note on Tuesday, July 18th. UBS Group downgraded Alphabet from a “buy” rating to a “neutral” rating and increased their target price for the company from $123.00 to $132.00 in a research note on Monday, June 26th. Morgan Stanley increased their target price on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, April 26th. Sanford C. Bernstein downgraded Alphabet from an “outperform” rating to a “market perform” rating and set a $125.00 target price for the company. in a research note on Tuesday, June 27th. Finally, Credit Suisse Group increased their target price on Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, July 17th. Six research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $132.21.
Insiders Place Their Bets
In other news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now directly owns 5,740 shares in the company, valued at $721,231. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now directly owns 5,740 shares in the company, valued at $721,231. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now owns 25,937 shares in the company, valued at $2,788,486.87. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 841,688 shares of company stock worth $29,376,932. Corporate insiders own 0.88% of the company’s stock.
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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