Channel Wealth LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 9,200 shares of the information services provider’s stock, valued at approximately $954,000.
Several other institutional investors have also recently made changes to their positions in GOOGL. Vanguard Group Inc. raised its position in shares of Alphabet by 1,919.4% during the 3rd 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 during the last quarter. State Street Corp raised its position in shares of Alphabet by 1,900.6% during the 3rd 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 during the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of Alphabet by 111,197.8% during the 4th 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 during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Alphabet by 1,759.2% during the 3rd 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 during the last quarter. Finally, Norges Bank acquired a new position in shares of Alphabet during the 4th quarter worth about $8,335,063,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Alphabet Price Performance
Alphabet stock opened at $120.02 on Monday. The firm has a market capitalization of $1.52 trillion, a P/E ratio of 26.73, a PEG ratio of 1.53 and a beta of 1.06. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The business has a 50-day moving average of $122.00 and a 200-day moving average of $107.49. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05.
Wall Street Analysts Forecast Growth
A number of equities research analysts have issued reports on GOOGL shares. TD Cowen increased their target price on shares of Alphabet from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. Piper Sandler increased their target price on shares of Alphabet from $128.00 to $140.00 in a report on Wednesday, July 5th. Truist Financial raised their price objective on shares of Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Bank of America raised their price objective on shares of Alphabet from $128.00 to $142.00 and gave the company a “buy” rating in a report on Thursday. Finally, Wells Fargo & Company began coverage on shares of Alphabet in a report on Wednesday, June 7th. They issued an “equal weight” rating and a $117.00 price objective on the stock. Six analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $132.21.
Insider Buying and Selling at Alphabet
In other Alphabet news, Director Kavitark Ram Shriram sold 31,240 shares of the company’s stock in a transaction that occurred on Monday, July 10th. The stock was sold at an average price of $116.82, for a total transaction of $3,649,456.80. Following the completion of the transaction, the director now owns 5,364 shares of the company’s stock, valued at approximately $626,622.48. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the firm’s stock in a transaction on 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 sale, the insider now owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 31,240 shares of the firm’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $116.82, for a total value of $3,649,456.80. Following the sale, the director now directly owns 5,364 shares of the company’s stock, valued at approximately $626,622.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 841,688 shares of company stock worth $29,376,932. Corporate insiders own 0.88% of the company’s stock.
About Alphabet
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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