Ninety One UK Ltd grew its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 5.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,602,344 shares of the information services provider’s stock after acquiring an additional 191,406 shares during the period. Alphabet accounts for about 1.2% of Ninety One UK Ltd’s investment portfolio, making the stock its 28th biggest position. Ninety One UK Ltd’s holdings in Alphabet were worth $373,671,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Bornite Capital Management LP acquired a new stake in shares of Alphabet during the 1st quarter worth approximately $16,688,000. Markel Corp grew its position in shares of Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after buying an additional 2,250 shares during the period. United Bank grew its position in shares of Alphabet by 5.9% during the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after buying an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Alphabet by 23.4% during 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 buying an additional 61,427 shares during the period. Finally, Dakota Wealth Management grew its position in shares of Alphabet by 20.4% during the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after buying an additional 1,570 shares during the period. 35.38% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages recently issued reports on GOOGL. Evercore ISI boosted their price objective on shares of Alphabet from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. TD Cowen boosted their price objective on shares of Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a report on Thursday, July 13th. Raymond James boosted their price objective on shares of Alphabet from $119.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. 888 restated a “downgrade” rating on shares of Alphabet in a report on Monday, June 26th. Finally, UBS Group cut shares of Alphabet from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $123.00 to $132.00 in a report on Monday, June 26th. Six research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $132.21.
Alphabet Price Performance
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same period in the prior year, the company posted $1.23 earnings per share. Equities analysts forecast that Alphabet Inc. will post 5.39 EPS for the current year.
Insider Activity at Alphabet
In related news, Director Kavitark Ram Shriram sold 31,240 shares of the company’s stock in a transaction dated 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 transaction, the director now directly owns 5,364 shares in the company, valued at $626,622.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Amie Thuener O’toole sold 637 shares of the company’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 transaction, the chief accounting officer now directly owns 25,937 shares in the company, valued at $2,788,486.87. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 31,240 shares of the stock in a transaction dated 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 sale, the director now owns 5,364 shares in the company, valued at $626,622.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 841,688 shares of company stock worth $29,376,932. Corporate insiders own 0.88% of the company’s stock.
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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