Summit Global Investments raised its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 875.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 60,018 shares of the information services provider’s stock after purchasing an additional 53,867 shares during the quarter. Summit Global Investments’ holdings in Alphabet were worth $6,226,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the stock. Bornite Capital Management LP purchased a new stake in shares of Alphabet during the first quarter valued at approximately $16,688,000. Markel Corp raised its stake in shares of Alphabet by 17.0% during the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after purchasing an additional 2,250 shares in the last quarter. United Bank raised its stake in shares of Alphabet by 5.9% during the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Alphabet by 23.4% in the first 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 raised its position in Alphabet by 20.4% in the first 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. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Analysts Set New Price Targets
GOOGL has been the subject of several analyst reports. The Goldman Sachs Group boosted their target price on Alphabet from $132.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 17th. Loop Capital downgraded Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price objective for the company. in a report on Monday, May 15th. Credit Suisse Group lifted their target price on Alphabet from $135.00 to $150.00 and gave the stock an “outperform” rating in a research note on Monday, July 17th. Wells Fargo & Company lifted their price target on Alphabet from $116.00 to $121.00 in a report on Wednesday, July 26th. Finally, TD Cowen boosted their price target on Alphabet from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. Four equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.19.
Alphabet Stock Down 1.3 %
Alphabet stock opened at $129.66 on Thursday. The stock has a market cap of $1.63 trillion, a price-to-earnings ratio of 27.47, a PEG ratio of 1.52 and a beta of 1.06. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05. The company’s 50-day moving average price is $123.73 and its two-hundred day moving average price is $110.84. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $133.74.
Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. The company had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. During the same quarter last year, the firm posted $1.21 EPS. On average, analysts expect that Alphabet Inc. will post 5.64 EPS for the current fiscal year.
Insider Buying and Selling
In related news, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction 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 $15,282,738.68. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $12.72, for a total transaction of $347,128.80. Following the transaction, the insider now owns 10,958,925 shares of the company’s stock, valued at $139,397,526. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 16,083 shares of Alphabet stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the completion of the transaction, the senior vice president now directly owns 127,028 shares in the company, valued at approximately $15,282,738.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 615,832 shares of company stock worth $22,776,264. 0.88% of the stock is owned by company insiders.
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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