SP Asset Management LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 145,065 shares of the information services provider’s stock after buying an additional 2,690 shares during the period. Alphabet accounts for approximately 1.8% of SP Asset Management LLC’s portfolio, making the stock its 15th largest holding. SP Asset Management LLC’s holdings in Alphabet were worth $15,048,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. DC Investments Management LLC purchased a new stake in shares of Alphabet in the first quarter worth $114,000. Bridgefront Capital LLC purchased a new stake in Alphabet during the first quarter valued at about $225,000. Worth Asset Management LLC purchased a new stake in Alphabet during the first quarter valued at about $206,000. Eudaimonia Advisors LLC raised its position in Alphabet by 15.1% during the first quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after purchasing an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC purchased a new stake in Alphabet during the first quarter valued at about $281,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Analyst Ratings Changes
A number of equities research analysts have weighed in on GOOGL shares. Oppenheimer raised their price target on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Mizuho raised their price target on Alphabet from $135.00 to $155.00 in a research report on Wednesday, July 26th. Barclays raised their price target on Alphabet from $160.00 to $200.00 in a research report on Wednesday, July 26th. StockNews.com started coverage on Alphabet in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Finally, Credit Suisse Group raised their price objective on Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, July 17th. Four equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $142.19.
Alphabet Price Performance
GOOGL stock opened at $129.56 on Friday. The firm has a 50 day moving average price of $123.85 and a 200-day moving average price of $110.97. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $133.74. The firm has a market capitalization of $1.63 trillion, a price-to-earnings ratio of 27.45, a PEG ratio of 1.50 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) 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 firm had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. During the same period last year, the business earned $1.21 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 5.64 EPS for the current fiscal year.
Insider Buying and Selling
In related news, Director Kavitark Ram Shriram sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The shares were sold at an average price of $120.01, for a total value of $9,000,750.00. Following the completion of the transaction, the director now directly owns 32,240 shares in the company, valued at approximately $3,869,122.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of the business’s stock in a transaction 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 approximately $15,282,738.68. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 75,000 shares of the business’s stock in a transaction on Tuesday, May 16th. The shares were sold at an average price of $120.01, for a total transaction of $9,000,750.00. Following the sale, the director now owns 32,240 shares of the company’s stock, valued at $3,869,122.40. The disclosure for this sale can be found here. Insiders sold a total of 588,742 shares of company stock worth $22,455,363 in the last three months. 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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