Penobscot Investment Management Company Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 5.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 79,550 shares of the information services provider’s stock after buying an additional 4,057 shares during the period. Alphabet makes up approximately 1.4% of Penobscot Investment Management Company Inc.’s portfolio, making the stock its 25th biggest position. Penobscot Investment Management Company Inc.’s holdings in Alphabet were worth $8,252,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also recently bought and sold shares of GOOGL. Modera Wealth Management LLC increased its stake in Alphabet by 11.4% during the first quarter. Modera Wealth Management LLC now owns 43,230 shares of the information services provider’s stock worth $4,484,000 after purchasing an additional 4,420 shares during the period. FourThought Financial Partners LLC purchased a new stake in Alphabet during the fourth quarter worth about $5,415,000. Glenview Trust Co increased its stake in Alphabet by 10.7% during the fourth quarter. Glenview Trust Co now owns 458,830 shares of the information services provider’s stock worth $40,483,000 after purchasing an additional 44,278 shares during the period. Hallmark Capital Management Inc. increased its stake in Alphabet by 8.9% during the first quarter. Hallmark Capital Management Inc. now owns 167,148 shares of the information services provider’s stock worth $17,338,000 after purchasing an additional 13,605 shares during the period. Finally, Bfsg LLC increased its stake in Alphabet by 160.5% during the fourth quarter. Bfsg LLC now owns 8,075 shares of the information services provider’s stock worth $712,000 after purchasing an additional 4,975 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have issued reports on the stock. StockNews.com initiated coverage on shares of Alphabet in a research note on Thursday, May 18th. They set a “buy” rating on the stock. Loop Capital lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research note on Monday, May 15th. Rosenblatt Securities upped their target price on shares of Alphabet from $132.00 to $163.00 and gave the stock a “buy” rating in a research note on Wednesday, July 26th. TD Cowen upped their target price on shares of Alphabet from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, July 13th. Finally, UBS Group lowered shares of Alphabet from a “buy” rating to a “neutral” rating and upped their target price for the stock from $123.00 to $132.00 in a research note on Monday, June 26th. Four analysts have rated the stock with a hold rating, thirty have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $142.19.
Alphabet Price Performance
Shares of NASDAQ GOOGL opened at $131.33 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. The stock has a fifty day moving average price of $124.06 and a 200 day moving average price of $111.62. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $133.74. The company has a market cap of $1.66 trillion, a PE ratio of 27.82, a P/E/G ratio of 1.49 and a beta of 1.06.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The firm had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $60.24 billion. During the same period last year, the company earned $1.21 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 5.67 EPS for the current year.
Insider Buying and Selling
In related news, major shareholder 2019 Gp L.L.C. Gv sold 15,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $12.77, for a total transaction of $191,550.00. Following the completion of the sale, the insider now directly owns 10,735,324 shares of the company’s stock, valued at $137,090,087.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Alphabet news, Director John L. Hennessy sold 200 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the completion of the transaction, the director now owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 15,000 shares of the stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $12.77, for a total value of $191,550.00. Following the completion of the transaction, the insider now owns 10,735,324 shares of the company’s stock, valued at approximately $137,090,087.48. The disclosure for this sale can be found here. Insiders sold a total of 355,790 shares of company stock valued at $11,442,304 over the last three months. 0.88% of the stock is currently owned by company insiders.
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.
Read More
- Five stocks we like better than Alphabet
- What Are the U.K. Market Holidays? How to Invest and Trade
- 3 Sizzling Dividends That Are Going On Sale
- The Role Economic Reports Play in a Successful Investment Strategy
- 3 Ways To Trade, Trade Desk Stock Post Earnings
- How to Calculate Stock Profit
- Inflation, The Fed, and Oil Prices: Interest Rates Are Going Up
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL – Free Report).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.
