Federated Hermes Inc. lessened its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 8.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,599,396 shares of the information services provider’s stock after selling 247,505 shares during the quarter. Alphabet accounts for approximately 0.7% of Federated Hermes Inc.’s holdings, making the stock its 28th biggest holding. Federated Hermes Inc.’s holdings in Alphabet were worth $269,635,000 at the end of the most recent quarter.
A number of other hedge funds also recently made changes to their positions in GOOGL. DC Investments Management LLC acquired a new stake in Alphabet in the 1st quarter valued at $114,000. Bridgefront Capital LLC acquired a new position in Alphabet in the first quarter valued at about $225,000. Worth Asset Management LLC bought a new stake in Alphabet during the first quarter worth about $206,000. Eudaimonia Advisors LLC increased its holdings in shares of Alphabet by 15.1% during the first quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock worth $275,000 after buying an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC bought a new position in shares of Alphabet in the first quarter valued at approximately $281,000. Institutional investors and hedge funds own 35.38% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on the company. Truist Financial increased their price target on Alphabet from $122.00 to $160.00 in a research report on Wednesday, July 26th. Piper Sandler lifted their price target on Alphabet from $140.00 to $148.00 in a report on Wednesday, July 26th. Wolfe Research increased their price objective on shares of Alphabet from $130.00 to $140.00 in a report on Monday, July 10th. KeyCorp upped their target price on shares of Alphabet from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 26th. Finally, Barclays raised their price target on shares of Alphabet from $160.00 to $200.00 in a report on Wednesday, July 26th. Four equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $142.19.
Alphabet Price Performance
GOOGL stock opened at $129.78 on Wednesday. The stock has a 50-day moving average price of $124.11 and a two-hundred day moving average price of $111.84. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $133.74. The stock has a market cap of $1.64 trillion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 1.49 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.
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, 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 company had revenue of $74.60 billion during the quarter, compared to analysts’ expectations of $60.24 billion. During the same period in the prior year, the firm earned $1.21 earnings per share. Equities analysts forecast that Alphabet Inc. will post 5.67 EPS for the current fiscal year.
Insider Transactions at Alphabet
In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 63,212 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were sold at an average price of $13.88, for a total transaction of $877,382.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Tuesday, June 13th. The shares were 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 directly owns 5,740 shares of the company’s stock, valued at $721,231. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 63,212 shares of the stock in a transaction on Friday, May 19th. The shares were sold at an average price of $13.88, for a total transaction of $877,382.56. The disclosure for this sale can be found here. Insiders sold 340,790 shares of company stock valued at $11,250,754 in the last ninety days. 0.88% of the stock is currently owned by corporate 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.
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