Cumberland Partners Ltd raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 15.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 69,559 shares of the information services provider’s stock after acquiring an additional 9,247 shares during the period. Cumberland Partners Ltd’s holdings in Alphabet were worth $7,215,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Spreng Capital Management Inc. grew its stake in Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after buying an additional 5 shares during the last quarter. West Family Investments Inc. grew its stake in Alphabet by 0.3% during the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after buying an additional 6 shares during the last quarter. Maple Capital Management Inc. grew its stake in Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after buying an additional 6 shares during the last quarter. Private Advisory Group LLC grew its stake in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after buying an additional 7 shares during the last quarter. Finally, Weik Capital Management grew its stake in Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after buying an additional 8 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several research firms have recently commented on GOOGL. Jefferies Financial Group increased their price target on shares of Alphabet from $150.00 to $165.00 in a research note on Wednesday, July 26th. TD Cowen increased their price target on shares of Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, July 13th. Citigroup increased their price target on shares of Alphabet from $130.00 to $153.00 in a research note on Wednesday, July 26th. Mizuho increased their price target on shares of Alphabet from $135.00 to $155.00 in a research note on Wednesday, July 26th. Finally, StockNews.com initiated coverage on shares of Alphabet in a research note on Thursday. They set a “buy” rating on the stock. Four investment analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and an average target price of $142.19.
Alphabet Stock Down 0.8 %
Alphabet stock opened at $128.70 on Thursday. The company has a market cap of $1.62 trillion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 1.51 and a beta of 1.06. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $133.74. The company has a fifty day simple moving average of $124.23 and a 200 day simple moving average of $111.95. 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 released its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $60.24 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. During the same quarter last year, the firm earned $1.21 earnings per share. Research analysts anticipate that Alphabet Inc. will post 5.67 earnings per share for the current fiscal year.
Insider Activity at Alphabet
In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $131.14, for a total value of $26,228.00. Following the completion of the transaction, the director now owns 5,340 shares of the company’s stock, valued at $700,287.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $131.14, for a total transaction of $26,228.00. Following the transaction, the director now directly owns 5,340 shares in the company, valued at approximately $700,287.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 16,083 shares of the business’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the transaction, the senior vice president now owns 127,028 shares in the company, valued at $15,282,738.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 340,790 shares of company stock valued at $11,250,754. 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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