Edgemoor Investment Advisors Inc. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 158,463 shares of the information services provider’s stock after acquiring an additional 902 shares during the period. Alphabet makes up approximately 2.0% of Edgemoor Investment Advisors Inc.’s portfolio, making the stock its 12th largest position. Edgemoor Investment Advisors Inc.’s holdings in Alphabet were worth $16,437,000 at the end of the most recent reporting period.
Several other institutional investors also recently made changes to their positions in GOOGL. Vanguard Group Inc. boosted its position in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares in the last quarter. State Street Corp boosted its position in shares of Alphabet by 1,900.6% in the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after buying an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in shares of Alphabet by 111,197.8% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after buying an additional 170,267,122 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Alphabet by 1,759.2% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after buying an additional 109,870,525 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Alphabet in the 4th quarter worth about $8,335,063,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.
Alphabet Stock Up 0.6 %
Shares of GOOGL opened at $129.08 on Wednesday. The company has a market capitalization of $1.63 trillion, a PE ratio of 27.35, a PEG ratio of 1.47 and a beta of 1.06. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $133.74. The stock’s 50-day moving average price is $124.69 and its two-hundred day moving average price is $112.79. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05.
Wall Street Analyst Weigh In
Several brokerages recently weighed in on GOOGL. Barclays boosted their target price on shares of Alphabet from $160.00 to $200.00 in a research note on Wednesday, July 26th. Mizuho boosted their target price on shares of Alphabet from $135.00 to $155.00 in a research note on Wednesday, July 26th. 51job reissued a “downgrade” rating on shares of Alphabet in a research note on Tuesday, June 27th. Wedbush began coverage on shares of Alphabet in a research note on Monday. They issued an “outperform” rating and a $160.00 target price for the company. Finally, Evercore ISI boosted their target price on shares of Alphabet from $130.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, July 26th. Four analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $143.08.
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Insiders Place Their Bets
In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction that occurred 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 directly owns 5,740 shares of the company’s stock, valued at $721,231. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Alphabet news, Director Frances Arnold sold 230 shares of the firm’s stock in a transaction dated Friday, July 28th. The stock was sold at an average price of $130.95, for a total transaction of $30,118.50. Following the sale, the director now owns 13,329 shares in the company, valued at $1,745,432.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now owns 5,740 shares in the company, valued at approximately $721,231. The disclosure for this sale can be found here. In the last ninety days, insiders sold 180,956 shares of company stock valued at $8,923,120. Corporate 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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