Kornitzer Capital Management Inc. KS trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 369,269 shares of the information services provider’s stock after selling 8,974 shares during the period. Alphabet makes up about 0.8% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 23rd biggest position. Kornitzer Capital Management Inc. KS’s holdings in Alphabet were worth $38,304,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors also recently modified their holdings of GOOGL. Bornite Capital Management LP acquired a new position in Alphabet in the first quarter valued at approximately $16,688,000. Markel Corp lifted its holdings in Alphabet by 17.0% in the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after buying an additional 2,250 shares during the period. United Bank lifted its holdings in Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after buying an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Alphabet by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after buying an additional 61,427 shares during the period. Finally, Dakota Wealth Management lifted its holdings in Alphabet by 20.4% in the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after buying an additional 1,570 shares during the period. 35.38% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Stock Performance
NASDAQ GOOGL opened at $129.08 on Wednesday. The firm has a 50-day moving average of $124.69 and a 200-day moving average of $112.79. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. The stock has a market cap of $1.63 trillion, a PE ratio of 27.35, a P/E/G ratio of 1.47 and a beta of 1.06. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $133.74.
Insider Transactions at Alphabet
In other news, Director John L. Hennessy sold 200 shares of the firm’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 completion of the sale, the director now owns 5,340 shares in the company, valued at approximately $700,287.60. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director John L. Hennessy sold 200 shares of the firm’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 of the company’s stock, valued at $700,287.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 16,083 shares of the firm’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 directly owns 127,028 shares in the company, valued at $15,282,738.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 180,956 shares of company stock worth $8,923,120. 0.88% of the stock is owned by insiders.
Wall Street Analyst Weigh In
Several brokerages have commented on GOOGL. Stifel Nicolaus upped their target price on shares of Alphabet from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, July 21st. 888 reaffirmed a “downgrade” rating on shares of Alphabet in a research note on Monday, June 26th. Robert W. Baird upped their target price on shares of Alphabet from $123.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday, July 21st. Jefferies Financial Group upped their target price on shares of Alphabet from $150.00 to $165.00 in a research note on Wednesday, July 26th. Finally, Tigress Financial increased their price objective on shares of Alphabet from $160.00 to $172.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 14th. Four equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.08.
Read Our Latest Stock Analysis on GOOGL
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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