Montchanin Asset Management LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 11.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,840 shares of the information services provider’s stock after selling 1,400 shares during the quarter. Alphabet makes up about 1.4% of Montchanin Asset Management LLC’s holdings, making the stock its 16th biggest holding. Montchanin Asset Management LLC’s holdings in Alphabet were worth $1,124,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Baron Wealth Management LLC boosted its stake in Alphabet by 21.2% in the 1st quarter. Baron Wealth Management LLC now owns 7,037 shares of the information services provider’s stock worth $730,000 after purchasing an additional 1,231 shares in the last quarter. Landaas & Co. WI ADV boosted its stake in Alphabet by 25.6% in the 1st quarter. Landaas & Co. WI ADV now owns 2,940 shares of the information services provider’s stock worth $305,000 after purchasing an additional 600 shares in the last quarter. ICW Investment Advisors LLC boosted its stake in Alphabet by 8.4% in the 1st quarter. ICW Investment Advisors LLC now owns 10,580 shares of the information services provider’s stock worth $1,098,000 after purchasing an additional 821 shares in the last quarter. Freemont Management S.A. boosted its stake in Alphabet by 140.8% in the 1st quarter. Freemont Management S.A. now owns 324,900 shares of the information services provider’s stock worth $33,702,000 after purchasing an additional 190,000 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in Alphabet by 1.4% in the 1st quarter. LPL Financial LLC now owns 3,909,516 shares of the information services provider’s stock worth $405,534,000 after purchasing an additional 55,433 shares in the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
GOOGL has been the topic of a number of analyst reports. 888 reiterated a “downgrade” rating on shares of Alphabet in a research note on Monday, June 26th. Truist Financial upped their target price on shares of Alphabet from $122.00 to $160.00 in a research note on Wednesday, July 26th. JMP Securities upped their target price on shares of Alphabet from $132.00 to $138.00 and gave the company a “market outperform” rating in a research note on Wednesday, July 26th. Barclays upped their target price on shares of Alphabet from $160.00 to $200.00 in a research note on Wednesday, July 26th. Finally, The Goldman Sachs Group upped their target price on shares of Alphabet from $132.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 17th. Four equities research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $143.08.
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 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 at the SEC website. 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 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 at the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the firm’s stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $15.06, for a total transaction of $563,319.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 180,006 shares of company stock valued at $8,804,132. 0.88% of the stock is owned by corporate insiders.
Alphabet Trading Up 0.1 %
Shares of GOOGL opened at $129.88 on Friday. The company has a 50 day simple moving average of $125.09 and a two-hundred day simple moving average of $113.27. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $134.25. 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 firm has a market cap of $1.64 trillion, a P/E ratio of 27.52, a price-to-earnings-growth ratio of 1.49 and a beta of 1.06.
Alphabet (NASDAQ:GOOGL – Get Free Report) last posted 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. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. The firm had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. During the same period last year, the firm posted $1.21 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.
Alphabet 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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