South Dakota Investment Council lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 586,265 shares of the information services provider’s stock after purchasing an additional 3,300 shares during the quarter. Alphabet makes up about 1.3% of South Dakota Investment Council’s investment portfolio, making the stock its 8th largest position. South Dakota Investment Council’s holdings in Alphabet were worth $60,813,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of GOOGL. Live Oak Investment Partners acquired a new stake in Alphabet in the 4th quarter valued at $26,000. Sanctuary Wealth Management L.L.C. acquired a new stake in Alphabet in the 4th quarter valued at $34,000. Turim 21 Investimentos Ltda. acquired a new stake in Alphabet in the 3rd quarter valued at $38,000. IAG Wealth Partners LLC raised its position in Alphabet by 100.0% in the 1st quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 200 shares during the last quarter. Finally, AM Squared Ltd bought a new position in Alphabet in the 4th quarter valued at $44,000. Institutional investors and hedge funds own 35.38% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on GOOGL. JMP Securities lifted their price objective on Alphabet from $132.00 to $138.00 and gave the company a “market outperform” rating in a research report on Wednesday, July 26th. Bank of America lifted their price objective on Alphabet from $142.00 to $146.00 in a research report on Wednesday, July 26th. StockNews.com began coverage on Alphabet in a research report on Thursday, August 17th. They issued a “buy” rating for the company. 51job restated a “downgrade” rating on shares of Alphabet in a research report on Tuesday, June 27th. Finally, Stifel Nicolaus boosted their target price on Alphabet from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Four research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $143.08.
Alphabet Stock Performance
GOOGL opened at $129.88 on Friday. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $134.25. The stock has a market cap of $1.64 trillion, a price-to-earnings ratio of 27.52, a PEG ratio of 1.49 and a beta of 1.06. The business has a 50 day moving average of $125.09 and a 200-day moving average of $113.27. The company has a quick ratio of 2.14, a current ratio of 2.17 and a debt-to-equity ratio of 0.05.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 last year, the firm posted $1.21 earnings per share. On average, equities research analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current year.
Insider Activity
In other news, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the firm’s stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $15.06, for a total value of $563,319.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Prabhakar Raghavan sold 16,083 shares of Alphabet stock in a transaction that occurred on 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 completion of the sale, the senior vice president now directly owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of Alphabet stock in a transaction that occurred on Tuesday, June 20th. The stock was sold at an average price of $15.06, for a total value of $563,319.30. The disclosure for this sale can be found here. Insiders sold a total of 180,006 shares of company stock valued at $8,804,132 over the last three months. 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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