Pinnacle West Asset Management Inc. acquired a new position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,270 shares of the information services provider’s stock, valued at approximately $1,376,000. Alphabet accounts for approximately 1.4% of Pinnacle West Asset Management Inc.’s investment portfolio, making the stock its 19th biggest position.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Talisman Wealth Advisors LLC grew its position in shares of Alphabet by 26.7% during the 1st quarter. Talisman Wealth Advisors LLC now owns 3,066 shares of the information services provider’s stock worth $318,000 after buying an additional 646 shares during the period. Skandinaviska Enskilda Banken AB publ grew its position in shares of Alphabet by 11.7% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 2,617,888 shares of the information services provider’s stock worth $271,553,000 after buying an additional 274,917 shares during the period. Bank Julius Baer & Co. Ltd Zurich grew its position in shares of Alphabet by 11.6% during the 1st quarter. Bank Julius Baer & Co. Ltd Zurich now owns 6,539,236 shares of the information services provider’s stock worth $678,315,000 after buying an additional 678,132 shares during the period. Hemenway Trust Co LLC grew its position in shares of Alphabet by 0.5% during the 1st quarter. Hemenway Trust Co LLC now owns 330,704 shares of the information services provider’s stock worth $34,304,000 after buying an additional 1,713 shares during the period. Finally, Arkos Global Advisors grew its position in shares of Alphabet by 3.0% during the 1st quarter. Arkos Global Advisors now owns 9,323 shares of the information services provider’s stock worth $967,000 after buying an additional 271 shares during the period. 35.08% of the stock is currently owned by institutional investors and hedge funds.
Alphabet Stock Up 2.7 %
GOOGL stock opened at $134.57 on Wednesday. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.70 trillion, a PE ratio of 28.51, a PEG ratio of 1.50 and a beta of 1.06. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $136.57. The business’s 50 day simple moving average is $125.47 and its 200 day simple moving average is $113.90.
Insider Buying and Selling at Alphabet
In other news, Director Ann Mather sold 9,540 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $125.33, for a total transaction of $1,195,648.20. Following the sale, the director now directly owns 2,800 shares of the company’s stock, valued at approximately $350,924. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Ann Mather sold 9,540 shares of the stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $125.33, for a total transaction of $1,195,648.20. Following the sale, the director now directly owns 2,800 shares of the company’s stock, valued at approximately $350,924. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $131.14, for a total value of $26,228.00. Following the sale, the director now directly owns 5,340 shares in the company, valued at $700,287.60. The disclosure for this sale can be found here. Insiders have sold a total of 163,353 shares of company stock valued at $8,576,028 in the last ninety days. 0.88% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on GOOGL. Rosenblatt Securities boosted their target price on Alphabet from $132.00 to $163.00 and gave the stock a “buy” rating in a research report on Wednesday, July 26th. JPMorgan Chase & Co. boosted their price objective on Alphabet from $121.00 to $150.00 in a research report on Wednesday, July 26th. Wolfe Research boosted their price objective on Alphabet from $130.00 to $140.00 in a research report on Monday, July 10th. Citigroup boosted their price objective on Alphabet from $130.00 to $153.00 in a research report on Wednesday, July 26th. Finally, JMP Securities boosted 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. Four 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. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.08.
Get Our Latest Stock Report on GOOGL
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.
Featured Stories
- Five stocks we like better than Alphabet
- How to Invest in Insurance Companies: A Guide
- 3 Inexpensive Mid Cap Tech Stocks With Good Growth Prospects
- How Can Investors Benefit From After-Hours Trading
- 3 Reasons the Dick’s Sporting Goods Selloff Is a Steal
- 2 Fintech Stocks to Buy Now and 1 to Avoid
- Foot Locker Stock Takes a Big Hit…Is It a Retail Bargain?
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL – Free Report).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.
