New York State Teachers Retirement System lowered its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 3.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,629,485 shares of the information services provider’s stock after selling 246,635 shares during the period. Alphabet comprises 1.8% of New York State Teachers Retirement System’s investment portfolio, making the stock its 5th biggest position. New York State Teachers Retirement System owned approximately 0.05% of Alphabet worth $793,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of the stock. Boyd Watterson Asset Management LLC OH raised its position in Alphabet by 0.8% in the 2nd quarter. Boyd Watterson Asset Management LLC OH now owns 61,739 shares of the information services provider’s stock valued at $7,390,000 after purchasing an additional 486 shares in the last quarter. Congress Asset Management Co. MA raised its position in shares of Alphabet by 0.4% during the 2nd quarter. Congress Asset Management Co. MA now owns 1,010,085 shares of the information services provider’s stock worth $120,907,000 after acquiring an additional 3,672 shares in the last quarter. Wright Investors Service Inc. raised its position in shares of Alphabet by 13.1% during the 2nd quarter. Wright Investors Service Inc. now owns 26,177 shares of the information services provider’s stock worth $3,133,000 after acquiring an additional 3,041 shares in the last quarter. GAM Holding AG raised its position in shares of Alphabet by 13.3% during the 2nd quarter. GAM Holding AG now owns 529,004 shares of the information services provider’s stock worth $63,322,000 after acquiring an additional 61,955 shares in the last quarter. Finally, GDS Wealth Management raised its position in shares of Alphabet by 4.4% during the 2nd quarter. GDS Wealth Management now owns 89,789 shares of the information services provider’s stock worth $10,748,000 after acquiring an additional 3,771 shares in the last quarter. Institutional investors and hedge funds own 35.08% of the company’s stock.
Analysts Set New Price Targets
GOOGL has been the topic of several research analyst reports. Royal Bank of Canada raised their target price on Alphabet from $145.00 to $155.00 in a research report on Wednesday, July 26th. Susquehanna reissued a “positive” rating and set a $150.00 target price on shares of Alphabet in a research report on Thursday, August 31st. Sanford C. Bernstein raised their target price on Alphabet from $130.00 to $135.00 in a research report on Wednesday, July 26th. Truist Financial raised their target price on Alphabet from $122.00 to $160.00 in a research report on Wednesday, July 26th. Finally, Morgan Stanley raised their price target on Alphabet from $150.00 to $155.00 in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.27.
Insider Buying and Selling
In other news, CAO Amie Thuener O’toole sold 3,749 shares of the business’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the completion of the transaction, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at $3,484,407.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, Director Ann Mather sold 220 shares of the company’s stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $121.75, for a total value of $26,785.00. Following the completion of the transaction, the director now directly owns 4,759 shares in the company, valued at $579,408.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 3,749 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $136.28, for a total value of $510,913.72. Following the completion of the transaction, the chief accounting officer now owns 25,568 shares of the company’s stock, valued at $3,484,407.04. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 101,091 shares of company stock valued at $13,530,462. 0.88% of the stock is owned by insiders.
Alphabet Stock Down 1.6 %
Alphabet stock opened at $135.60 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $141.22. The company has a market cap of $1.71 trillion, a PE ratio of 28.73, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The stock’s 50 day moving average price is $134.28 and its 200 day moving average price is $124.24.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. The firm had revenue of $74.60 billion during the quarter, compared to analysts’ expectations of $60.24 billion. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. During the same period in the previous year, the firm posted $1.21 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 5.68 EPS 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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