Alphabet Inc. (NASDAQ:GOOGL) Stake Boosted by Sky Investment Group LLC

Sky Investment Group LLC boosted its holdings in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,926.8% during the third quarter, Holdings Channel.com reports. The firm owned 84,862 shares of the information services provider’s stock after acquiring an additional 80,675 shares during the quarter. Alphabet comprises about 2.1% of Sky Investment Group LLC’s portfolio, making the stock its 8th largest holding. Sky Investment Group LLC’s holdings in Alphabet were worth $8,117,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new stake in Alphabet in the third quarter worth about $55,305,000. Griffin Asset Management Inc. lifted its stake in shares of Alphabet by 1,900.0% in the third quarter. Griffin Asset Management Inc. now owns 52,240 shares of the information services provider’s stock worth $4,997,000 after buying an additional 49,628 shares in the last quarter. Farmers Trust Co. lifted its stake in shares of Alphabet by 2.2% in the second quarter. Farmers Trust Co. now owns 5,924 shares of the information services provider’s stock worth $12,910,000 after buying an additional 129 shares in the last quarter. Ziegler Capital Management LLC lifted its stake in shares of Alphabet by 62.3% in the second quarter. Ziegler Capital Management LLC now owns 33,282 shares of the information services provider’s stock worth $72,531,000 after buying an additional 12,774 shares in the last quarter. Finally, Wilkinson Global Asset Management LLC lifted its stake in shares of Alphabet by 1,900.0% in the third quarter. Wilkinson Global Asset Management LLC now owns 6,460 shares of the information services provider’s stock worth $618,000 after buying an additional 6,137 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Alphabet from $160.00 to $145.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. Sanford C. Bernstein dropped their target price on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. Truist Financial lowered their price objective on shares of Alphabet from $136.00 to $130.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. JMP Securities lowered their price objective on shares of Alphabet from $145.00 to $132.00 in a research report on Wednesday, November 23rd. Finally, Morgan Stanley lowered their price objective on shares of Alphabet from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 15th. Five equities research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.00.

Alphabet Price Performance

GOOGL stock opened at $91.29 on Wednesday. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $151.55. The company has a quick ratio of 2.47, a current ratio of 2.52 and a debt-to-equity ratio of 0.06. The company has a fifty day simple moving average of $92.94 and a two-hundred day simple moving average of $101.88. The firm has a market capitalization of $1.18 trillion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09.

Alphabet (NASDAQ:GOOGLGet Rating) last released its quarterly earnings data on Tuesday, October 25th. The information services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.19). Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The business had revenue of $57.27 billion for the quarter, compared to the consensus estimate of $58.36 billion. During the same quarter last year, the business earned $1.40 EPS. Analysts anticipate that Alphabet Inc. will post 4.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the transaction, the senior vice president now owns 76,579 shares in the company, valued at $6,872,965.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Prabhakar Raghavan sold 22,203 shares of the firm’s stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total value of $1,992,719.25. Following the completion of the sale, the senior vice president now owns 76,579 shares in the company, valued at approximately $6,872,965.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv bought 800,000 shares of the stock in a transaction dated Monday, October 24th. The stock was purchased at an average price of $17.00 per share, with a total value of $13,600,000.00. Following the acquisition, the insider now directly owns 11,522,248 shares in the company, valued at approximately $195,878,216. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 1,461,702 shares of company stock worth $36,999,217 and sold 190,744 shares worth $8,564,640. 11.44% of the stock is owned by company insiders.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

See Also

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:GOOGLGet Rating).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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