Renaissance Investment Group LLC Has $9.88 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Renaissance Investment Group LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,887.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 96,329 shares of the information services provider’s stock after acquiring an additional 91,481 shares during the quarter. Alphabet comprises about 3.1% of Renaissance Investment Group LLC’s portfolio, making the stock its 9th largest holding. Renaissance Investment Group LLC’s holdings in Alphabet were worth $9,876,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. Spreng Capital Management Inc. increased its position in Alphabet by 4.0% during the 1st quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock valued at $364,000 after purchasing an additional 5 shares during the period. WP Advisors LLC increased its position in Alphabet by 2.1% during the 2nd quarter. WP Advisors LLC now owns 239 shares of the information services provider’s stock valued at $521,000 after purchasing an additional 5 shares during the period. Grand Central Investment Group increased its position in Alphabet by 1.4% during the 2nd quarter. Grand Central Investment Group now owns 362 shares of the information services provider’s stock valued at $789,000 after purchasing an additional 5 shares during the period. Ignite Planners LLC increased its position in Alphabet by 1.4% during the 2nd quarter. Ignite Planners LLC now owns 351 shares of the information services provider’s stock valued at $834,000 after purchasing an additional 5 shares during the period. Finally, Kaizen Financial Strategies boosted its holdings in shares of Alphabet by 0.7% in the 2nd quarter. Kaizen Financial Strategies now owns 759 shares of the information services provider’s stock valued at $1,654,000 after buying an additional 5 shares in the last quarter. Institutional investors own 34.06% of the company’s stock.

Insider Activity

In other news, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of the stock in a transaction dated Monday, October 24th. The shares were purchased at an average price of $17.00 per share, with a total value of $13,600,000.00. Following the transaction, the insider now owns 11,522,248 shares in the company, valued at approximately $195,878,216. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, Director Ann Mather sold 280 shares of the business’s stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total transaction of $28,904.40. Following the transaction, the director now owns 11,200 shares of the company’s stock, valued at approximately $1,156,176. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of the stock in a transaction dated Monday, October 24th. The shares were purchased at an average cost of $17.00 per share, for a total transaction of $13,600,000.00. Following the transaction, the insider now owns 11,522,248 shares in the company, valued at approximately $195,878,216. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,461,702 shares of company stock valued at $36,999,217 and have sold 190,744 shares valued at $8,564,640. Corporate insiders own 11.44% of the company’s stock.

Alphabet Trading Down 0.2 %

Shares of GOOGL opened at $91.12 on Thursday. 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 firm’s fifty day moving average is $92.94 and its two-hundred day moving average is $101.88. The stock has a market cap of $1.18 trillion, a PE ratio of 18.10, a price-to-earnings-growth ratio of 1.62 and a beta of 1.09.

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on GOOGL shares. Atlantic Securities lowered their price target on shares of Alphabet to $115.00 in a report on Thursday, October 27th. Morgan Stanley lowered their target price on shares of Alphabet from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, November 15th. StockNews.com assumed coverage on shares of Alphabet in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Credit Suisse Group reduced their price target on shares of Alphabet from $134.00 to $128.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Finally, The Goldman Sachs Group reduced their price target on shares of Alphabet to $135.00 in a research report on Thursday, October 27th. Five equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.00.

Alphabet Company 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

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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