Close Asset Management Ltd Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Close Asset Management Ltd raised its holdings in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,894.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,734,780 shares of the information services provider’s stock after acquiring an additional 2,597,690 shares during the quarter. Alphabet comprises 14.8% of Close Asset Management Ltd’s portfolio, making the stock its 2nd largest position. Close Asset Management Ltd’s holdings in Alphabet were worth $261,650,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOOGL. Bornite Capital Management LP bought a new position in Alphabet in the first quarter valued at approximately $16,688,000. Markel Corp boosted its position in shares of Alphabet by 17.0% during the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after purchasing an additional 2,250 shares in the last quarter. United Bank boosted its position in shares of Alphabet by 5.9% during the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management boosted its position in shares of Alphabet by 20.4% during the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after purchasing an additional 1,570 shares in the last quarter. 34.06% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Needham & Company LLC reduced their price target on shares of Alphabet from $160.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, December 22nd. Mizuho dropped their price objective on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Wednesday, November 30th. Robert W. Baird dropped their price objective on shares of Alphabet to $120.00 in a report on Thursday, October 27th. Morgan Stanley raised their price objective on shares of Alphabet from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, KeyCorp dropped their price objective on shares of Alphabet from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Tuesday, October 25th. 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 has a consensus rating of “Moderate Buy” and a consensus price target of $132.13.

Alphabet Stock Performance

Shares of GOOGL stock opened at $93.05 on Friday. The company has a market capitalization of $1.20 trillion, a price-to-earnings ratio of 18.48, a PEG ratio of 1.62 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.47 and a current ratio of 2.52. The company has a 50-day simple moving average of $93.00 and a 200 day simple moving average of $101.63. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $151.55.

Alphabet (NASDAQ:GOOGLGet Rating) last posted its quarterly earnings data on Tuesday, October 25th. The information services provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). The business had revenue of $57.27 billion during the quarter, compared to the consensus estimate of $58.36 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. During the same period in the prior year, the firm earned $1.40 EPS. On average, sell-side analysts predict that Alphabet Inc. will post 4.68 earnings per share for the current year.

Insider Buying and Selling at Alphabet

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv acquired 800,000 shares of the business’s stock in a transaction on 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 of the company’s stock, valued at approximately $195,878,216. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total value of $77,933.25. Following the completion of the sale, the chief accounting officer now owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv acquired 800,000 shares of the business’s stock in a transaction on Monday, October 24th. The stock was acquired at an average cost 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 $195,878,216. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 1,461,702 shares of company stock valued at $36,999,217 and sold 190,744 shares valued at $8,564,640. Insiders own 11.44% of the company’s stock.

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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