Alphabet Inc. (NASDAQ:GOOG) Stock Holdings Lifted by Cottage Street Advisors LLC

Cottage Street Advisors LLC increased its position in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,885.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 42,320 shares of the information services provider’s stock after purchasing an additional 40,189 shares during the period. Alphabet makes up 3.3% of Cottage Street Advisors LLC’s holdings, making the stock its 8th biggest holding. Cottage Street Advisors LLC’s holdings in Alphabet were worth $4,069,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Alphabet by 1,872.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock valued at $1,758,856,000 after acquiring an additional 17,365,189 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in Alphabet by 1,879.5% in the third quarter. Baillie Gifford & Co. now owns 11,694,544 shares of the information services provider’s stock valued at $1,124,431,000 after acquiring an additional 11,103,769 shares in the last quarter. Nordea Investment Management AB boosted its holdings in Alphabet by 1,899.8% in the third quarter. Nordea Investment Management AB now owns 6,677,522 shares of the information services provider’s stock valued at $654,531,000 after acquiring an additional 6,343,615 shares in the last quarter. Truist Financial Corp boosted its holdings in Alphabet by 1,861.3% in the third quarter. Truist Financial Corp now owns 4,489,234 shares of the information services provider’s stock valued at $431,640,000 after acquiring an additional 4,260,344 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Alphabet by 2,162.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 4,441,092 shares of the information services provider’s stock valued at $427,010,000 after acquiring an additional 4,244,758 shares in the last quarter. 28.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv bought 800,000 shares of the firm’s stock in a transaction on Monday, October 24th. The stock was acquired 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 $195,878,216. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, SVP Prabhakar Raghavan sold 22,203 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of Alphabet stock in a transaction dated Monday, October 24th. The shares were acquired at an average cost of $17.00 per share, with a total value of $13,600,000.00. Following the transaction, 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 90 days, insiders acquired 1,461,702 shares of company stock valued at $36,999,217 and sold 190,744 shares valued at $8,564,640. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Cowen cut their price target on shares of Alphabet from $150.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. JPMorgan Chase & Co. set a $115.00 price target on shares of Alphabet in a report on Wednesday, October 26th. Cowen dropped their target price on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Wednesday, January 11th. Credit Suisse Group set a $128.00 target price on shares of Alphabet in a report on Wednesday, October 26th. Finally, The Goldman Sachs Group set a $135.00 target price on shares of Alphabet in a report on Friday, November 18th. One analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $140.56.

Alphabet Stock Performance

Shares of Alphabet stock opened at $99.28 on Friday. The stock has a market cap of $1.28 trillion, a price-to-earnings ratio of 19.72, a PEG ratio of 1.63 and a beta of 1.08. The firm’s 50-day moving average is $93.52 and its 200 day moving average is $102.16. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $152.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.52 and a quick ratio of 2.47.

Alphabet (NASDAQ:GOOG – Get Rating) last issued its earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates 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 $69.09 billion during the quarter, compared to analysts’ expectations of $70.67 billion. During the same period last year, the firm posted $1.40 EPS. Alphabet’s quarterly revenue was up 6.1% compared to the same quarter last year. Sell-side analysts anticipate that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

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.