Peregrine Capital Management LLC Grows Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Peregrine Capital Management LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,873.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 597,866 shares of the information services provider’s stock after acquiring an additional 567,567 shares during the period. Alphabet accounts for 1.9% of Peregrine Capital Management LLC’s portfolio, making the stock its 2nd biggest position. Peregrine Capital Management LLC’s holdings in Alphabet were worth $57,186,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in GOOGL. Louisiana State Employees Retirement System acquired a new position in Alphabet in the third quarter valued at approximately $55,305,000. Griffin Asset Management Inc. lifted its stake in 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 valued at $4,997,000 after buying an additional 49,628 shares during the period. Farmers Trust Co. lifted its stake in Alphabet by 2.2% in the second quarter. Farmers Trust Co. now owns 5,924 shares of the information services provider’s stock valued at $12,910,000 after buying an additional 129 shares during the period. Ziegler Capital Management LLC lifted its stake in Alphabet by 62.3% in the second quarter. Ziegler Capital Management LLC now owns 33,282 shares of the information services provider’s stock valued at $72,531,000 after buying an additional 12,774 shares during the period. Finally, Wilkinson Global Asset Management LLC lifted its stake in 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 valued at $618,000 after buying an additional 6,137 shares during the period. 34.06% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, major shareholder 2019 Gp L.L.C. Gv bought 800,000 shares of the business’s stock in a transaction on Monday, October 24th. The stock was acquired at an average price of $17.00 per share, for a total transaction of $13,600,000.00. Following the purchase, the insider now directly owns 11,522,248 shares in the company, valued at $195,878,216. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, major shareholder 2021 Gp L.L.C. Gv bought 182,312 shares of the business’s stock in a transaction on Wednesday, November 9th. The stock was acquired at an average price of $34.60 per share, for a total transaction of $6,307,995.20. Following the purchase, the insider now directly owns 1,294,527 shares in the company, valued at $44,790,634.20. The purchase 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 bought 800,000 shares of the business’s stock in a transaction on Monday, October 24th. The stock was bought at an average price of $17.00 per share, with a total value of $13,600,000.00. Following the purchase, the insider now 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 purchased 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 corporate insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on GOOGL. JMP Securities dropped their price target on Alphabet from $145.00 to $132.00 in a research note on Wednesday, November 23rd. Truist Financial dropped their price target on Alphabet from $136.00 to $130.00 and set a “buy” rating on the stock in a research note on Wednesday, October 26th. KeyCorp lowered their target price on Alphabet from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 25th. Citigroup lowered their target price on Alphabet from $140.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. Finally, Sanford C. Bernstein lowered their target price on Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Five equities research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $132.13.

Alphabet Stock Up 5.3 %

GOOGL stock opened at $98.02 on Friday. 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 market capitalization of $1.27 trillion, a price-to-earnings ratio of 19.47, a PEG ratio of 1.62 and a beta of 1.09. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $151.55. The stock has a fifty day moving average of $93.03 and a 200-day moving average of $101.55.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.19). The firm had revenue of $57.27 billion for the quarter, compared to the consensus estimate of $58.36 billion. Alphabet had a return on equity of 26.41% and a net margin of 23.75%. During the same quarter in the previous year, the company posted $1.40 EPS. As a group, equities research analysts predict that Alphabet Inc. will post 4.68 earnings per share for the current year.

About Alphabet

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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.