Comerica Bank increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,922.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 801,147 shares of the information services provider’s stock after acquiring an additional 761,527 shares during the quarter. Alphabet makes up about 0.7% of Comerica Bank’s investment portfolio, making the stock its 18th largest position. Comerica Bank’s holdings in Alphabet were worth $82,494,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently added to or reduced their stakes in the stock. DC Investments Management LLC acquired a new stake in Alphabet during the first quarter worth $115,000. Guardian Wealth Management Inc. acquired a new stake in shares of Alphabet in the first quarter valued at $184,000. Turim 21 Investimentos Ltda. grew its stake in shares of Alphabet by 10.8% in the first quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after buying an additional 8 shares in the last quarter. OneAscent Financial Services LLC acquired a new stake in shares of Alphabet in the second quarter valued at $203,000. Finally, Aspireon Wealth Advisors acquired a new stake in shares of Alphabet in the second quarter valued at $212,000. Hedge funds and other institutional investors own 28.69% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on GOOG shares. JPMorgan Chase & Co. set a $115.00 price objective on Alphabet in a research note on Wednesday, October 26th. Credit Suisse Group set a $128.00 target price on Alphabet in a research note on Wednesday, October 26th. Cowen lowered their target price on Alphabet from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Wednesday, January 11th. UBS Group set a $115.00 target price on Alphabet in a research note on Thursday, January 12th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on Alphabet from $135.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, October 21st. One analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.56.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOG – Get Rating) last issued its quarterly 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). The company had revenue of $69.09 billion during the quarter, compared to analyst estimates of $70.67 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The business’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.40 EPS. As a group, equities research analysts forecast that Alphabet Inc. will post 4.68 EPS for the current year.
Insiders Place Their Bets
In other Alphabet news, Director Ann Mather sold 280 shares of the business’s stock in a transaction that occurred on Tuesday, October 25th. The stock was 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 in the company, valued at approximately $1,156,176. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of the stock in a transaction that occurred on Monday, October 24th. The shares were acquired at an average price of $17.00 per share, for a total transaction 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 acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ann Mather sold 280 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the sale, the director now owns 11,200 shares in the company, valued at approximately $1,156,176. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 1,461,702 shares of company stock worth $36,999,217 and have sold 190,744 shares worth $8,564,640. 12.99% of the stock is currently owned by insiders.
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.
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