Paragon Financial Partners Inc. Increases Position in Alphabet Inc. (NASDAQ:GOOGL)

Paragon Financial Partners Inc. increased its stake in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,789.2% in the 3rd quarter, Holdings Channel reports. The fund owned 4,553 shares of the information services provider’s stock after buying an additional 4,312 shares during the quarter. Paragon Financial Partners Inc.’s holdings in Alphabet were worth $435,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Alphabet by 1,884.3% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,922,978 shares of the information services provider’s stock worth $1,714,333,000 after purchasing an additional 17,019,726 shares during the last quarter. Fiera Capital Corp lifted its stake in Alphabet by 1,957.3% in the second quarter. Fiera Capital Corp now owns 17,857,280 shares of the information services provider’s stock worth $1,945,783,000 after purchasing an additional 16,989,271 shares during the last quarter. Nordea Investment Management AB lifted its stake in Alphabet by 1,830.2% in the third quarter. Nordea Investment Management AB now owns 16,487,668 shares of the information services provider’s stock worth $1,605,074,000 after purchasing an additional 15,633,495 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in Alphabet by 1,821.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 9,352,658 shares of the information services provider’s stock worth $894,580,000 after purchasing an additional 8,865,958 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Alphabet by 1,927.0% in the third quarter. Raymond James & Associates now owns 8,284,714 shares of the information services provider’s stock worth $792,433,000 after purchasing an additional 7,875,993 shares during the last quarter. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Up 5.3 %

NASDAQ:GOOGL opened at $98.02 on Friday. The company’s 50 day moving average price is $93.03 and its 200-day moving average price is $101.55. 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 stock has a market cap 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 (NASDAQ:GOOGLGet Rating) last posted its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 EPS for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). The firm had revenue of $57.27 billion for the quarter, compared to analysts’ expectations of $58.36 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. During the same quarter in the previous year, the company earned $1.40 EPS. On average, equities research analysts forecast that Alphabet Inc. will post 4.68 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The shares were sold at an average price of $90.85, for a total transaction of $77,676.75. Following the transaction, the chief accounting officer now owns 24,694 shares in the company, valued at $2,243,449.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The shares were sold at an average price of $90.85, for a total transaction of $77,676.75. Following the transaction, the chief accounting officer now owns 24,694 shares in the company, valued at $2,243,449.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president now owns 76,579 shares in the company, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 1,461,702 shares of company stock worth $36,999,217 and have sold 190,744 shares worth $8,564,640. 11.44% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GOOGL. Susquehanna Bancshares lowered their price target on shares of Alphabet from $150.00 to $120.00 and set a “positive” rating for the company in a research note on Wednesday, October 26th. Bank of America lowered their price objective on shares of Alphabet from $125.00 to $114.00 and set a “buy” rating for the company in a research note on Tuesday, October 4th. Morgan Stanley upped their price objective on shares of Alphabet from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday. Mizuho lowered their price objective on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a research note on Wednesday, November 30th. Finally, Truist Financial lowered their price objective on shares of Alphabet from $136.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, October 26th. Five investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $132.13.

About Alphabet

(Get Rating)

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

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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