Albion Financial Group UT Grows Stake in Alphabet Inc. (NASDAQ:GOOGL)

Albion Financial Group UT grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,928.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 260,920 shares of the information services provider’s stock after purchasing an additional 248,056 shares during the quarter. Alphabet accounts for 2.6% of Albion Financial Group UT’s investment portfolio, making the stock its 8th biggest position. Albion Financial Group UT’s holdings in Alphabet were worth $24,957,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Alphabet by 1,884.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,922,978 shares of the information services provider’s stock valued at $1,714,333,000 after acquiring an additional 17,019,726 shares during the period. Fiera Capital Corp increased its stake in shares of Alphabet by 1,957.3% during the second quarter. Fiera Capital Corp now owns 17,857,280 shares of the information services provider’s stock valued at $1,945,783,000 after acquiring an additional 16,989,271 shares during the period. Nordea Investment Management AB increased its stake in shares of Alphabet by 1,830.2% during the third quarter. Nordea Investment Management AB now owns 16,487,668 shares of the information services provider’s stock valued at $1,605,074,000 after acquiring an additional 15,633,495 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Alphabet by 1,821.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 9,352,658 shares of the information services provider’s stock valued at $894,580,000 after acquiring an additional 8,865,958 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Alphabet by 1,927.0% during the third quarter. Raymond James & Associates now owns 8,284,714 shares of the information services provider’s stock valued at $792,433,000 after acquiring an additional 7,875,993 shares during the period. Institutional investors own 34.06% of the company’s stock.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Sanford C. Bernstein decreased their price target on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Susquehanna decreased their price target on shares of Alphabet from $150.00 to $120.00 and set a “positive” rating on the stock in a research report on Wednesday, October 26th. Evercore ISI decreased their price target on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 21st. Needham & Company LLC decreased 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. Finally, Bank of America decreased their price target on shares of Alphabet from $125.00 to $114.00 and set a “buy” rating on the stock in a research report on Tuesday, October 4th. Five investment analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $132.13.

Alphabet Trading Up 5.3 %

Shares of NASDAQ:GOOGL opened at $98.02 on Monday. The stock has a market capitalization of $1.27 trillion, a PE ratio of 19.47, a P/E/G ratio of 1.72 and a beta of 1.09. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $151.55. The firm has a fifty day moving average price of $93.03 and a 200 day moving average price of $101.55. The company has a current ratio of 2.52, a quick ratio of 2.47 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGLGet Rating) last issued 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). Alphabet had a return on equity of 26.41% and a net margin of 23.75%. The business had revenue of $57.27 billion during the quarter, compared to the consensus estimate of $58.36 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. Analysts expect that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet 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 directly owns 76,579 shares in the company, valued at $6,872,965.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total transaction of $77,933.25. Following the completion of the transaction, the chief accounting officer now owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 transaction, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 661,702 shares of company stock worth $23,399,217 and sold 190,744 shares worth $8,564,640. Corporate insiders own 11.44% of the company’s stock.

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.

Further Reading

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGLGet Rating).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.