Covea Finance Grows Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Covea Finance lifted its stake in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,900.0% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 175,800 shares of the information services provider’s stock after buying an additional 167,010 shares during the period. Covea Finance’s holdings in Alphabet were worth $16,815,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Bornite Capital Management LP bought a new stake in Alphabet during the 1st quarter valued at approximately $16,688,000. Markel Corp boosted its position in Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after acquiring an additional 2,250 shares in the last quarter. United Bank boosted its position in shares of Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Alphabet by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management boosted its position in shares of Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after purchasing an additional 1,570 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $98.02 on Monday. The company has a current ratio of 2.52, a quick ratio of 2.47 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $93.03 and a two-hundred day moving average price of $101.55. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $151.55. The company has a market capitalization of $1.27 trillion, a P/E ratio of 19.47, a price-to-earnings-growth ratio of 1.72 and a beta of 1.09.

Alphabet (NASDAQ:GOOGLGet Rating) last posted its 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). Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The business had revenue of $57.27 billion for the quarter, compared to analysts’ expectations of $58.36 billion. During the same quarter last year, the business posted $1.40 earnings per share. As a group, research analysts expect that Alphabet Inc. will post 4.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphabet

In other news, Director Ann Mather sold 280 shares of Alphabet stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total transaction of $28,904.40. Following the completion of the sale, the director now directly owns 11,200 shares in the company, valued at $1,156,176. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Ann Mather sold 280 shares of Alphabet stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total transaction of $28,904.40. Following the completion of the sale, the director now directly owns 11,200 shares in the company, valued at $1,156,176. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $90.85, for a total transaction of $77,676.75. Following the sale, the chief accounting officer now owns 24,694 shares of the company’s stock, valued at $2,243,449.90. The disclosure for this sale can be found here. In the last three months, insiders acquired 661,702 shares of company stock worth $23,399,217 and sold 190,744 shares worth $8,564,640. 11.44% of the stock is currently owned by insiders.

Analysts Set New Price Targets

GOOGL has been the topic of a number of analyst reports. Sanford C. Bernstein dropped their price target on Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Cowen lowered their price objective on Alphabet to $135.00 in a research report on Thursday, October 27th. Tigress Financial lowered their price objective on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 6th. KeyCorp lowered their price objective on Alphabet from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 25th. Finally, Susquehanna lowered their price objective on Alphabet from $150.00 to $120.00 and set a “positive” rating on the stock in a research report on Wednesday, October 26th. Five 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $132.13.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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