Alphabet Inc. (NASDAQ:GOOG) Shares Purchased by Chesapeake Wealth Management

Chesapeake Wealth Management lifted its holdings in Alphabet Inc. (NASDAQ:GOOGGet Rating) by 1,740.0% during the third quarter, Holdings Channel reports. The fund owned 2,300 shares of the information services provider’s stock after buying an additional 2,175 shares during the quarter. Chesapeake Wealth Management’s holdings in Alphabet were worth $221,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Sumitomo Mitsui Trust Holdings Inc. grew its position in Alphabet by 1,872.0% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock valued at $1,758,856,000 after buying an additional 17,365,189 shares during the period. Baillie Gifford & Co. grew its position in Alphabet by 1,879.5% during the third quarter. Baillie Gifford & Co. now owns 11,694,544 shares of the information services provider’s stock valued at $1,124,431,000 after buying an additional 11,103,769 shares during the period. Nordea Investment Management AB grew its position in Alphabet by 1,899.8% during the third quarter. Nordea Investment Management AB now owns 6,677,522 shares of the information services provider’s stock valued at $654,531,000 after buying an additional 6,343,615 shares during the period. New York State Teachers Retirement System grew its position in Alphabet by 1,835.5% during the third quarter. New York State Teachers Retirement System now owns 6,444,438 shares of the information services provider’s stock valued at $619,633,000 after buying an additional 6,111,475 shares during the period. Finally, Truist Financial Corp grew its position in Alphabet by 1,861.3% during the third quarter. Truist Financial Corp now owns 4,489,234 shares of the information services provider’s stock valued at $431,640,000 after buying an additional 4,260,344 shares during the period. Institutional investors and hedge funds own 28.69% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $101.21 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.47 and a current ratio of 2.52. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $152.10. The company has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 20.10, a price-to-earnings-growth ratio of 1.74 and a beta of 1.08. The company’s 50 day simple moving average is $93.62 and its 200-day simple moving average is $102.10.

Alphabet (NASDAQ:GOOGGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 EPS 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 $69.09 billion during the quarter, compared to analysts’ expectations of $70.67 billion. During the same quarter last year, the company earned $1.40 EPS. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. As a group, equities research analysts expect that Alphabet Inc. will post 4.68 earnings per share for the current year.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 24,694 shares in the company, valued at approximately $2,243,449.90. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction 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 directly owns 24,694 shares of the company’s stock, valued at approximately $2,243,449.90. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Ann Mather sold 360 shares of the company’s stock in a transaction on Friday, November 25th. The stock was sold at an average price of $98.48, for a total transaction of $35,452.80. Following the transaction, the director now directly owns 11,300 shares in the company, valued at $1,112,824. The disclosure for this sale can be found here. In the last quarter, insiders bought 661,702 shares of company stock worth $23,399,217 and sold 190,464 shares worth $8,535,735. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GOOG has been the topic of several analyst reports. Societe Generale dropped their price target on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. Cowen dropped their target price on shares of Alphabet from $150.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. UBS Group set a $115.00 target price on shares of Alphabet in a research report on Thursday, January 12th. Oppenheimer dropped their target price on shares of Alphabet from $155.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Finally, Credit Suisse Group set a $128.00 target price on shares of Alphabet in a research report on Wednesday, October 26th. One research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $140.56.

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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