Bristlecone Advisors LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,935.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 107,909 shares of the information services provider’s stock after acquiring an additional 102,607 shares during the quarter. Alphabet comprises 1.3% of Bristlecone Advisors LLC’s investment portfolio, making the stock its 19th largest position. Bristlecone Advisors LLC’s holdings in Alphabet were worth $10,321,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. Cardinal Capital Management Inc. purchased a new position in shares of Alphabet during the 2nd quarter valued at about $41,000. Belmont Capital LLC increased its stake in Alphabet by 110.0% in the 2nd quarter. Belmont Capital LLC now owns 21 shares of the information services provider’s stock worth $46,000 after purchasing an additional 11 shares during the period. Newfound Research LLC increased its stake in Alphabet by 53.8% in the 2nd quarter. Newfound Research LLC now owns 40 shares of the information services provider’s stock worth $87,000 after purchasing an additional 14 shares during the period. DC Investments Management LLC purchased a new position in Alphabet in the 1st quarter worth approximately $114,000. Finally, Bridgefront Capital LLC purchased a new position in Alphabet in the 1st quarter worth approximately $225,000. 34.06% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the company. Atlantic Securities decreased their price target on Alphabet to $115.00 in a research note on Thursday, October 27th. Needham & Company LLC decreased their price target on Alphabet from $160.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, December 22nd. Robert W. Baird decreased their price target on Alphabet to $120.00 in a research note on Thursday, October 27th. StockNews.com assumed coverage on Alphabet in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, Sanford C. Bernstein cut their price objective on Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 26th. Five investment 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 company’s stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $132.13.
Alphabet Stock Up 1.8 %
Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly 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). The business had revenue of $57.27 billion during the quarter, compared to analysts’ expectations of $58.36 billion. Alphabet had a return on equity of 26.41% and a net margin of 23.75%. During the same quarter in the prior year, the firm earned $1.40 EPS. Equities analysts forecast that Alphabet Inc. will post 4.68 earnings per share for the current fiscal year.
Insider Activity at Alphabet
In other news, major shareholder 2021 Gp L.L.C. Gv acquired 277,493 shares of Alphabet stock in a transaction that occurred on Friday, November 4th. The stock was bought at an average price of $36.01 per share, for a total transaction of $9,992,522.93. Following the completion of the transaction, the insider now owns 870,895 shares in the company, valued at $31,360,928.95. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $101.13, for a total value of $86,466.15. Following the completion of the sale, the chief accounting officer now owns 24,908 shares in the company, valued at $2,518,946.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder 2021 Gp L.L.C. Gv purchased 277,493 shares of Alphabet stock in a transaction on Friday, November 4th. The stock was bought at an average price of $36.01 per share, with a total value of $9,992,522.93. Following the transaction, the insider now owns 870,895 shares of the company’s stock, valued at $31,360,928.95. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 661,702 shares of company stock worth $23,399,217 and sold 190,464 shares worth $8,535,735. 11.44% of the stock is owned by company 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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