Amalgamated Bank Acquires 1,579,250 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Amalgamated Bank raised its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,996.8% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,658,338 shares of the information services provider’s stock after acquiring an additional 1,579,250 shares during the period. Alphabet accounts for 1.5% of Amalgamated Bank’s portfolio, making the stock its 5th largest position. Amalgamated Bank’s holdings in Alphabet were worth $158,620,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. IAG Wealth Partners LLC grew its holdings in shares of Alphabet by 3,275.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 270 shares of the information services provider’s stock worth $26,000 after purchasing an additional 262 shares in the last quarter. Artemis Wealth Advisors LLC grew its holdings in shares of Alphabet by 1,900.0% during the 3rd quarter. Artemis Wealth Advisors LLC now owns 280 shares of the information services provider’s stock worth $27,000 after purchasing an additional 266 shares in the last quarter. Laurel Wealth Planning LLC grew its holdings in shares of Alphabet by 1,900.0% during the 3rd quarter. Laurel Wealth Planning LLC now owns 300 shares of the information services provider’s stock worth $29,000 after purchasing an additional 285 shares in the last quarter. Coston McIsaac & Partners grew its holdings in shares of Alphabet by 1,900.0% during the 3rd quarter. Coston McIsaac & Partners now owns 320 shares of the information services provider’s stock worth $30,000 after purchasing an additional 304 shares in the last quarter. Finally, Horizons Wealth Management bought a new position in shares of Alphabet during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 34.06% of the company’s stock.

Insider Activity at Alphabet

In other Alphabet news, insider John Kent Walker sold 11,313 shares of Alphabet stock in a transaction on Monday, January 23rd. The shares were sold at an average price of $100.00, for a total value of $1,131,300.00. Following the completion of the transaction, the insider now directly owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Amie Thuener O’toole sold 855 shares of Alphabet 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 directly owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider John Kent Walker sold 11,313 shares of Alphabet stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $100.00, for a total transaction of $1,131,300.00. Following the sale, the insider now owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,745 shares of company stock valued at $3,424,078. Corporate insiders own 11.44% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on GOOGL shares. Evercore ISI cut their target price on Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Wednesday, December 21st. Barclays raised their target price on Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. New Street Research started coverage on Alphabet in a research report on Wednesday, January 4th. They set a “buy” rating and a $118.00 target price for the company. Mizuho cut their price objective on Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, November 30th. Finally, Bank of America lifted their price objective on Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Tuesday, January 31st. Five analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $132.32.

Alphabet Price Performance

Shares of GOOGL opened at $90.36 on Thursday. The firm’s 50-day simple moving average is $93.48 and its two-hundred day simple moving average is $97.95. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $143.79. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38. The stock has a market cap of $1.16 trillion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 1.24 and a beta of 1.08.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The firm had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $63.15 billion. During the same quarter in the previous year, the company earned $1.53 EPS. Analysts anticipate that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Alphabet Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.