Fred Alger Management LLC Has $10.14 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Fred Alger Management LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 2,125.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 106,037 shares of the information services provider’s stock after acquiring an additional 101,273 shares during the period. Fred Alger Management LLC’s holdings in Alphabet were worth $10,142,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in GOOGL. Bornite Capital Management LP acquired a new stake in shares of Alphabet during the first quarter worth $16,688,000. Markel Corp increased its stake in Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after buying an additional 2,250 shares during the last quarter. United Bank increased its stake in Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after buying an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in 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 valued at $900,929,000 after buying an additional 61,427 shares during the last quarter. Finally, Dakota Wealth Management increased its stake in Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after buying an additional 1,570 shares during the last quarter. 34.06% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on GOOGL shares. Rosenblatt Securities lowered their price target on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. Bank of America lifted their price target on shares of Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Tuesday, January 31st. Truist Financial decreased their price objective on shares of Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. MKM Partners lifted their price objective on shares of Alphabet from $120.00 to $126.00 in a research report on Friday, February 3rd. Finally, Credit Suisse Group decreased their price objective on shares of Alphabet from $145.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, February 3rd. Five analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $132.32.

Insider Activity

In other news, Director Ann Mather sold 380 shares of the business’s stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at approximately $1,008,412. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Ann Mather sold 380 shares of the company’s stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at approximately $1,008,412. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 22,203 shares of the company’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was 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 owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,745 shares of company stock worth $3,424,078. 11.44% of the stock is currently owned by corporate insiders.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $93.97 on Wednesday. The firm has a 50 day moving average of $94.35 and a 200-day moving average of $96.30. The stock has a market capitalization of $1.20 trillion, a PE ratio of 20.65, a PEG ratio of 1.25 and a beta of 1.09. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $143.79.

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

About Alphabet

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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.