Power Corp of Canada Grows Stake in Alphabet Inc. (NASDAQ:GOOG)

Power Corp of Canada increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,900.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 83,040 shares of the information services provider’s stock after purchasing an additional 78,888 shares during the period. Alphabet accounts for 1.2% of Power Corp of Canada’s holdings, making the stock its 7th biggest holding. Power Corp of Canada’s holdings in Alphabet were worth $7,984,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Industrial Alliance Investment Management Inc. lifted its position in Alphabet by 2,004.2% during the third quarter. Industrial Alliance Investment Management Inc. now owns 280,516 shares of the information services provider’s stock valued at $26,972,000 after acquiring an additional 267,185 shares during the last quarter. Horizon Wealth Management LLC lifted its position in Alphabet by 2,754.0% during the third quarter. Horizon Wealth Management LLC now owns 10,417 shares of the information services provider’s stock valued at $1,002,000 after acquiring an additional 10,052 shares during the last quarter. Legend Financial Advisors Inc. purchased a new stake in Alphabet during the third quarter valued at approximately $44,000. Ambassador Advisors LLC lifted its position in Alphabet by 1,312.1% during the third quarter. Ambassador Advisors LLC now owns 4,081 shares of the information services provider’s stock valued at $393,000 after acquiring an additional 3,792 shares during the last quarter. Finally, D L Carlson Investment Group Inc. lifted its position in Alphabet by 1,744.1% during the third quarter. D L Carlson Investment Group Inc. now owns 10,585 shares of the information services provider’s stock valued at $1,018,000 after acquiring an additional 10,011 shares during the last quarter. 28.69% of the stock is currently owned by institutional investors.

Alphabet Stock Up 2.4 %

GOOG stock opened at $96.55 on Thursday. The firm has a market cap of $1.24 trillion, a PE ratio of 21.22, a P/E/G ratio of 1.26 and a beta of 1.09. 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 firm’s fifty day moving average is $95.12 and its 200 day moving average is $96.84. Alphabet Inc. has a one year low of $83.45 and a one year high of $144.16.

Alphabet (NASDAQ:GOOG – Get Rating) last released its quarterly 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 for the quarter, compared to analyst estimates of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.53 EPS. On average, research analysts forecast that Alphabet Inc. will post 5.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Bank of America raised their price target on shares of Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Tuesday, January 31st. Societe Generale decreased their price target on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating for the company in a report on Wednesday, November 30th. Raymond James raised their price target on shares of Alphabet from $116.00 to $119.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Finally, Credit Suisse Group set a $136.00 price target on shares of Alphabet in a report on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $137.13.

Insider Activity

In other news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the sale, the director now owns 11,300 shares in the company, valued at $1,008,412. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the sale, the director now owns 11,300 shares in the company, valued at $1,008,412. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the company’s stock in a transaction dated Monday, March 13th. The stock was bought at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the transaction, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The disclosure for this purchase can be found here. Insiders have sold a total of 36,745 shares of company stock worth $3,424,078 over the last 90 days. 12.99% of the stock is currently owned by company insiders.

Alphabet Company 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.