Provident Investment Management Inc. Increases Position in Alphabet Inc. (NASDAQ:GOOGL)

Provident Investment Management Inc. boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,900.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,480 shares of the information services provider’s stock after acquiring an additional 8,056 shares during the period. Provident Investment Management Inc.’s holdings in Alphabet were worth $811,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after buying an additional 453,413,389 shares during the period. State Street Corp lifted its holdings in shares of Alphabet by 1,900.6% in the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after acquiring an additional 206,300,042 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alphabet by 1,759.2% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after acquiring an additional 109,870,525 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Alphabet by 1,955.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock worth $5,847,474,000 after acquiring an additional 58,159,150 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Alphabet by 1,896.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock worth $5,553,529,000 after acquiring an additional 55,153,448 shares during the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Alphabet Stock Up 2.3 %

GOOGL stock opened at $96.11 on Thursday. The company has a market cap of $1.23 trillion, a P/E ratio of 21.12, a P/E/G ratio of 1.25 and a beta of 1.09. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $143.79. The company’s 50-day moving average price is $94.51 and its 200 day moving average price is $96.29. 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 (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings data 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 return on equity of 23.54% and a net margin of 21.20%. The company had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $63.15 billion. During the same period in the prior year, the firm posted $1.53 EPS. On average, research analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on GOOGL. Roth Capital reiterated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. KeyCorp reduced their price objective on shares of Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a report on Monday, January 30th. Truist Financial reduced their price objective on shares of Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. MKM Partners raised their price objective on shares of Alphabet from $120.00 to $126.00 in a report on Friday, February 3rd. Finally, Morgan Stanley raised their price objective on shares of Alphabet from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Five research analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average price target of $132.32.

Insider Buying and Selling at Alphabet

In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of Alphabet stock in a transaction on Monday, March 13th. The shares were bought at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now directly owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of Alphabet stock in a transaction on Monday, March 13th. The shares were bought at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now directly owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s 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 sale, the chief accounting officer now directly owns 25,122 shares in the company, valued at approximately $2,289,870.30. The disclosure for this sale can be found here. Insiders have sold 36,745 shares of company stock valued at $3,424,078 over the last quarter. Corporate insiders own 11.44% of the company’s stock.

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.