Continental Investors Services Inc. Makes New $10.86 Million Investment in Alphabet Inc. (NASDAQ:GOOG)

Continental Investors Services Inc. purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 82,840 shares of the information services provider’s stock, valued at approximately $10,863,000. Alphabet comprises approximately 2.4% of Continental Investors Services Inc.’s holdings, making the stock its 10th biggest holding.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Alphabet by 1,885.5% in the third quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock valued at $40,593,957,000 after purchasing an additional 400,930,216 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Alphabet by 1,857.3% in the third quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock valued at $35,055,286,000 after purchasing an additional 345,962,033 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Alphabet by 1,770.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock valued at $19,639,414,000 after purchasing an additional 192,607,045 shares during the last quarter. State Street Corp increased its holdings in shares of Alphabet by 1,851.7% in the third quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock valued at $18,931,733,000 after purchasing an additional 186,809,281 shares during the last quarter. Finally, Alliancebernstein L.P. increased its holdings in shares of Alphabet by 1,862.3% in the third quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock valued at $6,075,223,000 after purchasing an additional 59,964,963 shares during the last quarter. 28.69% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Sanford C. Bernstein set a $130.00 price objective on shares of Alphabet in a report on Monday, February 6th. Piper Sandler decreased their price target on shares of Alphabet from $122.00 to $120.00 and set an “overweight” rating on the stock in a research note on Friday, February 3rd. Raymond James upped their price target on shares of Alphabet from $116.00 to $119.00 and gave the company an “outperform” rating in a research note on Friday, February 3rd. The Goldman Sachs Group set a $128.00 price target on shares of Alphabet in a research note on Friday, February 3rd. Finally, Royal Bank of Canada set a $130.00 price target on shares of Alphabet in a research note on Friday, February 3rd. One research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.11.

Insider Activity at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on 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 owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on 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 owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 37,500 shares of the stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the sale, the director now directly owns 144,740 shares of the company’s stock, valued at approximately $14,474,000. The disclosure for this sale can be found here. Insiders sold a total of 74,245 shares of company stock worth $7,174,078 in the last quarter. 12.99% of the stock is owned by insiders.

Alphabet Stock Up 1.4 %

Shares of NASDAQ GOOG opened at $102.46 on Friday. The company has a 50 day simple moving average of $95.69 and a 200 day simple moving average of $96.73. The firm has a market cap of $1.31 trillion, a PE ratio of 22.51, a price-to-earnings-growth ratio of 1.33 and a beta of 1.09. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $144.16. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34.

Alphabet (NASDAQ:GOOG – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). The business had revenue of $76.05 billion during the quarter, compared to the consensus estimate 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 last year, the business earned $1.53 EPS. On average, research analysts forecast that Alphabet Inc. will post 5.12 EPS for the current year.

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.