Palisade Asset Management LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOGL)

Palisade Asset Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGLFree Report) by 2.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,240 shares of the information services provider’s stock after selling 169 shares during the quarter. Palisade Asset Management LLC’s holdings in Alphabet were worth $1,078,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Live Oak Investment Partners purchased a new position in shares of Alphabet in the 4th quarter worth about $26,000. CarsonAllaria Wealth Management Ltd. raised its holdings in shares of Alphabet by 136.7% in the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 284 shares of the information services provider’s stock worth $34,000 after purchasing an additional 164 shares during the period. VitalStone Financial LLC raised its holdings in shares of Alphabet by 1,900.0% in the 2nd quarter. VitalStone Financial LLC now owns 280 shares of the information services provider’s stock worth $34,000 after purchasing an additional 266 shares during the period. Sanctuary Wealth Management L.L.C. purchased a new position in shares of Alphabet in the 4th quarter worth about $34,000. Finally, Turim 21 Investimentos Ltda. purchased a new position in shares of Alphabet in the 3rd quarter worth about $38,000. 35.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on GOOGL. StockNews.com upgraded Alphabet from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 20th. Monness Crespi & Hardt downgraded Alphabet from a “buy” rating to a “neutral” rating in a report on Wednesday, October 25th. Wells Fargo & Company raised their target price on Alphabet from $126.00 to $129.00 and gave the company an “equal weight” rating in a report on Thursday, November 16th. Truist Financial dropped their target price on Alphabet from $160.00 to $158.00 and set a “buy” rating on the stock in a report on Wednesday, January 31st. Finally, Susquehanna raised their target price on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $153.65.

Get Our Latest Analysis on GOOGL

Insider Activity

In other news, SVP Prabhakar Raghavan sold 16,088 shares of the firm’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $139.10, for a total transaction of $2,237,840.80. Following the completion of the transaction, the senior vice president now owns 52,440 shares in the company, valued at approximately $7,294,404. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Monday, December 11th. The shares were sold at an average price of $133.97, for a total value of $26,794.00. Following the completion of the sale, the director now directly owns 6,984 shares of the company’s stock, valued at $935,646.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 16,088 shares of the stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $139.10, for a total value of $2,237,840.80. Following the transaction, the senior vice president now owns 52,440 shares in the company, valued at approximately $7,294,404. The disclosure for this sale can be found here. In the last quarter, insiders sold 136,974 shares of company stock worth $19,427,217. Corporate insiders own 0.88% of the company’s stock.

Alphabet Price Performance

Shares of GOOGL opened at $149.00 on Friday. The firm has a market capitalization of $1.86 trillion, a price-to-earnings ratio of 25.69, a price-to-earnings-growth ratio of 1.35 and a beta of 1.06. The stock’s fifty day moving average is $140.72 and its 200-day moving average is $135.72. Alphabet Inc. has a one year low of $88.57 and a one year high of $153.78. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10.

Alphabet (NASDAQ:GOOGLGet Free Report) last announced its earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. The firm had revenue of $86.31 billion during the quarter, compared to analyst estimates of $70.77 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. During the same quarter in the prior year, the firm posted $1.05 EPS. Equities analysts anticipate that Alphabet Inc. will post 6.76 EPS for the current year.

Alphabet Company Profile

(Free Report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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