Retirement Systems of Alabama decreased its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 5.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,758,429 shares of the information services provider’s stock after selling 173,092 shares during the period. Alphabet makes up approximately 1.2% of Retirement Systems of Alabama’s holdings, making the stock its 8th biggest position. Retirement Systems of Alabama’s holdings in Alphabet were worth $286,132,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of GOOGL. Bornite Capital Management LP bought a new position in Alphabet during the 1st quarter worth about $16,688,000. Markel Corp increased its holdings in Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after buying an additional 2,250 shares during the period. United Bank raised its position in shares of Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after acquiring an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management boosted its holdings in Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after buying an additional 1,570 shares during the last quarter. 35.38% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts recently commented on the company. Needham & Company LLC increased their price objective on Alphabet from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday. Jefferies Financial Group upped their price objective on shares of Alphabet from $150.00 to $165.00 in a report on Wednesday. Royal Bank of Canada upped their price objective on Alphabet from $145.00 to $155.00 in a report on Wednesday. The Goldman Sachs Group upped their price objective on shares of Alphabet from $132.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 17th. Finally, Wells Fargo & Company upped their price objective on shares of Alphabet from $116.00 to $121.00 in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.19.
Alphabet Trading Up 0.1 %
Shares of NASDAQ:GOOGL opened at $129.40 on Friday. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $133.24. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35. The stock has a market capitalization of $1.64 trillion, a price-to-earnings ratio of 27.42, a PEG ratio of 1.56 and a beta of 1.06. The stock’s 50-day simple moving average is $122.33 and its two-hundred day simple moving average is $108.13.
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a return on equity of 23.73% and a net margin of 21.05%. The company had revenue of $74.60 billion for the quarter, compared to the consensus estimate of $60.24 billion. During the same quarter last year, the company earned $1.21 EPS. Analysts expect that Alphabet Inc. will post 5.39 EPS for the current year.
Insider Activity at Alphabet
In related news, SVP Prabhakar Raghavan sold 16,083 shares of the business’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the completion of the transaction, the senior vice president now owns 127,028 shares in the company, valued at approximately $15,282,738.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Ann Mather sold 220 shares of the stock in a transaction dated Tuesday, July 25th. The stock was sold at an average price of $121.75, for a total value of $26,785.00. Following the transaction, the director now directly owns 4,759 shares of the company’s stock, valued at $579,408.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $120.31, for a total value of $1,934,945.73. Following the completion of the transaction, the senior vice president now directly owns 127,028 shares in the company, valued at $15,282,738.68. The disclosure for this sale can be found here. Insiders sold a total of 841,908 shares of company stock worth $29,403,717 in the last quarter. 0.88% of the stock is owned by company insiders.
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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