Coronation Fund Managers Ltd. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 16.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 895,600 shares of the information services provider’s stock after selling 175,899 shares during the period. Alphabet accounts for about 2.5% of Coronation Fund Managers Ltd.’s investment portfolio, making the stock its 9th biggest holding. Coronation Fund Managers Ltd.’s holdings in Alphabet were worth $92,901,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds also recently bought and sold shares of GOOGL. Vanguard Group Inc. lifted its holdings in Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares during the period. State Street Corp increased its position in shares of Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC increased its position in shares of Alphabet by 111,197.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after purchasing an additional 170,267,122 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Alphabet by 1,759.2% during the third 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 purchasing an additional 109,870,525 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Alphabet during the fourth quarter worth $8,335,063,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Wall Street Analysts Forecast Growth
GOOGL has been the topic of a number of recent analyst reports. Wolfe Research upped their price target on Alphabet from $130.00 to $140.00 in a research report on Monday, July 10th. JMP Securities upped their price target on Alphabet from $132.00 to $138.00 and gave the stock a “market outperform” rating in a research report on Wednesday, July 26th. Wells Fargo & Company upped their price target on Alphabet from $116.00 to $121.00 in a research report on Wednesday, July 26th. Loop Capital downgraded Alphabet from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research report on Monday, May 15th. Finally, Tigress Financial upped their target price on Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a research report on Friday, July 14th. Four equities research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $142.19.
Read Our Latest Stock Analysis on Alphabet
Insider Transactions at Alphabet
In related news, major shareholder 2019 Gp L.L.C. Gv sold 15,000 shares of Alphabet stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $12.77, for a total value of $191,550.00. Following the completion of the sale, the insider now owns 10,735,324 shares in the company, valued at approximately $137,090,087.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, major shareholder 2019 Gp L.L.C. Gv sold 15,000 shares of Alphabet stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $12.77, for a total value of $191,550.00. Following the completion of the sale, the insider now owns 10,735,324 shares in the company, valued at approximately $137,090,087.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were 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 directly owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The disclosure for this sale can be found here. Insiders sold 430,790 shares of company stock worth $20,443,054 in the last 90 days. Insiders own 0.88% of the company’s stock.
Alphabet Stock Down 0.1 %
GOOGL stock opened at $129.56 on Monday. The company has a market cap of $1.63 trillion, a price-to-earnings ratio of 27.45, a PEG ratio of 1.50 and a beta of 1.06. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $133.74. The firm has a 50-day moving average of $123.95 and a two-hundred day moving average of $111.38.
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $60.24 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. During the same quarter last year, the firm earned $1.21 EPS. As a group, analysts forecast that Alphabet Inc. will post 5.67 earnings per share for the current fiscal year.
Alphabet Company Profile
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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