2,695 Shares in Alphabet Inc. $GOOGL Purchased by Allegiance Financial Group Advisory Services LLC

Key Points

• Allegiance Financial Group Advisory Services opened a new Alphabet position, buying 2,695 shares worth approximately $927,000 in the third quarter.
• Institutional ownership remains substantial: hedge funds and other institutions hold 40.03% of Alphabet shares, with several large investors recently increasing their positions.
• Analysts maintain a consensus Buy rating and a $412.51 price target, although Alphabet’s latest quarterly EPS of $2.12 missed the $3.02 consensus estimate.

Allegiance Financial Group Advisory Services LLC bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor bought 2,695 shares of the information services provider's stock, valued at approximately $927,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp lifted its holdings in Alphabet by 5.6% during the 2nd quarter. State Street Corp now owns 238,977,259 shares of the information services provider's stock worth $85,403,303,000 after buying an additional 12,718,127 shares during the last quarter. Amundi increased its holdings in shares of Alphabet by 4.6% in the 2nd quarter. Amundi now owns 33,203,350 shares of the information services provider's stock valued at $11,865,809,000 after acquiring an additional 1,457,371 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Alphabet by 10.1% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,724,321 shares of the information services provider's stock valued at $6,334,186,000 after acquiring an additional 1,631,721 shares during the last quarter. Swiss National Bank increased its holdings in shares of Alphabet by 7.1% in the 1st quarter. Swiss National Bank now owns 17,079,800 shares of the information services provider's stock valued at $4,911,467,000 after acquiring an additional 1,139,400 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Alphabet by 90.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 17,040,373 shares of the information services provider's stock valued at $4,900,078,000 after acquiring an additional 8,112,680 shares during the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Yorkville Ives assumed coverage on Alphabet in a research note on Monday, October 5th. They set an "outperform" rating and a $400.00 price objective on the stock. Rosenblatt Securities decreased their price objective on shares of Alphabet from $410.00 to $380.00 and set a "buy" rating for the company in a report on Thursday, October 29th. DA Davidson lowered their target price on shares of Alphabet from $350.00 to $300.00 and set a "neutral" rating for the company in a research note on Thursday, October 29th. Cantor Fitzgerald lowered their target price on shares of Alphabet from $420.00 to $350.00 and set an "overweight" rating for the company in a research note on Thursday, October 29th. Finally, Freedom Capital raised shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 23rd. Five equities research analysts have rated the stock with a Strong Buy rating, forty-five have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $412.51.

Key Headlines Impacting Alphabet

Here are a few of the latest headlines about GOOGL:

• Positive Sentiment: Nvidia CEO Jensen Huang’s abrupt departure could encourage cloud customers to diversify AI-chip suppliers. Alphabet’s TPUs may benefit from that shift; Google Cloud also uses AMD processors in TPU infrastructure. Read More.
• Neutral Sentiment: An investor commentary argues that Alphabet’s substantial cash generation and business strengths provide reasons not to overreact to AI-related capital spending, though the returns on that spending remain a key issue for investors. Read More.
• Negative Sentiment: Alphabet co-founder Larry Page reportedly plans to sell another $148 million in shares. Insider sales can weigh on sentiment, although a sale alone does not establish a change in the company’s outlook. Read More.

Insider Activity

In other news, Director Frances Arnold sold 83 shares of the stock in a transaction on Wednesday, September 30th. The stock was sold at an average price of $340.45, for a total value of $28,257.35. Following the completion of the transaction, the director owned 19,076 shares of the company's stock, valued at approximately $6,494,424.20. This represents a 0.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders sold a total of 247 shares of company stock valued at $79,238 over the last ninety days. Corporate insiders own 11.61% of the company's stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $295.77 on Friday. Alphabet Inc. has a 12-month low of $270.70 and a 12-month high of $408.61. The firm has a market capitalization of $3.64 trillion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 0.90 and a beta of 1.23. The business has a 50 day simple moving average of $328.18 and a 200 day simple moving average of $338.01. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.79 and a quick ratio of 2.69.

Alphabet (NASDAQ:GOOGL - Get Free Report) last posted its earnings results on Wednesday, October 28th. The information services provider reported $2.12 EPS for the quarter, missing the consensus estimate of $3.02 by ($0.90). The business had revenue of $127.58 billion during the quarter, compared to analyst estimates of $127.96 billion. Alphabet had a net margin of 50.03% and a return on equity of 43.33%. On average, equities research analysts anticipate that Alphabet Inc. will post 19.81 EPS for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Stockholders of record on Monday, December 7th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, December 7th. This represents a $0.88 annualized dividend and a dividend yield of 0.3%. Alphabet's dividend payout ratio is presently 4.59%.

Alphabet Company Profile

Alphabet Inc. is a technology holding company whose largest business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company reorganized its businesses under the holding-company structure in 2015. Google's products and services include Search, YouTube, Android, Chrome, Google Maps, Google Play and Google Cloud. The company also generates revenue from digital advertising and offers devices, subscriptions and artificial intelligence products and services.

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