5,369 Alphabet Inc. $GOOGL Shares Bought by International Assets Investment Management LLC

Key Points

• International Assets Investment Management increased its Alphabet stake by 8.9%, buying 5,369 shares in the third quarter to hold 65,832 shares valued at about $22.3 million.
• Analyst sentiment remains broadly positive: MarketBeat reports an average Buy rating and an average price target of $412.51.
• Alphabet’s latest quarter fell short of forecasts, reporting EPS of $2.12 versus $3.02 expected and revenue of $127.58 billion versus $127.96 billion expected. Shares closed down 1.0% at $295.77 on Friday.

International Assets Investment Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 8.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,832 shares of the information services provider's stock after purchasing an additional 5,369 shares during the period. Alphabet makes up 0.4% of International Assets Investment Management LLC's portfolio, making the stock its 15th biggest holding. International Assets Investment Management LLC's holdings in Alphabet were worth $22,267,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. State Street Corp lifted its stake in Alphabet by 5.6% during the second quarter. State Street Corp now owns 238,977,259 shares of the information services provider's stock valued at $85,403,303,000 after purchasing an additional 12,718,127 shares during the last quarter. Amundi boosted its holdings in Alphabet by 4.6% during the second quarter. Amundi now owns 33,203,350 shares of the information services provider's stock worth $11,865,809,000 after buying an additional 1,457,371 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Alphabet by 10.1% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 17,724,321 shares of the information services provider's stock worth $6,334,186,000 after buying an additional 1,631,721 shares during the last quarter. Swiss National Bank grew its position in Alphabet by 7.1% in the first quarter. Swiss National Bank now owns 17,079,800 shares of the information services provider's stock worth $4,911,467,000 after buying 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 first 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 buying an additional 8,112,680 shares in the last quarter. Institutional investors and hedge funds own 40.03% of the company's stock.

Top Alphabet Stories

Here are a few of the latest stories about GOOGL:

• Positive Sentiment: Google made a faster, lower-cost Gemini model its everyday default and opened preorders for $395 Samsung-built AI glasses, scheduled to ship December 10. The product rollout highlights Alphabet’s effort to bring its AI services to more users and devices. Read More.
• Positive Sentiment: Google Cloud’s reported 103% third-quarter revenue growth and tripling of operating income suggest that Alphabet’s large AI infrastructure investments may be generating returns, bolstering the case for spending despite its scale. Read More.
• 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.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GOOGL. Sanford C. Bernstein reiterated a "market perform" rating and set a $325.00 price objective (down from $385.00) on shares of Alphabet in a research report on Thursday, October 29th. Zacks Research lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. Needham & Company LLC restated a "buy" rating and issued a $450.00 target price on shares of Alphabet in a report on Thursday, October 29th. Phillip Securities raised Alphabet from a "moderate buy" rating to a "strong-buy" rating in a research report on Monday, July 27th. Finally, Evercore reaffirmed an "outperform" rating and set a $450.00 target price on shares of Alphabet in a report on Wednesday, September 16th. Five investment analysts have rated the stock with a Strong Buy rating, forty-five have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $412.51.

Alphabet Trading Down 1.0%

Shares of GOOGL stock traded down $2.93 during trading hours on Friday, reaching $295.77. 30,682,111 shares of the stock traded hands, compared to its average volume of 40,687,932. The company has a quick ratio of 2.69, a current ratio of 2.79 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $3.64 trillion, a PE ratio of 15.44, a PEG ratio of 0.90 and a beta of 1.23. Alphabet Inc. has a 1-year low of $270.70 and a 1-year high of $408.61. The business has a fifty day moving average price of $328.18 and a 200 day moving average price of $338.01.

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

Alphabet Dividend Announcement

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

Insider Activity

In other news, Director Frances Arnold sold 83 shares of the firm's 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 sale, the director owned 19,076 shares of the company's stock, valued at $6,494,424.20. This trade represents a 0.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders sold a total of 247 shares of company stock valued at $79,238 in the last ninety days. 11.61% of the stock is owned by corporate insiders.

Alphabet 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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