Cullinan Associates Inc. Purchases 3,973 Shares of Alphabet Inc. $GOOGL

Key Points

• Cullinan Associates Inc. increased its stake in Alphabet Inc. by 3.1%, owning a total of 132,690 shares valued at approximately $23.38 million as of the last reporting period.
• Several institutional investors are boosting their positions in Alphabet, with notable purchases from Nuveen LLC and Vanguard Group Inc., further solidifying institutional ownership at 40.03%.
• Wall Street analysts have increased their target prices for Alphabet, with projections reaching as high as $295, indicating a strong overall outlook for the company's stock.

Cullinan Associates Inc. lifted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 132,690 shares of the information services provider's stock after acquiring an additional 3,973 shares during the period. Alphabet accounts for about 1.5% of Cullinan Associates Inc.'s investment portfolio, making the stock its 15th largest holding. Cullinan Associates Inc.'s holdings in Alphabet were worth $23,384,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Nuveen LLC purchased a new stake in shares of Alphabet in the 1st quarter worth approximately $4,317,606,000. Vanguard Group Inc. boosted its stake in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the last quarter. Amundi boosted its stake in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock valued at $5,034,992,000 after purchasing an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. boosted its stake in Alphabet by 178.3% during the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider's stock valued at $619,163,000 after purchasing an additional 2,565,400 shares during the last quarter. Institutional investors own 40.03% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Moffett Nathanson increased their target price on Alphabet from $230.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, September 25th. Royal Bank Of Canada increased their target price on Alphabet from $220.00 to $260.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Needham & Company LLC increased their target price on Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Barclays raised their price target on Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Tigress Financial raised their price target on Alphabet from $240.00 to $280.00 and gave the stock a "strong-buy" rating in a research note on Friday, September 5th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $249.26.

Alphabet Stock Up 0.5%

GOOGL stock opened at $245.45 on Wednesday. The firm has a market cap of $2.97 trillion, a PE ratio of 26.14, a PEG ratio of 1.65 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm's 50 day moving average price is $228.31 and its 200-day moving average price is $189.86. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, equities research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a $0.21 dividend. The ex-dividend date of this dividend was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.3%. Alphabet's payout ratio is presently 8.95%.

Insider Buying and Selling

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the business's stock in a transaction that occurred on Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the sale, the insider owned 42,985 shares of the company's stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, October 1st. The shares were sold at an average price of $243.41, for a total value of $7,910,825.00. Following the completion of the sale, the chief executive officer directly owned 2,402,119 shares in the company, valued at approximately $584,699,785.79. The trade was a 1.33% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 243,838 shares of company stock valued at $53,070,333 over the last quarter. 11.55% of the stock is owned by corporate insiders.

Alphabet 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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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