Ruane Cunniff & Goldfarb L.P. trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,372,844 shares of the information services provider's stock after selling 18,957 shares during the quarter. Alphabet makes up approximately 6.7% of Ruane Cunniff & Goldfarb L.P.'s holdings, making the stock its 7th largest position. Ruane Cunniff & Goldfarb L.P.'s holdings in Alphabet were worth $366,937,000 at the end of the most recent reporting period.
Several other large investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position 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 acquiring an additional 14,307,345 shares in the last quarter. Invesco Ltd. boosted its position in shares of Alphabet by 1.4% in the 1st quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider's stock worth $6,749,806,000 after purchasing an additional 593,345 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Alphabet by 1.9% in the 1st quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider's stock worth $6,153,481,000 after purchasing an additional 727,335 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Alphabet by 0.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider's stock worth $5,962,389,000 after purchasing an additional 104,859 shares in the last quarter. Finally, Amundi boosted its position in shares of Alphabet by 11.8% in the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after purchasing an additional 3,537,173 shares in the last quarter. 40.03% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have recently commented on GOOGL. Oppenheimer reissued an "outperform" rating and issued a $270.00 price target (up from $235.00) on shares of Alphabet in a research report on Tuesday. Roth Capital boosted their price target on Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, July 24th. KeyCorp boosted their price target on Alphabet from $230.00 to $265.00 and gave the stock an "overweight" rating in a research report on Wednesday. Piper Sandler boosted their price target on Alphabet from $195.00 to $220.00 and gave the stock an "overweight" rating in a research report on Thursday, July 24th. Finally, Needham & Company LLC boosted their price target on Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $222.33.
Check Out Our Latest Stock Analysis on Alphabet
Alphabet Price Performance
Shares of NASDAQ GOOGL opened at $235.00 on Friday. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $235.76. The firm has a market cap of $2.84 trillion, a P/E ratio of 25.03, a PEG ratio of 1.56 and a beta of 1.01. The company has a 50 day moving average of $195.79 and a 200 day moving average of $175.48. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.
Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. As a group, research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.
Alphabet Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 8th will be paid a dividend of $0.21 per share. The ex-dividend date is Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's payout ratio is currently 8.95%.
Insider Activity at Alphabet
In other Alphabet news, Director John L. Hennessy sold 600 shares of the business's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $203.79, for a total transaction of $122,274.00. Following the completion of the sale, the director directly owned 6,316 shares in the company, valued at approximately $1,287,137.64. The trade was a 8.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the sale, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 254,710 shares of company stock valued at $49,208,380 in the last quarter. 11.64% of the stock is currently owned by corporate insiders.
About Alphabet
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Alphabet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Alphabet wasn't on the list.
While Alphabet currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's guide to investing in 5G and which 5G stocks show the most promise.
Get This Free Report
