SHANDA ASSET MANAGEMENT HOLDINGS Ltd Purchases New Position in Alphabet Inc. $GOOGL

Key Points

• SHANDA ASSET MANAGEMENT HOLDINGS Ltd has acquired a new position in Alphabet Inc., purchasing 150,000 shares valued at approximately $23.2 million, making it the firm's 7th largest holding.
• Multiple investment firms have increased their holdings in Alphabet, with hedge funds and institutional investors now owning 40.03% of the stock.
• Analyst ratings for Alphabet are largely positive, with a consensus rating of Moderate Buy and a consensus price target of $211.53.

SHANDA ASSET MANAGEMENT HOLDINGS Ltd acquired a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 150,000 shares of the information services provider's stock, valued at approximately $23,196,000. Alphabet makes up about 1.4% of SHANDA ASSET MANAGEMENT HOLDINGS Ltd's investment portfolio, making the stock its 7th biggest holding.

Other hedge funds have also made changes to their positions in the company. Eagle Capital Management LLC lifted its holdings in Alphabet by 0.7% during the fourth quarter. Eagle Capital Management LLC now owns 50,132 shares of the information services provider's stock worth $9,490,000 after buying an additional 371 shares during the period. Brighton Jones LLC increased its holdings in shares of Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock valued at $20,886,000 after acquiring an additional 4,110 shares during the period. Revolve Wealth Partners LLC raised its position in shares of Alphabet by 3.5% in the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after acquiring an additional 506 shares in the last quarter. Highview Capital Management LLC DE lifted its stake in shares of Alphabet by 3.6% during the 4th quarter. Highview Capital Management LLC DE now owns 29,100 shares of the information services provider's stock worth $5,509,000 after purchasing an additional 1,003 shares during the last quarter. Finally, Legacy Investment Solutions LLC boosted its position in Alphabet by 13.7% during the fourth quarter. Legacy Investment Solutions LLC now owns 980 shares of the information services provider's stock valued at $182,000 after purchasing an additional 118 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GOOGL. Bank of America boosted their target price on shares of Alphabet from $210.00 to $217.00 and gave the stock a "buy" rating in a report on Thursday, July 24th. Truist Financial reaffirmed a "buy" rating and issued a $200.00 price objective on shares of Alphabet in a research report on Wednesday, July 2nd. Piper Sandler increased their target price on shares of Alphabet from $195.00 to $220.00 and gave the company an "overweight" rating in a research report on Thursday, July 24th. Stifel Nicolaus raised their target price on shares of Alphabet from $200.00 to $218.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Finally, Cantor Fitzgerald upped their price target on Alphabet from $196.00 to $201.00 and gave the stock a "neutral" rating in a research report on Thursday, July 24th. Four investment analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $211.53.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction that occurred on Wednesday, July 2nd. The stock was sold at an average price of $178.52, for a total value of $5,801,900.00. Following the sale, the chief executive officer owned 2,559,892 shares in the company, valued at approximately $456,991,919.84. This represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 1,000 shares of Alphabet stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $200.00, for a total transaction of $200,000.00. Following the transaction, the director directly owned 6,916 shares of the company's stock, valued at approximately $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 254,710 shares of company stock valued at $47,225,230. Insiders own 11.55% of the company's stock.

Alphabet Trading Up 0.6%

NASDAQ GOOGL opened at $212.91 on Monday. The company has a market capitalization of $2.57 trillion, a PE ratio of 22.67, a P/E/G ratio of 1.43 and a beta of 1.01. The company has a fifty day moving average of $190.44 and a 200 day moving average of $173.96. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $214.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

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

Alphabet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Monday, September 8th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 0.4%. The ex-dividend date is Monday, September 8th. Alphabet's dividend payout ratio (DPR) is currently 8.95%.

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

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