DAVENPORT & Co LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

DAVENPORT & Co LLC lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 0.5% during the 1st quarter, HoldingsChannel reports. The firm owned 77,371 shares of the information services provider’s stock after acquiring an additional 414 shares during the period. Alphabet comprises 1.5% of DAVENPORT & Co LLC’s investment portfolio, making the stock its 7th largest position. DAVENPORT & Co LLC’s holdings in Alphabet were worth $215,653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Affinity Capital Advisors LLC lifted its position in Alphabet by 1.3% during the fourth quarter. Affinity Capital Advisors LLC now owns 310 shares of the information services provider’s stock valued at $898,000 after buying an additional 4 shares during the period. Summit Financial Strategies Inc. lifted its position in Alphabet by 1.3% during the fourth quarter. Summit Financial Strategies Inc. now owns 322 shares of the information services provider’s stock valued at $933,000 after buying an additional 4 shares during the period. Palisades Hudson Asset Management L.P. lifted its position in Alphabet by 1.1% during the fourth quarter. Palisades Hudson Asset Management L.P. now owns 361 shares of the information services provider’s stock valued at $1,046,000 after buying an additional 4 shares during the period. AFT Forsyth & Company Inc. lifted its position in Alphabet by 0.3% during the fourth quarter. AFT Forsyth & Company Inc. now owns 1,183 shares of the information services provider’s stock valued at $3,427,000 after buying an additional 4 shares during the period. Finally, Bay Harbor Wealth Management LLC lifted its position in Alphabet by 6.8% during the fourth quarter. Bay Harbor Wealth Management LLC now owns 63 shares of the information services provider’s stock valued at $175,000 after buying an additional 4 shares during the period. 41.70% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on GOOGL. Jefferies Financial Group lowered their price objective on Alphabet from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Wednesday. Moffett Nathanson lowered their price objective on Alphabet to $132.50 in a research report on Thursday, May 26th. Bank of America lowered their price target on Alphabet from $132.00 to $125.00 and set a “buy” rating for the company in a research report on Wednesday. Rosenblatt Securities lowered their price target on Alphabet to $205.00 and set a “buy” rating for the company in a research report on Monday. Finally, Morgan Stanley lifted their price target on Alphabet from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday. Five equities research analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $149.08.

Insider Buying and Selling

In related news, Director Ann Mather sold 300 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $108.94, for a total value of $32,682.00. Following the transaction, the director now directly owns 11,360 shares of the company’s stock, valued at approximately $1,237,558.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Ann Mather sold 300 shares of the business’s stock in a transaction that occurred on Monday, July 25th. The stock was sold at an average price of $108.94, for a total value of $32,682.00. Following the transaction, the director now directly owns 11,360 shares of the company’s stock, valued at approximately $1,237,558.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director John L. Hennessy sold 33 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $2,348.39, for a total value of $77,496.87. Following the completion of the transaction, the director now directly owns 78 shares in the company, valued at $183,174.42. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,039 shares of company stock valued at $12,649,005. Corporate insiders own 11.44% of the company’s stock.

Alphabet Trading Up 7.7 %

Shares of NASDAQ:GOOGL opened at $113.06 on Thursday. The stock has a 50 day moving average of $154.24 and a 200 day moving average of $139.07. The company has a market cap of $1.49 trillion, a PE ratio of 20.45, a price-to-earnings-growth ratio of 1.12 and a beta of 1.10. The company has a current ratio of 2.87, a quick ratio of 2.85 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12-month low of $101.88 and a 12-month high of $151.55.

Alphabet (NASDAQ:GOOGLGet Rating) last announced its quarterly earnings data on Tuesday, July 26th. The information services provider reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.11). Alphabet had a net margin of 27.57% and a return on equity of 30.18%. During the same period in the prior year, the company earned $27.26 EPS. As a group, equities research analysts expect that Alphabet Inc. will post 5.37 EPS for the current year.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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