California Public Employees Retirement System trimmed its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 663,084 shares of the information services provider’s stock after selling 41,418 shares during the quarter. Alphabet makes up 1.4% of California Public Employees Retirement System’s holdings, making the stock its 6th biggest holding. California Public Employees Retirement System owned approximately 0.10% of Alphabet worth $1,844,269,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Morling Financial Advisors LLC bought a new position in shares of Alphabet during the fourth quarter worth about $29,000. West Bancorporation Inc. bought a new position in Alphabet during the 4th quarter worth approximately $29,000. Wealthgate Family Office LLC acquired a new position in shares of Alphabet in the 4th quarter worth approximately $32,000. NS Partners Ltd bought a new stake in shares of Alphabet in the 4th quarter valued at $41,000. Finally, AHL Investment Management Inc. acquired a new stake in shares of Alphabet during the fourth quarter worth $46,000. Institutional investors and hedge funds own 41.70% of the company’s stock.
Alphabet Stock Down 0.6 %
Alphabet stock opened at $117.47 on Friday. The firm has a 50 day simple moving average of $155.27 and a 200 day simple moving average of $137.96. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 1-year low of $101.88 and a 1-year high of $151.55. The firm has a market capitalization of $1.55 trillion, a price-to-earnings ratio of 21.85, a P/E/G ratio of 1.91 and a beta of 1.08.
Insider Activity at Alphabet
In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 255,647 shares of the stock in a transaction on Tuesday, May 10th. The shares were purchased at an average price of $34.65 per share, with a total value of $8,858,168.55. Following the acquisition, the insider now directly owns 479,695 shares in the company, valued at approximately $16,621,431.75. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director John L. Hennessy sold 31 shares of the stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $2,280.98, for a total transaction of $70,710.38. Following the transaction, the director now directly owns 265 shares in the company, valued at approximately $604,459.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 255,647 shares of Alphabet stock in a transaction that occurred on Tuesday, May 10th. The shares were bought at an average price of $34.65 per share, for a total transaction of $8,858,168.55. Following the completion of the transaction, the insider now owns 479,695 shares in the company, valued at $16,621,431.75. The disclosure for this purchase can be found here. Over the last quarter, insiders sold 42,383 shares of company stock valued at $15,761,666. Company insiders own 11.44% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages have weighed in on GOOGL. StockNews.com downgraded Alphabet from a “buy” rating to a “hold” rating in a report on Friday, April 29th. Evercore ISI lowered their target price on Alphabet from $155.50 to $140.00 and set an “outperform” rating for the company in a report on Wednesday, July 27th. Guggenheim cut their price target on Alphabet to $130.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. JMP Securities lowered their price objective on shares of Alphabet from $165.00 to $160.00 and set a “market outperform” rating for the company in a research note on Thursday, June 30th. Finally, Itaú Unibanco initiated coverage on shares of Alphabet in a report on Tuesday, July 26th. They issued a “market perform” rating and a $113.00 price target for the company. Five analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $147.36.
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.
- Get a free copy of the StockNews.com research report on Alphabet (GOOGL)
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