State of Michigan Retirement System Purchases 314 Shares of Alphabet Inc. (NASDAQ:GOOGL)

State of Michigan Retirement System raised its position in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 0.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,329 shares of the information services provider’s stock after purchasing an additional 314 shares during the quarter. Alphabet accounts for approximately 1.9% of State of Michigan Retirement System’s holdings, making the stock its 9th largest holding. State of Michigan Retirement System’s holdings in Alphabet were worth $320,770,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of GOOGL. Morling Financial Advisors LLC bought a new position in Alphabet during the fourth quarter worth about $29,000. West Bancorporation Inc. bought a new position in Alphabet during the fourth quarter worth about $29,000. Wealthgate Family Office LLC bought a new position in Alphabet during the fourth quarter worth about $32,000. NS Partners Ltd bought a new position in Alphabet during the fourth quarter worth about $41,000. Finally, AHL Investment Management Inc. bought a new position in Alphabet during the fourth quarter worth about $46,000. Institutional investors own 41.70% of the company’s stock.

Alphabet Stock Down 0.6 %

Shares of NASDAQ:GOOGL opened at $117.47 on Friday. The company has a fifty day moving average of $155.27 and a 200-day moving average of $137.96. The company has a market capitalization of $1.55 trillion, a PE ratio of 21.85, a price-to-earnings-growth ratio of 1.91 and a beta of 1.08. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.78 and a current ratio of 2.81. Alphabet Inc. has a 52-week low of $101.88 and a 52-week high of $151.55.

Alphabet (NASDAQ:GOOGLGet Rating) last issued its quarterly earnings data on Tuesday, July 26th. The information services provider reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.11). Alphabet had a return on equity of 28.65% and a net margin of 25.89%. During the same quarter in the prior year, the firm posted $27.26 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 5.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GOOGL shares. Citigroup reduced their price target on Alphabet from $145.00 to $140.00 and set a “buy” rating for the company in a report on Wednesday, July 27th. William Blair restated an “outperform” rating on shares of Alphabet in a report on Wednesday, July 27th. Monness Crespi & Hardt reduced their price objective on Alphabet to $145.00 in a report on Tuesday, July 5th. StockNews.com cut Alphabet from a “buy” rating to a “hold” rating in a report on Friday, April 29th. Finally, Piper Sandler reduced their price objective on Alphabet from $139.00 to $135.00 and set an “overweight” rating for the company in a report on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $147.36.

Insider Buying and Selling

In related news, Director Ann Mather sold 20 shares of the business’s stock in a transaction on Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total value of $47,666.40. Following the sale, the director now owns 565 shares of the company’s stock, valued at $1,346,575.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Alphabet news, Director Ann Mather sold 20 shares of the company’s stock in a transaction on Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the sale, the director now owns 565 shares of the company’s stock, valued at $1,346,575.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 31 shares of the company’s stock in a transaction on Monday, May 9th. The shares were sold at an average price of $2,280.98, for a total transaction of $70,710.38. Following the sale, the director now directly owns 265 shares in the company, valued at approximately $604,459.70. The disclosure for this sale can be found here. Insiders have sold a total of 42,383 shares of company stock valued at $15,761,666 over the last 90 days. 11.44% of the stock is owned by insiders.

Alphabet Company 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.

See Also

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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