First Republic Investment Management Inc. lifted its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 3.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 264,902 shares of the information services provider’s stock after buying an additional 8,368 shares during the quarter. Alphabet makes up about 1.6% of First Republic Investment Management Inc.’s investment portfolio, making the stock its 6th largest position. First Republic Investment Management Inc.’s holdings in Alphabet were worth $736,786,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. Dravo Bay LLC bought a new position in shares of Alphabet during the 1st quarter valued at approximately $28,000. Wealthgate Family Office LLC bought a new position in Alphabet during the fourth quarter valued at $32,000. Verity Asset Management Inc. grew its stake in shares of Alphabet by 536,206.4% in the 1st quarter. Verity Asset Management Inc. now owns 589,937 shares of the information services provider’s stock worth $39,000 after buying an additional 589,827 shares in the last quarter. Greenspring Advisors LLC increased its holdings in shares of Alphabet by 76.6% in the 1st quarter. Greenspring Advisors LLC now owns 491 shares of the information services provider’s stock worth $49,000 after buying an additional 213 shares during the last quarter. Finally, Cordant Inc. purchased a new stake in shares of Alphabet during the 1st quarter valued at about $56,000. Institutional investors own 1.88% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the company. William Blair restated an “outperform” rating on shares of Alphabet in a research report on Wednesday, July 27th. Tigress Financial raised their price target on Alphabet from $183.00 to $186.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 3rd. Rosenblatt Securities lifted their price objective on shares of Alphabet from $154.00 to $156.00 and gave the stock a “buy” rating in a research note on Wednesday, September 7th. Truist Financial reduced their target price on shares of Alphabet from $150.00 to $145.00 and set a “buy” rating on the stock in a research note on Wednesday, July 27th. Finally, Morgan Stanley upped their price target on shares of Alphabet from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Wednesday, July 27th. Five investment analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $147.41.
Alphabet Stock Up 0.2 %
Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Tuesday, July 26th. The information services provider reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Alphabet had a net margin of 25.89% and a return on equity of 28.65%. The business had revenue of $57.47 billion during the quarter, compared to analysts’ expectations of $57.55 billion. During the same quarter last year, the business posted $27.26 earnings per share. Equities research analysts forecast that Alphabet Inc. will post 5.21 EPS for the current fiscal year.
Insider Buying and Selling
In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $110.00, for a total value of $165,000.00. Following the completion of the transaction, the director now owns 33,260 shares of the company’s stock, valued at $3,658,600. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Alphabet news, Director John L. Hennessy sold 1,500 shares of the business’s stock in a transaction dated Friday, September 9th. The stock was sold at an average price of $110.00, for a total transaction of $165,000.00. Following the sale, the director now owns 33,260 shares in the company, valued at approximately $3,658,600. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Ann Mather sold 20 shares of the firm’s stock in a transaction dated Monday, June 27th. The stock was sold at an average price of $2,383.32, for a total value of $47,666.40. Following the completion of the transaction, the director now owns 565 shares of the company’s stock, valued at $1,346,575.80. The disclosure for this sale can be found here. Insiders sold 44,536 shares of company stock worth $15,729,998 in the last three months. Corporate insiders own 11.44% of the company’s stock.
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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