Alphabet Inc. (NASDAQ:GOOGL) is Sumitomo Mitsui Trust Holdings Inc.’s 6th Largest Position

Posted by Defense World Staff on Jan 9th, 2023

Sumitomo Mitsui Trust Holdings Inc. lifted its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,884.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 17,922,978 shares of the information services provider’s stock after purchasing an additional 17,019,726 shares during the quarter. Alphabet comprises 1.4% of Sumitomo Mitsui Trust Holdings Inc.’s portfolio, making the stock its 6th biggest holding. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Alphabet were worth $1,714,333,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOGL. Fiera Capital Corp boosted its holdings in shares of Alphabet by 1,957.3% in the 2nd quarter. Fiera Capital Corp now owns 17,857,280 shares of the information services provider’s stock worth $1,945,783,000 after purchasing an additional 16,989,271 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Alphabet by 1,830.2% in the 3rd quarter. Nordea Investment Management AB now owns 16,487,668 shares of the information services provider’s stock worth $1,605,074,000 after purchasing an additional 15,633,495 shares during the period. Mackenzie Financial Corp boosted its holdings in shares of Alphabet by 1,876.5% in the 3rd quarter. Mackenzie Financial Corp now owns 7,170,066 shares of the information services provider’s stock worth $685,817,000 after purchasing an additional 6,807,300 shares during the period. Bishop Rock Capital L.P. boosted its holdings in shares of Alphabet by 95,776.8% in the 2nd quarter. Bishop Rock Capital L.P. now owns 5,500,452 shares of the information services provider’s stock worth $2,524,000 after purchasing an additional 5,494,715 shares during the period. Finally, DNB Asset Management AS lifted its stake in shares of Alphabet by 1,708.1% during the 3rd quarter. DNB Asset Management AS now owns 4,682,517 shares of the information services provider’s stock worth $447,883,000 after acquiring an additional 4,423,547 shares during the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on GOOGL shares. Tigress Financial decreased their price target on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating for the company in a research note on Friday. Needham & Company LLC decreased their price target on Alphabet from $160.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, December 22nd. Evercore ISI decreased their price target on Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 21st. Morgan Stanley decreased their price target on Alphabet from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Tuesday, November 15th. Finally, Bank of America decreased their price target on Alphabet from $125.00 to $114.00 and set a “buy” rating for the company in a research note on Tuesday, October 4th. Five research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $132.00.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $90.85, for a total value of $77,676.75. Following the completion of the transaction, the chief accounting officer now owns 24,694 shares of the company’s stock, valued at approximately $2,243,449.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder 2017 Gp L.L.C. Gv sold 107,393 shares of the business’s stock in a transaction dated Monday, October 31st. The stock was sold at an average price of $38.64, for a total value of $4,149,665.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $90.85, for a total value of $77,676.75. Following the completion of the transaction, the chief accounting officer now directly owns 24,694 shares of the company’s stock, valued at approximately $2,243,449.90. The disclosure for this sale can be found here. In the last quarter, insiders purchased 1,461,702 shares of company stock valued at $36,999,217 and sold 190,744 shares valued at $8,564,640. Insiders own 11.44% of the company’s stock.

Alphabet Stock Up 1.3 %

Alphabet stock opened at $87.34 on Monday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.47 and a current ratio of 2.52. The business’s 50-day simple moving average is $92.64 and its two-hundred day simple moving average is $102.95. The company has a market cap of $1.13 trillion, a PE ratio of 17.34, a PEG ratio of 1.53 and a beta of 1.09. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $151.55.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.19). The firm had revenue of $57.27 billion for the quarter, compared to analysts’ expectations of $58.36 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. During the same quarter in the previous year, the firm posted $1.40 EPS. Equities analysts anticipate that Alphabet Inc. will post 4.68 EPS for the current year.

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.