Cardinal Capital Management Buys 61,167 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Cardinal Capital Management boosted its stake in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,918.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 64,356 shares of the information services provider’s stock after purchasing an additional 61,167 shares during the quarter. Alphabet comprises about 1.5% of Cardinal Capital Management’s holdings, making the stock its 17th biggest position. Cardinal Capital Management’s holdings in Alphabet were worth $6,156,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Alphabet by 1,884.3% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 17,922,978 shares of the information services provider’s stock valued at $1,714,333,000 after purchasing an additional 17,019,726 shares in the last quarter. Fiera Capital Corp increased its position in shares of Alphabet by 1,957.3% during the second quarter. Fiera Capital Corp now owns 17,857,280 shares of the information services provider’s stock worth $1,945,783,000 after acquiring an additional 16,989,271 shares in the last quarter. Nordea Investment Management AB raised 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 acquiring an additional 15,633,495 shares during the last quarter. Mackenzie Financial Corp lifted its position in 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 valued at $685,817,000 after acquiring an additional 6,807,300 shares in the last quarter. Finally, Bishop Rock Capital L.P. boosted its stake in Alphabet by 95,776.8% during the 2nd quarter. Bishop Rock Capital L.P. now owns 5,500,452 shares of the information services provider’s stock valued at $2,524,000 after purchasing an additional 5,494,715 shares during the last quarter. Institutional investors and hedge funds own 34.06% of the company’s stock.

Insider Activity

In other news, major shareholder 2019 Gp L.L.C. Gv bought 800,000 shares of Alphabet stock in a transaction that occurred on Monday, October 24th. The shares were acquired at an average price of $17.00 per share, with a total value of $13,600,000.00. Following the completion of the purchase, the insider now directly owns 11,522,248 shares in the company, valued at $195,878,216. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, major shareholder 2019 Gp L.L.C. Gv purchased 800,000 shares of the company’s stock in a transaction on Monday, October 24th. The stock was purchased at an average price of $17.00 per share, with a total value of $13,600,000.00. Following the completion of the purchase, the insider now directly owns 11,522,248 shares in the company, valued at approximately $195,878,216. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Ann Mather sold 280 shares of the stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total value of $28,904.40. Following the transaction, the director now owns 11,200 shares in the company, valued at $1,156,176. The disclosure for this sale can be found here. In the last quarter, insiders have purchased 1,461,702 shares of company stock worth $36,999,217 and have sold 190,744 shares worth $8,564,640. Corporate insiders own 11.44% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GOOGL. Evercore ISI lowered their price objective on Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 21st. Needham & Company LLC dropped their price objective on Alphabet from $160.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, December 22nd. Rosenblatt Securities reduced their target price on shares of Alphabet from $156.00 to $130.00 and set a “buy” rating for the company in a research note on Wednesday, October 26th. Mizuho dropped their price target on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. Finally, JMP Securities reduced their price objective on shares of Alphabet from $145.00 to $132.00 in a research report on Wednesday, November 23rd. Five equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $132.00.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $91.52 on Thursday. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $151.55. The company has a quick ratio of 2.47, a current ratio of 2.52 and a debt-to-equity ratio of 0.06. The stock has a market cap of $1.18 trillion, a P/E ratio of 18.17, a PEG ratio of 1.53 and a beta of 1.09. The business’s 50-day moving average price is $92.56 and its two-hundred day moving average price is $102.52.

Alphabet (NASDAQ:GOOGLGet Rating) last announced its earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The company had revenue of $57.27 billion during the quarter, compared to analysts’ expectations of $58.36 billion. During the same period in the prior year, the business earned $1.40 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

About Alphabet

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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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