Cherrydale Wealth Management LLC Grows Stake in Alphabet Inc. (NASDAQ:GOOGL)

Cherrydale Wealth Management LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 1,996.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,849 shares of the information services provider’s stock after acquiring an additional 5,570 shares during the period. Alphabet accounts for about 0.5% of Cherrydale Wealth Management LLC’s investment portfolio, making the stock its 18th largest holding. Cherrydale Wealth Management LLC’s holdings in Alphabet were worth $559,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Alphabet by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 23,304,411 shares of the information services provider’s stock worth $64,817,723,000 after acquiring an additional 331,945 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position 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 buying an additional 17,019,726 shares in the last quarter. Fiera Capital Corp increased its position in Alphabet by 1,957.3% during the 2nd quarter. Fiera Capital Corp now owns 17,857,280 shares of the information services provider’s stock valued at $1,945,783,000 after buying an additional 16,989,271 shares in the last quarter. Nordea Investment Management AB increased its position in Alphabet by 1,830.2% during the 3rd quarter. Nordea Investment Management AB now owns 16,487,668 shares of the information services provider’s stock valued at $1,605,074,000 after buying an additional 15,633,495 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in Alphabet by 1,876.5% during 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 buying an additional 6,807,300 shares in the last quarter. Institutional investors own 34.06% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL opened at $92.12 on Friday. 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 business’s 50-day simple moving average is $92.82 and its two-hundred day simple moving average is $102.19. The stock has a market cap of $1.19 trillion, a PE ratio of 18.29, a P/E/G ratio of 1.53 and a beta of 1.09. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $151.55.

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

Insider Transactions at Alphabet

In other news, Director Ann Mather sold 280 shares of Alphabet stock in a transaction dated Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total value of $28,904.40. Following the sale, the director now directly owns 11,200 shares of the company’s stock, valued at $1,156,176. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, major shareholder 2017 Gp L.L.C. Gv sold 107,393 shares of the business’s stock in a transaction that occurred on Monday, October 31st. The stock was sold at an average price of $38.64, for a total transaction of $4,149,665.52. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ann Mather sold 280 shares of the business’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total value of $28,904.40. Following the sale, the director now directly owns 11,200 shares in the company, valued at $1,156,176. The disclosure for this sale can be found here. Over the last three months, insiders have bought 1,461,702 shares of company stock valued at $36,999,217 and have sold 190,744 shares valued at $8,564,640. Insiders own 11.44% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Sanford C. Bernstein reduced their price objective on Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Atlantic Securities reduced their price objective on Alphabet to $115.00 in a research report on Thursday, October 27th. Bank of America reduced their target price on Alphabet from $125.00 to $114.00 and set a “buy” rating for the company in a report on Tuesday, October 4th. Susquehanna Bancshares reduced their target price on Alphabet from $150.00 to $120.00 and set a “positive” rating for the company in a report on Wednesday, October 26th. Finally, Tigress Financial reduced their target price on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating for the company in a report on Friday, January 6th. Five equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.00.

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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