Renaissance Investment Group LLC Purchases 28,520 Shares of Alphabet Inc. (NASDAQ:GOOG)

Renaissance Investment Group LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGGet Rating) by 2,014.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,936 shares of the information services provider’s stock after acquiring an additional 28,520 shares during the period. Renaissance Investment Group LLC’s holdings in Alphabet were worth $3,083,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Alphabet by 1,872.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock worth $1,758,856,000 after purchasing an additional 17,365,189 shares during the last quarter. Nordea Investment Management AB boosted its holdings in Alphabet by 1,899.8% in the third quarter. Nordea Investment Management AB now owns 6,677,522 shares of the information services provider’s stock worth $654,531,000 after purchasing an additional 6,343,615 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in Alphabet by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 4,012,010 shares of the information services provider’s stock worth $8,776,073,000 after purchasing an additional 252,657 shares during the last quarter. Gateway Investment Advisers LLC boosted its holdings in Alphabet by 1,858.3% in the third quarter. Gateway Investment Advisers LLC now owns 2,215,430 shares of the information services provider’s stock worth $213,014,000 after purchasing an additional 2,102,300 shares during the last quarter. Finally, Everett Harris & Co. CA boosted its holdings in Alphabet by 1,890.3% in the third quarter. Everett Harris & Co. CA now owns 2,211,903 shares of the information services provider’s stock worth $212,674,000 after purchasing an additional 2,100,767 shares during the last quarter. Institutional investors own 28.69% of the company’s stock.

Alphabet Price Performance

GOOG stock opened at $92.80 on Monday. Alphabet Inc. has a 12 month low of $83.45 and a 12 month high of $152.10. The company has a current ratio of 2.52, a quick ratio of 2.47 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average price of $93.23 and a 200 day moving average price of $102.78. The stock has a market cap of $1.20 trillion, a PE ratio of 18.43, a P/E/G ratio of 1.63 and a beta of 1.08.

Alphabet (NASDAQ:GOOGGet Rating) last released its quarterly earnings data 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). The company had revenue of $69.09 billion during the quarter, compared to analysts’ expectations of $70.67 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. Alphabet’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.40 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 4.68 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on GOOG shares. Cowen dropped their target price on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Wednesday, January 11th. Jefferies Financial Group set a $125.00 price target on shares of Alphabet in a research note on Monday, January 9th. Credit Suisse Group set a $128.00 price target on shares of Alphabet in a research note on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Alphabet from $135.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, October 21st. Finally, Piper Sandler dropped their price target on shares of Alphabet from $135.00 to $122.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 26th. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.88.

Insider Transactions at Alphabet

In other news, major shareholder 2017 Gp L.L.C. Gv sold 107,393 shares of the company’s stock in a transaction that occurred on Monday, October 31st. The shares were 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 this hyperlink. In other news, Director Ann Mather sold 280 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the sale, the director now owns 11,200 shares of the company’s stock, valued at approximately $1,156,176. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2017 Gp L.L.C. Gv sold 107,393 shares of the company’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 disclosure for this sale can be found here. In the last quarter, insiders acquired 1,461,702 shares of company stock valued at $36,999,217 and sold 190,744 shares valued at $8,564,640. Corporate insiders own 12.99% of the company’s stock.

Alphabet 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

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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