Inverness Counsel LLC NY Boosts Position in Alphabet Inc. (NASDAQ:GOOG)

Inverness Counsel LLC NY boosted its position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,862.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 74,798 shares of the information services provider’s stock after acquiring an additional 70,987 shares during the quarter. Inverness Counsel LLC NY’s holdings in Alphabet were worth $7,192,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of GOOG. Sumitomo Mitsui Trust Holdings Inc. increased its position in Alphabet by 1,872.0% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock valued at $1,758,856,000 after acquiring an additional 17,365,189 shares during the last quarter. Nordea Investment Management AB increased its position in Alphabet by 1,899.8% during the third quarter. Nordea Investment Management AB now owns 6,677,522 shares of the information services provider’s stock valued at $654,531,000 after acquiring an additional 6,343,615 shares during the last quarter. AMF Tjanstepension AB increased its position in Alphabet by 1,615.7% during the third quarter. AMF Tjanstepension AB now owns 3,047,090 shares of the information services provider’s stock valued at $292,978,000 after acquiring an additional 2,869,490 shares during the last quarter. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST increased its position in Alphabet by 1,900.0% during the third quarter. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST now owns 2,900,000 shares of the information services provider’s stock valued at $278,835,000 after acquiring an additional 2,755,000 shares during the last quarter. Finally, Fort Washington Investment Advisors Inc. OH increased its position in Alphabet by 1,722.1% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 2,859,574 shares of the information services provider’s stock valued at $274,948,000 after acquiring an additional 2,702,638 shares during the last quarter. Hedge funds and other institutional investors own 28.69% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on GOOG shares. Piper Sandler reduced their price objective on Alphabet from $135.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft reduced their price target on Alphabet from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, October 21st. Jefferies Financial Group set a $125.00 price target on Alphabet in a research report on Monday, January 9th. Oppenheimer reduced their price target on Alphabet from $155.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Finally, The Goldman Sachs Group set a $135.00 price target on Alphabet in a research report on Friday, November 18th. One equities research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.88.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Ann Mather sold 280 shares of the company’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 transaction of $28,904.40. Following the sale, the director now directly owns 11,200 shares in the company, valued at $1,156,176. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, Director Ann Mather sold 280 shares of the business’s stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total transaction of $28,904.40. Following the completion of the transaction, the director now owns 11,200 shares in the company, valued at approximately $1,156,176. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $91.15, for a total value of $77,933.25. Following the completion of the sale, the chief accounting officer now owns 25,122 shares in the company, valued at approximately $2,289,870.30. The disclosure for this sale can be found here. Over the last ninety days, insiders have purchased 1,461,702 shares of company stock worth $36,999,217 and have sold 190,744 shares worth $8,564,640. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Up 1.0 %

Shares of GOOG stock opened at $92.80 on Tuesday. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $152.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.52 and a quick ratio of 2.47. The stock’s 50 day simple moving average is $93.32 and its two-hundred day simple moving average is $102.62. The company has a market cap of $1.20 trillion, a PE ratio of 18.43, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08.

Alphabet (NASDAQ:GOOG – Get Rating) last issued its quarterly earnings data on Tuesday, October 25th. The information services provider reported $1.06 earnings per share (EPS) 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 $69.09 billion for the quarter, compared to analysts’ expectations of $70.67 billion. During the same quarter last year, the company earned $1.40 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Research analysts predict that Alphabet Inc. will post 4.68 earnings per share for the current 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.