Chartwell Investment Partners LLC Buys 297,881 Shares of Alphabet Inc. (NASDAQ:GOOG)

Chartwell Investment Partners LLC raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGGet Rating) by 1,891.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 313,627 shares of the information services provider’s stock after purchasing an additional 297,881 shares during the quarter. Alphabet accounts for 1.3% of Chartwell Investment Partners LLC’s portfolio, making the stock its 4th largest holding. Chartwell Investment Partners LLC’s holdings in Alphabet were worth $30,155,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Gitterman Wealth Management LLC boosted its holdings in shares of Alphabet by 1,946.6% in the 3rd quarter. Gitterman Wealth Management LLC now owns 8,780 shares of the information services provider’s stock worth $845,000 after acquiring an additional 8,351 shares in the last quarter. SignalPoint Asset Management LLC boosted its holdings in shares of Alphabet by 1,708.2% in the 3rd quarter. SignalPoint Asset Management LLC now owns 27,214 shares of the information services provider’s stock worth $2,616,000 after acquiring an additional 25,709 shares in the last quarter. Money Concepts Capital Corp boosted its holdings in shares of Alphabet by 2,604.2% in the 3rd quarter. Money Concepts Capital Corp now owns 23,391 shares of the information services provider’s stock worth $2,249,000 after acquiring an additional 22,526 shares in the last quarter. Synovus Financial Corp boosted its holdings in shares of Alphabet by 1,970.5% in the 3rd quarter. Synovus Financial Corp now owns 211,006 shares of the information services provider’s stock worth $20,301,000 after acquiring an additional 200,815 shares in the last quarter. Finally, Callahan Advisors LLC boosted its holdings in shares of Alphabet by 1,916.9% in the 3rd quarter. Callahan Advisors LLC now owns 249,093 shares of the information services provider’s stock worth $23,950,000 after acquiring an additional 236,743 shares in the last quarter. 28.69% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on GOOG shares. Credit Suisse Group set a $128.00 target price on Alphabet in a report on Wednesday, October 26th. Cowen dropped their price objective on shares of Alphabet from $150.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Sanford C. Bernstein set a $120.00 price objective on shares of Alphabet in a research report on Thursday, January 12th. Jefferies Financial Group set a $125.00 price objective on shares of Alphabet in a research report on Monday, January 9th. Finally, Oppenheimer dropped their price objective on shares of Alphabet from $155.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. One investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $140.56.

Alphabet Price Performance

GOOG opened at $93.91 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. Alphabet Inc. has a 12 month low of $83.45 and a 12 month high of $152.10. The company has a fifty day simple moving average of $93.47 and a 200 day simple moving average of $102.22. The stock has a market cap of $1.22 trillion, a P/E ratio of 18.65, 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 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 firm had revenue of $69.09 billion during the quarter, compared to the consensus estimate of $70.67 billion. During the same quarter in the prior year, the company earned $1.40 EPS. Alphabet’s quarterly revenue was up 6.1% on a year-over-year basis. On average, research analysts expect that Alphabet Inc. will post 4.68 EPS for the current year.

Insider Activity at Alphabet

In other news, major shareholder 2019 Gp L.L.C. Gv acquired 800,000 shares of the stock in a transaction that occurred on Monday, October 24th. The stock was acquired at an average price of $17.00 per share, for a total transaction of $13,600,000.00. Following the transaction, the insider now directly owns 11,522,248 shares in the company, valued at $195,878,216. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related 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 stock was purchased at an average cost of $17.00 per share, with a total value of $13,600,000.00. Following the purchase, the insider now owns 11,522,248 shares in the company, valued at $195,878,216. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction on Wednesday, January 4th. The stock was sold at an average price of $91.15, for a total transaction of $77,933.25. Following the completion of the transaction, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The disclosure for this sale can be found here. In the last quarter, insiders bought 1,461,702 shares of company stock worth $36,999,217 and sold 190,744 shares worth $8,564,640. 12.99% of the stock is owned by corporate insiders.

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.

Further Reading

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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