Connor Clark & Lunn Investment Management Ltd. Acquires 576,965 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 40,039.2% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 578,406 shares of the information services provider’s stock after buying an additional 576,965 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Alphabet were worth $55,325,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. IAG Wealth Partners LLC lifted its holdings in shares of Alphabet by 3,275.0% in the 3rd quarter. IAG Wealth Partners LLC now owns 270 shares of the information services provider’s stock worth $26,000 after purchasing an additional 262 shares in the last quarter. Artemis Wealth Advisors LLC lifted its holdings in shares of Alphabet by 1,900.0% in the 3rd quarter. Artemis Wealth Advisors LLC now owns 280 shares of the information services provider’s stock worth $27,000 after purchasing an additional 266 shares in the last quarter. Laurel Wealth Planning LLC lifted its holdings in shares of Alphabet by 1,900.0% in the 3rd quarter. Laurel Wealth Planning LLC now owns 300 shares of the information services provider’s stock worth $29,000 after purchasing an additional 285 shares in the last quarter. Coston McIsaac & Partners lifted its holdings in shares of Alphabet by 1,900.0% in the 3rd quarter. Coston McIsaac & Partners now owns 320 shares of the information services provider’s stock worth $30,000 after purchasing an additional 304 shares in the last quarter. Finally, Horizons Wealth Management bought a new position in shares of Alphabet in the 2nd quarter worth $33,000. 34.06% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

Shares of GOOGL opened at $93.65 on Friday. The company has a market cap of $1.20 trillion, a PE ratio of 20.58, a price-to-earnings-growth ratio of 1.27 and a beta of 1.09. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06. The stock has a 50-day moving average price of $93.66 and a 200-day moving average price of $97.54. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $143.79.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. During the same quarter last year, the business posted $1.53 EPS. As a group, equities analysts forecast that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on GOOGL. KeyCorp lowered their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research report on Monday, January 30th. Loop Capital increased their price target on Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, February 8th. Mizuho lowered their price target on Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, November 30th. Truist Financial lowered their price target on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Finally, Rosenblatt Securities decreased their target price on Alphabet from $130.00 to $128.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Five research analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.32.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 855 shares of the firm’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $91.15, for a total transaction of $77,933.25. Following the transaction, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total value of $1,992,719.25. Following the transaction, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 25,122 shares in the company, valued at $2,289,870.30. The disclosure for this sale can be found here. In the last three months, insiders have sold 36,745 shares of company stock valued at $3,424,078. Corporate insiders own 11.44% of the company’s stock.

Alphabet Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.