United Services Automobile Association boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,974.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 239,092 shares of the information services provider’s stock after purchasing an additional 227,569 shares during the quarter. United Services Automobile Association’s holdings in Alphabet were worth $22,869,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of the business. Bornite Capital Management LP acquired a new stake in shares of Alphabet in the first quarter valued at $16,688,000. Markel Corp lifted its holdings in Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after buying an additional 2,250 shares during the last quarter. United Bank lifted its holdings in shares of Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after purchasing an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Alphabet by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after acquiring an additional 61,427 shares during the period. Finally, Dakota Wealth Management increased its position in Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after acquiring an additional 1,570 shares during the period. Hedge funds and other institutional investors own 34.06% of the company’s stock.
Alphabet Stock Up 3.1 %
NASDAQ:GOOGL opened at $93.97 on Wednesday. The firm’s 50 day simple moving average is $94.35 and its 200 day simple moving average is $96.30. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. Alphabet Inc. has a one year low of $83.34 and a one year high of $143.79. The company has a market cap of $1.20 trillion, a PE ratio of 20.65, a P/E/G ratio of 1.25 and a beta of 1.09.
Wall Street Analysts Forecast Growth
Several brokerages have recently commented on GOOGL. Morgan Stanley boosted their price target on Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. JMP Securities reiterated a “market outperform” rating and issued a $132.00 price target on shares of Alphabet in a report on Friday, February 3rd. Truist Financial lowered their target price on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, February 3rd. Credit Suisse Group cut their target price on shares of Alphabet from $145.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, February 3rd. Finally, KeyCorp cut their target price on shares of Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a report on Monday, January 30th. Five investment analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $132.32.
Insider Buying and Selling at Alphabet
In related news, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total value 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 Securities & Exchange Commission, which is available through this link. In other news, CAO Amie Thuener O’toole sold 855 shares of the company’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 sale, the chief accounting officer now directly owns 25,122 shares in the company, valued at $2,289,870.30. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Kent Walker sold 11,313 shares of the company’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $100.00, for a total transaction of $1,131,300.00. Following the completion of the transaction, the insider now owns 41,970 shares in the company, valued at $4,197,000. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,745 shares of company stock worth $3,424,078. 11.44% of the stock is owned by corporate insiders.
Alphabet Company Profile
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.
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