Alphabet Inc. (NASDAQ:GOOG) is Power Corp of Canada’s 7th Largest Position

Power Corp of Canada boosted its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,900.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 83,040 shares of the information services provider’s stock after purchasing an additional 78,888 shares during the period. Alphabet makes up approximately 1.2% of Power Corp of Canada’s holdings, making the stock its 7th largest position. Power Corp of Canada’s holdings in Alphabet were worth $7,984,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Walled Lake Planning & Wealth Management LLC grew its position in Alphabet by 1,900.0% in the 3rd quarter. Walled Lake Planning & Wealth Management LLC now owns 34,120 shares of the information services provider’s stock worth $3,281,000 after purchasing an additional 32,414 shares during the period. Grand Jean Capital Management Inc. grew its position in shares of Alphabet by 1,926.2% during the 3rd quarter. Grand Jean Capital Management Inc. now owns 137,135 shares of the information services provider’s stock valued at $13,186,000 after acquiring an additional 130,367 shares during the period. Connecticut Wealth Management LLC grew its position in shares of Alphabet by 1,415.4% during the 3rd quarter. Connecticut Wealth Management LLC now owns 8,350 shares of the information services provider’s stock valued at $803,000 after acquiring an additional 7,799 shares during the period. Clarity Financial LLC grew its position in shares of Alphabet by 2,118.6% during the 3rd quarter. Clarity Financial LLC now owns 61,722 shares of the information services provider’s stock valued at $5,935,000 after acquiring an additional 58,940 shares during the period. Finally, Element Wealth LLC grew its position in shares of Alphabet by 2,245.1% during the 3rd quarter. Element Wealth LLC now owns 2,861 shares of the information services provider’s stock valued at $275,000 after acquiring an additional 2,739 shares during the period. Institutional investors own 28.69% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Piper Sandler cut their price objective on shares of Alphabet from $122.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. The Goldman Sachs Group set a $128.00 price objective on shares of Alphabet in a research report on Friday, February 3rd. Roth Capital reissued a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Raymond James boosted their price objective on shares of Alphabet from $116.00 to $119.00 and gave the company an “outperform” rating in a research report on Friday, February 3rd. Finally, Oppenheimer lifted their target price on shares of Alphabet from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $137.13.

Insider Activity

In other news, Director Ann Mather sold 380 shares of the company’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the sale, the director now directly owns 11,300 shares in the company, valued at approximately $1,008,412. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Ann Mather sold 380 shares of the company’s stock in a transaction dated Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the sale, the director now directly owns 11,300 shares in the company, valued at approximately $1,008,412. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the transaction, the insider now directly owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. In the last three months, insiders have sold 36,745 shares of company stock worth $3,424,078. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Up 2.4 %

Shares of GOOG stock opened at $96.55 on Thursday. The stock has a market cap of $1.24 trillion, a P/E ratio of 21.22, a PEG ratio of 1.26 and a beta of 1.09. Alphabet Inc. has a 52 week low of $83.45 and a 52 week high of $144.16. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $95.12 and its two-hundred day simple moving average is $96.84.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.09). The company had revenue of $76.05 billion during the quarter, compared to analysts’ expectations of $76.49 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.53 EPS. Analysts predict that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Alphabet Company 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.