Credit Suisse AG Sells 567,242 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Credit Suisse AG lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 4.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,093,223 shares of the information services provider’s stock after selling 567,242 shares during the period. Alphabet makes up approximately 1.4% of Credit Suisse AG’s portfolio, making the stock its 6th biggest holding. Credit Suisse AG owned about 0.10% of Alphabet worth $1,358,160,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Spreng Capital Management Inc. lifted its position in Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock valued at $364,000 after purchasing an additional 5 shares during the last quarter. West Family Investments Inc. increased its stake in Alphabet by 0.3% in the 1st quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after buying an additional 6 shares during the period. Maple Capital Management Inc. increased its stake in Alphabet by 2.1% in the 1st quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after buying an additional 6 shares during the period. Private Advisory Group LLC increased its stake in Alphabet by 1.8% in the 1st quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after buying an additional 7 shares during the period. Finally, Weik Capital Management increased its stake in Alphabet by 0.5% in the 1st quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after buying an additional 8 shares during the period. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Bank of America raised their target price on shares of Alphabet from $142.00 to $146.00 in a research report on Wednesday, July 26th. Loop Capital lifted their price objective on shares of Alphabet from $125.00 to $140.00 and gave the stock a “hold” rating in a research report on Friday, August 18th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $121.00 to $150.00 in a research report on Wednesday, July 26th. Piper Sandler lifted their price objective on shares of Alphabet from $140.00 to $148.00 in a research report on Wednesday, July 26th. Finally, Morgan Stanley lifted their target price on shares of Alphabet from $150.00 to $155.00 in a research note on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $143.08.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 240 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $123.73, for a total value of $29,695.20. Following the completion of the sale, the director now directly owns 12,800 shares of the company’s stock, valued at approximately $1,583,744. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Alphabet news, Director Frances Arnold sold 240 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $123.73, for a total transaction of $29,695.20. Following the completion of the transaction, the director now owns 12,800 shares of the company’s stock, valued at $1,583,744. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction that occurred on Thursday, August 10th. The shares were sold at an average price of $131.14, for a total value of $26,228.00. Following the completion of the sale, the director now directly owns 5,340 shares in the company, valued at approximately $700,287.60. The disclosure for this sale can be found here. Insiders sold 180,006 shares of company stock worth $8,804,132 over the last three months. Insiders own 0.88% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $129.88 on Friday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. The company has a fifty day moving average of $125.09 and a two-hundred day moving average of $113.27. The stock has a market capitalization of $1.64 trillion, a PE ratio of 27.52, a P/E/G ratio of 1.49 and a beta of 1.06. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $134.25.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $74.60 billion during the quarter, compared to analysts’ expectations of $60.24 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. During the same period in the prior year, the business earned $1.21 earnings per share. As a group, research analysts forecast that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.

Alphabet Company Profile

Alphabet Inc offers 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 provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.