Precedent Wealth Partners LLC Acquires New Stake in Alphabet Inc. (NASDAQ:GOOGL)

Precedent Wealth Partners LLC acquired a new stake in shares of Alphabet Inc. (NASDAQ:GOOGLFree Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 3,452 shares of the information services provider’s stock, valued at approximately $482,000.

A number of other institutional investors and hedge funds have also bought and sold shares of GOOGL. Vanguard Group Inc. raised its position in Alphabet by 1,919.4% during the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp raised its position in Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock valued at $15,036,178,000 after purchasing an additional 170,267,122 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Finally, Norges Bank bought a new stake in Alphabet during the 4th quarter valued at $8,335,063,000. 40.03% of the stock is owned by institutional investors.

Insider Transactions at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $140.11, for a total value of $3,152,475.00. Following the completion of the transaction, the chief executive officer now owns 2,422,691 shares of the company’s stock, valued at approximately $339,443,236.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider John Kent Walker sold 12,084 shares of the company’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $151.19, for a total value of $1,826,979.96. Following the completion of the transaction, the insider now owns 48,717 shares of the company’s stock, valued at approximately $7,365,523.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $140.11, for a total value of $3,152,475.00. Following the completion of the transaction, the chief executive officer now directly owns 2,422,691 shares of the company’s stock, valued at approximately $339,443,236.01. The disclosure for this sale can be found here. Insiders have sold 246,799 shares of company stock worth $34,971,139 over the last quarter. 0.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

GOOGL has been the subject of several recent research reports. Barclays reduced their price target on Alphabet from $180.00 to $173.00 and set an “overweight” rating for the company in a research report on Wednesday, January 31st. Rosenblatt Securities reduced their price target on Alphabet from $174.00 to $172.00 and set a “buy” rating for the company in a research report on Wednesday, January 31st. Royal Bank of Canada reissued an “outperform” rating and issued a $155.00 price target on shares of Alphabet in a research report on Wednesday, January 31st. Truist Financial reduced their price target on Alphabet from $160.00 to $158.00 and set a “buy” rating for the company in a research report on Wednesday, January 31st. Finally, Citigroup boosted their price target on Alphabet from $153.00 to $168.00 and gave the stock a “buy” rating in a research report on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $155.48.

Read Our Latest Stock Analysis on GOOGL

Alphabet Stock Up 3.0 %

Shares of GOOGL opened at $155.49 on Tuesday. Alphabet Inc. has a 52 week low of $101.93 and a 52 week high of $155.74. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $1.93 trillion, a price-to-earnings ratio of 26.81, a PEG ratio of 1.39 and a beta of 1.05. The stock’s 50-day moving average price is $143.76 and its 200-day moving average price is $138.34.

Alphabet (NASDAQ:GOOGLGet Free Report) last issued its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The firm had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $70.77 billion. During the same quarter in the prior year, the business earned $1.05 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 6.77 EPS for the current year.

Alphabet Company Profile

(Free Report)

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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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