Pinnacle Associates Ltd. Acquires 2,216 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Pinnacle Associates Ltd. lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGLFree Report) by 0.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 371,350 shares of the information services provider’s stock after acquiring an additional 2,216 shares during the quarter. Alphabet makes up 0.9% of Pinnacle Associates Ltd.’s portfolio, making the stock its 19th biggest position. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $51,874,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DC Investments Management LLC purchased a new stake in shares of Alphabet in the 1st quarter worth approximately $114,000. Bridgefront Capital LLC purchased a new stake in shares of Alphabet during the first quarter valued at approximately $225,000. Worth Asset Management LLC bought a new position in Alphabet in the 1st quarter valued at approximately $206,000. Eudaimonia Advisors LLC increased its holdings in shares of Alphabet by 15.1% in the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock worth $275,000 after purchasing an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC bought a new position in Alphabet in the first quarter valued at about $281,000. Institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of research reports. Truist Financial dropped their price target on Alphabet from $160.00 to $158.00 and set a “buy” rating for the company in a research note on Wednesday, January 31st. JMP Securities lifted their price target on shares of Alphabet from $150.00 to $160.00 and gave the company a “market outperform” rating in a research report on Wednesday, January 31st. Redburn Atlantic upped their target price on shares of Alphabet from $150.00 to $165.00 and gave the company a “buy” rating in a research report on Wednesday, January 31st. KeyCorp raised their price target on Alphabet from $153.00 to $165.00 and gave the stock an “overweight” rating in a research report on Monday, January 29th. Finally, Wedbush lifted their price objective on shares of Alphabet from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Five analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $155.48.

View Our Latest Stock Report on GOOGL

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $154.56 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. Alphabet Inc. has a one year low of $101.93 and a one year high of $155.74. The firm has a market capitalization of $1.92 trillion, a P/E ratio of 26.65, a PEG ratio of 1.39 and a beta of 1.05. The company’s fifty day moving average is $143.95 and its two-hundred day moving average is $138.46.

Alphabet (NASDAQ:GOOGLGet Free Report) last released its quarterly earnings data 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 net margin of 24.01% and a return on equity of 27.22%. 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 previous year, the firm earned $1.05 earnings per share. Analysts forecast that Alphabet Inc. will post 6.77 EPS for the current fiscal year.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 660 shares of Alphabet stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $143.59, for a total transaction of $94,769.40. Following the completion of the transaction, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at $4,009,032.80. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Alphabet news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $143.49, for a total value of $28,698.00. Following the sale, the director now owns 6,784 shares of the company’s stock, valued at $973,436.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 660 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total transaction of $94,769.40. Following the completion of the sale, the chief accounting officer now owns 27,920 shares in the company, valued at $4,009,032.80. The disclosure for this sale can be found here. Insiders have sold 228,239 shares of company stock valued at $32,432,382 in the last quarter. 0.88% of the stock is currently owned by corporate insiders.

About Alphabet

(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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