NewEdge Wealth LLC Has $75.42 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

NewEdge Wealth LLC raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 34.6% during the fourth quarter, HoldingsChannel reports. The fund owned 539,934 shares of the information services provider’s stock after acquiring an additional 138,885 shares during the quarter. Alphabet accounts for approximately 1.9% of NewEdge Wealth LLC’s investment portfolio, making the stock its 4th largest holding. NewEdge Wealth LLC’s holdings in Alphabet were worth $75,423,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Alphabet by 0.3% in the 3rd quarter. Vanguard Group Inc. now owns 487,435,495 shares of the information services provider’s stock valued at $63,785,809,000 after acquiring an additional 1,302,104 shares during the last quarter. FMR LLC lifted its position in shares of Alphabet by 5.6% during the third quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock worth $29,746,764,000 after purchasing an additional 12,070,681 shares during the last quarter. State Street Corp boosted its stake in shares of Alphabet by 1,900.6% during the third 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 during the period. Moneta Group Investment Advisors LLC grew its holdings in shares of Alphabet by 111,197.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Alphabet by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 118,576,618 shares of the information services provider’s stock valued at $12,271,705,000 after buying an additional 1,499,107 shares in the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $154.09 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. The business has a fifty day moving average of $146.26 and a 200 day moving average of $140.54. The firm has a market capitalization of $1.92 trillion, a price-to-earnings ratio of 26.57, a price-to-earnings-growth ratio of 1.43 and a beta of 1.05. Alphabet Inc. has a 1 year low of $102.63 and a 1 year high of $160.22.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.04. The company had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $70.77 billion. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. During the same period last year, the firm earned $1.05 EPS. As a group, research analysts expect that Alphabet Inc. will post 6.78 earnings per share for the current year.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research analyst reports. Barclays dropped their target price on shares of Alphabet from $180.00 to $173.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 31st. Royal Bank of Canada restated an “outperform” rating and set a $155.00 price objective on shares of Alphabet in a report on Wednesday, January 31st. Truist Financial upped their target price on Alphabet from $158.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday. Canaccord Genuity Group increased their price target on Alphabet from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Wedbush restated an “outperform” rating and issued a $175.00 price objective on shares of Alphabet in a report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $158.41.

Insider Transactions at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the sale, the chief executive officer now owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the transaction, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frances Arnold sold 230 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the sale, the director now owns 15,104 shares of the company’s stock, valued at $2,326,922.24. The disclosure for this sale can be found here. Insiders sold a total of 251,339 shares of company stock valued at $36,377,482 in the last three months. 0.88% of the stock is currently owned by company insiders.

About Alphabet

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.