Eastern Bank Has $141.84 Million Position in Alphabet Inc. $GOOGL

Eastern Bank lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 804,840 shares of the information services provider’s stock after selling 10,798 shares during the quarter. Alphabet comprises 2.7% of Eastern Bank’s portfolio, making the stock its 7th biggest holding. Eastern Bank’s holdings in Alphabet were worth $141,837,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the business. Nuveen LLC purchased a new position in Alphabet during the first quarter valued at $4,317,606,000. Vanguard Group Inc. boosted its holdings in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the last quarter. Amundi grew its position in shares of Alphabet by 11.8% during the first quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock valued at $5,034,992,000 after purchasing an additional 3,537,173 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. increased its holdings in shares of Alphabet by 178.3% in the first quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock worth $619,163,000 after purchasing an additional 2,565,400 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Needham & Company LLC raised their price target on Alphabet from $220.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. KeyCorp increased their target price on Alphabet from $230.00 to $265.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Bank of America boosted their price target on shares of Alphabet from $252.00 to $280.00 and gave the stock a “buy” rating in a research report on Monday. Stifel Nicolaus increased their price objective on shares of Alphabet from $200.00 to $218.00 and gave the company a “buy” rating in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a research report on Tuesday, October 14th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $255.86.

Insiders Place Their Bets

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction dated Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer directly owned 14,516 shares of the company’s stock, valued at $3,629,725.80. This represents a 16.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 17,816 shares of the stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the transaction, the insider owned 42,985 shares in the company, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. 11.55% of the stock is owned by company insiders.

Alphabet Stock Up 1.3%

Shares of NASDAQ:GOOGL opened at $256.55 on Tuesday. The firm has a market capitalization of $3.10 trillion, a PE ratio of 27.32, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The business has a 50 day simple moving average of $232.66 and a two-hundred day simple moving average of $192.92. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $257.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.15 by $0.16. The firm had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, equities analysts predict that Alphabet Inc. will post 8.9 EPS for the current 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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.