Hourglass Capital LLC Grows Stake in Alphabet Inc. $GOOGL

Hourglass Capital LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 25.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 51,320 shares of the information services provider’s stock after purchasing an additional 10,480 shares during the period. Alphabet accounts for 2.2% of Hourglass Capital LLC’s holdings, making the stock its 10th biggest holding. Hourglass Capital LLC’s holdings in Alphabet were worth $9,044,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Nuveen LLC purchased a new position in shares of Alphabet in the first quarter worth $4,317,606,000. Vanguard Group Inc. raised its holdings in shares of Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Alphabet by 11.4% in the first 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 worth $6,783,364,000 after buying an additional 4,473,901 shares during the last quarter. Amundi raised its holdings in shares of Alphabet by 11.8% in the first quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock worth $5,034,992,000 after buying an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. raised 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 buying an additional 2,565,400 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors.

Alphabet Stock Up 3.6%

Shares of NASDAQ GOOGL opened at $269.27 on Tuesday. The company’s 50-day simple moving average is $238.03 and its 200-day simple moving average is $196.63. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $270.14. The firm has a market cap of $3.26 trillion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on GOOGL shares. Cantor Fitzgerald raised their price target on shares of Alphabet from $201.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Sanford C. Bernstein raised their price target on shares of Alphabet from $210.00 to $260.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Rosenblatt Securities raised their price target on shares of Alphabet from $191.00 to $224.00 and gave the stock a “neutral” rating in a report on Wednesday, September 3rd. Roth Capital increased their price objective on shares of Alphabet from $210.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, CIBC increased their price objective on shares of Alphabet to $315.00 in a research note on Monday, October 20th. Four analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $264.34.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 600 shares of Alphabet stock in a transaction dated Monday, October 13th. The shares were sold at an average price of $242.92, for a total value of $145,752.00. Following the sale, the director owned 5,116 shares in the company, valued at $1,242,778.72. This trade represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the sale, the director owned 17,284 shares in the company, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 246,150 shares of company stock valued at $55,805,379. 11.64% of the stock is 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.