Panagora Asset Management Inc. lessened its holdings in Alphabet Inc. (NASDAQ:GOOG) by 1.0% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 147,063 shares of the information services provider’s stock after selling 1,530 shares during the period. Alphabet comprises approximately 2.1% of Panagora Asset Management Inc.’s holdings, making the stock its 5th biggest position. Panagora Asset Management Inc.’s holdings in Alphabet were worth $391,968,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in GOOG. ARGI Investment Services LLC lifted its position in Alphabet by 3.9% in the third quarter. ARGI Investment Services LLC now owns 743 shares of the information services provider’s stock worth $1,980,000 after buying an additional 28 shares during the last quarter. Marble Harbor Investment Counsel LLC raised its stake in shares of Alphabet by 2.0% during the 3rd quarter. Marble Harbor Investment Counsel LLC now owns 1,013 shares of the information services provider’s stock worth $2,700,000 after buying an additional 20 shares during the period. Grandview Asset Management LLC increased its position in shares of Alphabet by 22.4% during the third quarter. Grandview Asset Management LLC now owns 552 shares of the information services provider’s stock worth $1,471,000 after purchasing an additional 101 shares in the last quarter. Formidable Asset Management LLC grew its holdings in Alphabet by 657.4% in the 3rd quarter. Formidable Asset Management LLC now owns 924 shares of the information services provider’s stock valued at $2,463,000 after buying an additional 802 shares in the last quarter. Finally, IndexIQ Advisors LLC grew its holdings in shares of Alphabet by 2.9% during the 3rd quarter. IndexIQ Advisors LLC now owns 4,813 shares of the information services provider’s stock worth $12,828,000 after purchasing an additional 136 shares during the period. 30.66% of the stock is owned by institutional investors.
NASDAQ:GOOG traded down $1.13 during midday trading on Friday, hitting $2,781.49. The company’s stock had a trading volume of 29,866 shares, compared to its average volume of 1,123,908. Alphabet Inc. has a fifty-two week low of $1,721.55 and a fifty-two week high of $3,037.00. The firm’s 50 day moving average is $2,908.10 and its 200-day moving average is $2,816.68. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.98 and a quick ratio of 2.96. The firm has a market cap of $1.85 trillion, a P/E ratio of 26.49, a P/E/G ratio of 0.97 and a beta of 1.06.
In related news, CAO Amie Thuener O’toole sold 48 shares of the company’s stock in a transaction on Tuesday, November 2nd. The stock was sold at an average price of $2,896.12, for a total transaction of $139,013.76. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sergey Brin sold 13,888 shares of the business’s stock in a transaction on Wednesday, January 12th. The stock was sold at an average price of $2,839.10, for a total value of $39,429,420.80. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 198,473 shares of company stock valued at $436,640,791. 12.99% of the stock is owned by company insiders.
A number of research analysts recently issued reports on the company. Cowen raised their price target on Alphabet from $3,360.00 to $3,500.00 in a research note on Thursday. Raymond James boosted their price target on Alphabet from $3,200.00 to $3,400.00 and gave the company an “outperform” rating in a research report on Wednesday, October 27th. They noted that the move was a valuation call. Piper Sandler boosted their price objective on Alphabet from $3,034.00 to $3,150.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 27th. Zacks Investment Research downgraded Alphabet from a “buy” rating to a “hold” rating in a report on Monday, January 3rd. Finally, UBS Group started coverage on Alphabet in a report on Friday, December 3rd. They set a “buy” rating and a $3,925.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and thirty have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $3,210.45.
Alphabet, Inc is a holding company, which engages in the business of acquisition and operation of different companies. It operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube.
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