Allspring Global Investments Holdings LLC Trims Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Allspring Global Investments Holdings LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 26.5% in the third quarter, HoldingsChannel reports. The fund owned 2,414,487 shares of the information services provider’s stock after selling 869,610 shares during the period. Alphabet accounts for 0.6% of Allspring Global Investments Holdings LLC’s portfolio, making the stock its 23rd biggest holding. Allspring Global Investments Holdings LLC’s holdings in Alphabet were worth $400,443,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of GOOGL. SG Americas Securities LLC lifted its holdings in shares of Alphabet by 587.4% during the third quarter. SG Americas Securities LLC now owns 10,690,326 shares of the information services provider’s stock valued at $1,772,991,000 after purchasing an additional 9,135,056 shares during the last quarter. Capital Research Global Investors increased its position in Alphabet by 14.4% during the 1st quarter. Capital Research Global Investors now owns 57,803,291 shares of the information services provider’s stock valued at $8,724,251,000 after buying an additional 7,275,757 shares in the last quarter. Wulff Hansen & CO. raised its stake in Alphabet by 18,810.2% during the second quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider’s stock valued at $807,700,000 after buying an additional 4,410,811 shares during the last quarter. PineStone Asset Management Inc. boosted its holdings in Alphabet by 143.7% in the second quarter. PineStone Asset Management Inc. now owns 7,072,197 shares of the information services provider’s stock worth $1,288,201,000 after acquiring an additional 4,170,229 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Alphabet by 0.8% in the first quarter. Vanguard Group Inc. now owns 497,874,324 shares of the information services provider’s stock worth $75,144,172,000 after acquiring an additional 4,064,073 shares during the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Trading Up 2.8 %

Alphabet stock opened at $174.46 on Thursday. Alphabet Inc. has a 12-month low of $122.68 and a 12-month high of $191.75. The firm has a market capitalization of $2.16 trillion, a price-to-earnings ratio of 26.76, a P/E/G ratio of 1.27 and a beta of 1.04. The firm has a 50 day moving average of $162.17 and a 200 day moving average of $168.78. The company has a current ratio of 2.08, a quick ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping analysts’ consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to analyst estimates of $72.85 billion. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. During the same period in the prior year, the business posted $1.55 earnings per share. As a group, research analysts predict that Alphabet Inc. will post 7.65 earnings per share for the current year.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 2,835 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the sale, the chief accounting officer now directly owns 29,182 shares of the company’s stock, valued at $4,421,948.46. This trade represents a 0.00 % 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. In related news, CAO Amie Thuener O’toole sold 2,835 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $151.53, for a total transaction of $429,587.55. Following the completion of the sale, the chief accounting officer now owns 29,182 shares in the company, valued at approximately $4,421,948.46. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $162.35, for a total value of $3,652,875.00. Following the sale, the chief executive officer now directly owns 2,182,385 shares in the company, valued at $354,310,204.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 220,426 shares of company stock valued at $35,993,340. Company insiders own 11.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $210.00 price target on shares of Alphabet in a research report on Wednesday. DA Davidson initiated coverage on shares of Alphabet in a report on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 target price for the company. Piper Sandler reiterated an “overweight” rating and set a $210.00 price target (up previously from $200.00) on shares of Alphabet in a report on Wednesday. Scotiabank upgraded shares of Alphabet to a “strong-buy” rating in a report on Friday, October 11th. Finally, Argus upped their price objective on Alphabet from $200.00 to $215.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Seven research analysts have rated the stock with a hold rating, thirty have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $205.51.

Alphabet 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.