Alphabet Inc. $GOOG Stock Acquired by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.3% in the third quarter, HoldingsChannel reports. The firm owned 815,469 shares of the information services provider’s stock after acquiring an additional 10,102 shares during the period. Alphabet makes up about 1.8% of Sumitomo Mitsui DS Asset Management Company Ltd’s portfolio, making the stock its 6th biggest holding. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Alphabet were worth $277,863,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GOOG. Castlekeep Investment Advisors LLC acquired a new stake in Alphabet during the 2nd quarter valued at $29,000. Timbuktu Capital Management LLC purchased a new position in Alphabet during the second quarter worth $46,000. Robinswood Financial LLC purchased a new position in Alphabet during the first quarter worth $57,000. Commonwealth Retirement Investments LLC acquired a new position in shares of Alphabet in the second quarter worth $86,000. Finally, Harborfront Financial Group LLC acquired a new position in shares of Alphabet in the second quarter worth $89,000. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Frances Arnold sold 83 shares of the firm’s stock in a transaction on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total value of $28,257.35. Following the transaction, the director owned 19,076 shares of the company’s stock, valued at approximately $6,494,424.20. This trade represents a 0.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Marsida Saraci sold 449 shares of Alphabet stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $333.20, for a total transaction of $149,606.80. Following the transaction, the chief accounting officer owned 27,386 shares in the company, valued at $9,125,015.20. The trade was a 1.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 339,182 shares of company stock worth $6,740,093 over the last ninety days. 12.99% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GOOG. Piper Sandler upped their price objective on Alphabet from $395.00 to $400.00 and gave the company an “overweight” rating in a research report on Monday, September 28th. KeyCorp set a $410.00 price objective on Alphabet in a research report on Monday. Wedbush started coverage on Alphabet in a research report on Thursday, July 16th. They set an “outperform” rating and a $445.00 price objective for the company. Canaccord Genuity Group set a $450.00 target price on shares of Alphabet in a research note on Thursday, July 23rd. Finally, DZ Bank upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating in a report on Thursday, July 23rd. Six analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Alphabet has an average rating of “Buy” and an average price target of $421.85.

Alphabet Stock Down 1.6%

GOOG opened at $330.91 on Thursday. The firm has a 50 day moving average price of $340.41 and a 200 day moving average price of $350.26. The company has a market cap of $4.05 trillion, a PE ratio of 16.62, a price-to-earnings-growth ratio of 0.97 and a beta of 1.19. Alphabet Inc. has a 1 year low of $250.45 and a 1 year high of $404.47. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Thursday, July 23rd. The information services provider reported $9.11 earnings per share for the quarter, beating analysts’ consensus estimates of $2.87 by $6.24. The firm had revenue of $119.80 billion for the quarter, compared to analysts’ expectations of $116.53 billion. Alphabet had a net margin of 54.77% and a return on equity of 51.32%. Alphabet’s revenue was up 24.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.31 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 20.60 earnings per share for the current year.

Alphabet News Roundup

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet reached an agreement to make OpenAI’s latest models and Codex coding agent available through Google Cloud. The deal could increase cloud demand, improve infrastructure utilization and strengthen Google’s position in enterprise AI. OpenAI to sell its top models on Google Cloud
• Positive Sentiment: Analysts and investors continue to point to accelerating Google Cloud growth, rising demand for Alphabet’s custom AI chips and resilient Search revenue as potential catalysts for the upcoming earnings report. Bank of America expects a modest third-quarter beat, while several analysts maintain bullish long-term targets. Alphabet set for earnings beat
• Positive Sentiment: Waymo expanded its autonomous ride-hailing service to Las Vegas airport and plans further international and fleet expansion, providing Alphabet with a potential long-term growth avenue beyond advertising and cloud. Waymo starts offering rides at the Las Vegas airport

Alphabet Profile

Alphabet Inc is a technology holding company best known as the parent organization of Google. Founded in 2015 through a corporate restructuring, Alphabet oversees Google and a collection of businesses focused on technology, online services, communications, artificial intelligence, and other emerging areas.

Google’s principal products and services include its internet search engine, digital advertising platforms, YouTube, Android, Chrome, Google Maps, Google Play, and Google Workspace. The company also provides cloud computing, data storage, cybersecurity, productivity, and artificial intelligence services through Google Cloud.