Ergoteles LLC Makes New Investment in Alphabet Inc. (NASDAQ:GOOG)

Ergoteles LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOG) during the 2nd quarter, HoldingsChannel reports. The firm bought 12,196 shares of the information services provider’s stock, valued at approximately $30,567,000. Alphabet comprises approximately 0.7% of Ergoteles LLC’s holdings, making the stock its 14th largest position.

A number of other institutional investors have also modified their holdings of the business. Noked Israel Ltd raised its position in shares of Alphabet by 51.0% in the 1st quarter. Noked Israel Ltd now owns 1,540 shares of the information services provider’s stock valued at $3,186,000 after purchasing an additional 520 shares during the last quarter. Ironwood Wealth Management LLC. raised its position in Alphabet by 13.9% during the 1st quarter. Ironwood Wealth Management LLC. now owns 834 shares of the information services provider’s stock worth $1,725,000 after buying an additional 102 shares during the last quarter. Advisors Asset Management Inc. raised its position in Alphabet by 5.8% during the 1st quarter. Advisors Asset Management Inc. now owns 713 shares of the information services provider’s stock worth $1,475,000 after buying an additional 39 shares during the last quarter. WESPAC Advisors LLC raised its position in Alphabet by 11.0% during the 1st quarter. WESPAC Advisors LLC now owns 181 shares of the information services provider’s stock worth $374,000 after buying an additional 18 shares during the last quarter. Finally, Rafferty Asset Management LLC raised its position in Alphabet by 3.4% during the 1st quarter. Rafferty Asset Management LLC now owns 2,122 shares of the information services provider’s stock worth $4,390,000 after buying an additional 69 shares during the last quarter. Institutional investors own 31.55% of the company’s stock.

NASDAQ:GOOG traded up $12.23 on Friday, reaching $2,848.76. 35,116 shares of the company’s stock were exchanged, compared to its average volume of 1,315,628. The company has a quick ratio of 3.14, a current ratio of 3.15 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.90 trillion, a price-to-earnings ratio of 30.82, a price-to-earnings-growth ratio of 1.85 and a beta of 1.00. The business has a fifty day moving average of $2,792.71 and a 200-day moving average of $2,499.55. Alphabet Inc. has a 52-week low of $1,409.85 and a 52-week high of $2,936.41.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Monday, July 26th. The information services provider reported $27.26 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $19.89 by $7.37. Alphabet had a net margin of 28.57% and a return on equity of 27.87%. The company had revenue of $61.88 billion for the quarter, compared to analyst estimates of $56.08 billion. During the same period in the prior year, the firm earned $10.13 earnings per share. The business’s revenue for the quarter was up 61.6% compared to the same quarter last year. As a group, equities analysts anticipate that Alphabet Inc. will post 101.86 earnings per share for the current year.

Several research firms have recently weighed in on GOOG. Susquehanna lifted their target price on shares of Alphabet from $3,100.00 to $3,600.00 and gave the company a “positive” rating in a report on Wednesday, July 28th. Needham & Company LLC lifted their target price on shares of Alphabet from $2,700.00 to $3,200.00 and gave the company a “buy” rating in a report on Wednesday, July 28th. Piper Sandler lifted their price target on shares of Alphabet from $2,635.00 to $3,034.00 and gave the company an “overweight” rating in a research note on Wednesday, July 28th. Bank of America lifted their target price on shares of Alphabet from $2,755.00 to $3,150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. Finally, Mizuho lifted their target price on shares of Alphabet from $2,800.00 to $3,000.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. Three investment analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $3,087.17.

In other news, CAO Amie Thuener O’toole sold 48 shares of the business’s stock in a transaction dated Thursday, July 1st. The stock was sold at an average price of $2,496.99, for a total transaction of $119,855.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Page sold 13,889 shares of the business’s stock in a transaction dated Tuesday, September 21st. The stock was sold at an average price of $2,798.10, for a total value of $38,862,810.90. The disclosure for this sale can be found here. Over the last three months, insiders have sold 478,378 shares of company stock valued at $373,253,187. Corporate insiders own 12.99% of the company’s stock.

About Alphabet

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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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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