Van ECK Associates Corp Lowers Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Van ECK Associates Corp decreased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 10.1% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 15,839 shares of the information services provider’s stock after selling 1,781 shares during the quarter. Van ECK Associates Corp’s holdings in Alphabet were worth $39,698,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. JPMorgan Chase & Co. lifted its stake in shares of Alphabet by 28.9% during the 1st quarter. JPMorgan Chase & Co. now owns 3,594,116 shares of the information services provider’s stock valued at $7,434,896,000 after buying an additional 804,739 shares in the last quarter. SG Americas Securities LLC lifted its stake in shares of Alphabet by 104.8% during the 1st quarter. SG Americas Securities LLC now owns 27,220 shares of the information services provider’s stock valued at $56,308,000 after buying an additional 597,326 shares in the last quarter. CIBC World Markets Inc. lifted its stake in shares of Alphabet by 353.4% during the 1st quarter. CIBC World Markets Inc. now owns 626,878 shares of the information services provider’s stock valued at $1,296,779,000 after buying an additional 488,608 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in shares of Alphabet by 168.7% during the 1st quarter. Canada Pension Plan Investment Board now owns 402,007 shares of the information services provider’s stock valued at $831,604,000 after buying an additional 252,373 shares in the last quarter. Finally, Jennison Associates LLC lifted its stake in Alphabet by 18.3% in the 1st quarter. Jennison Associates LLC now owns 1,392,266 shares of the information services provider’s stock worth $2,880,083,000 after purchasing an additional 215,663 shares in the last quarter. Institutional investors own 31.55% of the company’s stock.

Several analysts have commented on the stock. Susquehanna Bancshares boosted their price target on shares of Alphabet from $3,100.00 to $3,600.00 and gave the stock a “positive” rating in a research note on Wednesday, July 28th. Jefferies Financial Group boosted their price target on shares of Alphabet from $2,950.00 to $3,150.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. Guggenheim boosted their price target on shares of Alphabet from $2,850.00 to $3,140.00 and gave the stock a “buy” rating in a research note on Wednesday, July 28th. KeyCorp upped their target price on shares of Alphabet from $2,681.00 to $3,071.00 and gave the company an “overweight” rating in a research report on Wednesday, July 28th. Finally, Piper Sandler upped their target price on shares of Alphabet from $2,635.00 to $3,034.00 and gave the company an “overweight” rating in a research report on Wednesday, July 28th. Three equities research analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $3,087.17.

In related news, Director Sergey Brin sold 13,889 shares of the stock in a transaction that occurred on Thursday, September 9th. The shares were sold at an average price of $2,876.30, for a total transaction of $39,948,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred on Tuesday, September 7th. The shares were sold at an average price of $3,802.28, for a total transaction of $760,456.00. The disclosure for this sale can be found here. Insiders have sold 461,489 shares of company stock valued at $325,800,236 in the last three months. 12.99% of the stock is currently owned by corporate insiders.

Shares of GOOG opened at $2,868.12 on Wednesday. The company has a 50 day moving average price of $2,761.21 and a 200-day moving average price of $2,467.80. Alphabet Inc. has a fifty-two week low of $1,406.55 and a fifty-two week high of $2,936.41. The stock has a market capitalization of $1.91 trillion, a PE ratio of 31.09, a PEG ratio of 1.85 and a beta of 1.00. The company has a debt-to-equity ratio of 0.06, a quick ratio of 3.14 and a current ratio of 3.15.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Monday, July 26th. The information services provider reported $27.26 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $56.08 billion. During the same quarter in the prior year, the company posted $10.13 earnings per share. Alphabet’s revenue for the quarter was up 61.6% compared to the same quarter last year. Equities research analysts forecast that Alphabet Inc. will post 101.86 EPS for the current year.

Alphabet Company Profile

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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