Riverpark Capital Management LLC Reduces Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Riverpark Capital Management LLC trimmed its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 59.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,460 shares of the information services provider’s stock after selling 18,281 shares during the quarter. Alphabet accounts for about 2.5% of Riverpark Capital Management LLC’s portfolio, making the stock its 23rd largest position. Riverpark Capital Management LLC’s holdings in Alphabet were worth $1,099,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOGL. Bornite Capital Management LP acquired a new position in shares of Alphabet in the 1st quarter valued at about $16,688,000. Markel Corp lifted its holdings in shares of Alphabet by 17.0% in the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after buying an additional 2,250 shares during the period. United Bank lifted its holdings in shares of Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after buying an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Alphabet by 23.4% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after buying an additional 61,427 shares during the period. Finally, Dakota Wealth Management lifted its holdings in shares of Alphabet by 20.4% in the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after buying an additional 1,570 shares during the period. Institutional investors and hedge funds own 34.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays boosted their price objective on Alphabet from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Morgan Stanley lifted their price target on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, April 26th. Wolfe Research lifted their price target on Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Stifel Nicolaus assumed coverage on Alphabet in a research note on Monday, March 20th. They issued a “buy” rating and a $130.00 price target for the company. Finally, KeyCorp cut their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research note on Monday, January 30th. Four investment analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $130.56.

Alphabet Price Performance

GOOGL stock opened at $123.48 on Friday. The firm has a 50 day moving average of $108.64 and a 200-day moving average of $99.13. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $126.43. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.57 trillion, a price-to-earnings ratio of 27.50, a PEG ratio of 1.54 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same period last year, the company posted $1.23 EPS. As a group, equities analysts expect that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total transaction of $57,425.55. Following the completion of the transaction, the chief accounting officer now directly owns 25,442 shares of the company’s stock, valued at approximately $2,293,596.30. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the business’s stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $90.15, for a total value of $57,425.55. Following the completion of the transaction, the chief accounting officer now directly owns 25,442 shares in the company, valued at approximately $2,293,596.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was acquired at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now directly owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 732,217 shares of company stock valued at $21,135,371 and sold 753,384 shares valued at $30,574,577. Corporate insiders own 0.88% of the company’s stock.

Alphabet Company Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.