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

Sumitomo Mitsui DS Asset Management Company Ltd grew its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 815,469 shares of the information services provider’s stock after buying an additional 10,102 shares during the quarter. Alphabet accounts for 1.8% of Sumitomo Mitsui DS Asset Management Company Ltd’s investment portfolio, making the stock its 6th largest holding. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Alphabet were worth $277,863,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Alphabet by 1.4% in the second quarter. BlackRock Inc. now owns 369,922,502 shares of the information services provider’s stock valued at $130,704,718,000 after acquiring an additional 5,164,200 shares in the last quarter. State Street Corp increased its stake in shares of Alphabet by 2.8% during the second quarter. State Street Corp now owns 190,923,442 shares of the information services provider’s stock worth $67,458,980,000 after acquiring an additional 5,208,690 shares during the period. Amundi raised its holdings in Alphabet by 22.9% during the first quarter. Amundi now owns 21,922,379 shares of the information services provider’s stock worth $6,288,654,000 after purchasing an additional 4,083,758 shares in the last quarter. Deutsche Bank AG raised its holdings in Alphabet by 5.6% during the second quarter. Deutsche Bank AG now owns 17,313,729 shares of the information services provider’s stock worth $6,117,460,000 after purchasing an additional 913,666 shares in the last quarter. Finally, Wellington Management Group LLP raised its holdings in Alphabet by 24.9% during the second quarter. Wellington Management Group LLP now owns 17,209,454 shares of the information services provider’s stock worth $6,080,616,000 after purchasing an additional 3,432,287 shares in the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Jefferies Financial Group restated a “buy” rating on shares of Alphabet in a research report on Monday, August 3rd. New Street Research lowered their price objective on Alphabet from $455.00 to $405.00 and set a “buy” rating on the stock in a report on Friday, July 24th. Royal Bank Of Canada reiterated a “buy” rating and set a $475.00 target price on shares of Alphabet in a research report on Thursday, July 23rd. Truist Financial dropped their target price on Alphabet from $430.00 to $420.00 and set a “buy” rating on the stock in a research report on Thursday, July 23rd. Finally, Piper Sandler increased their target price on Alphabet from $395.00 to $400.00 and gave the stock an “overweight” rating in a research note on Monday, September 28th. Six equities research 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 data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $421.85.

Insiders Place Their Bets

In other news, CAO Marsida Saraci sold 449 shares of the firm’s stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $333.20, for a total value of $149,606.80. Following the completion of the transaction, the chief accounting officer owned 27,386 shares in the company, valued at $9,125,015.20. This trade represents a 1.61% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 118,138 shares of Alphabet stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $18.90, for a total value of $2,232,808.20. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 339,182 shares of company stock worth $6,740,093. 12.99% of the stock is owned by corporate insiders.

Key Headlines Impacting Alphabet

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 Stock Performance

GOOG opened at $330.91 on Thursday. The stock has a market cap of $4.05 trillion, a P/E ratio of 16.62, a P/E/G ratio of 0.97 and a beta of 1.19. The company has a debt-to-equity ratio of 0.16, a current ratio of 2.72 and a quick ratio of 2.64. The stock’s 50 day simple moving average is $340.41 and its 200 day simple moving average is $350.26. Alphabet Inc. has a 1-year low of $250.45 and a 1-year high of $404.47.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings data on Thursday, July 23rd. The information services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $2.87 by $6.24. The firm had revenue of $119.80 billion during the quarter, compared to the consensus estimate of $116.53 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. Alphabet’s quarterly revenue was up 24.2% on a year-over-year basis. During the same period last year, the business posted $2.31 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 20.60 EPS for the current fiscal year.

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.