Comerica Bank Increases Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)


Comerica Bank boosted its position in Alphabet Inc. (NASDAQ:GOOGGet Rating) by 1,922.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 801,147 shares of the information services provider’s stock after purchasing an additional 761,527 shares during the period. Alphabet comprises 0.7% of Comerica Bank’s portfolio, making the stock its 18th biggest holding. Comerica Bank’s holdings in Alphabet were worth $82,494,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Asio Capital LLC boosted its position in Alphabet by 1,976.3% in the third quarter. Asio Capital LLC now owns 74,062 shares of the information services provider’s stock worth $7,121,000 after purchasing an additional 70,495 shares during the last quarter. Riverview Trust Co lifted its position in shares of Alphabet by 1,866.7% during the 3rd quarter. Riverview Trust Co now owns 21,280 shares of the information services provider’s stock valued at $2,046,000 after buying an additional 20,198 shares in the last quarter. Coastal Investment Advisors Inc. lifted its position in shares of Alphabet by 1,814.7% during the 3rd quarter. Coastal Investment Advisors Inc. now owns 78,637 shares of the information services provider’s stock valued at $7,561,000 after buying an additional 74,530 shares in the last quarter. Portland Global Advisors LLC lifted its position in shares of Alphabet by 1,900.0% during the 3rd quarter. Portland Global Advisors LLC now owns 3,940 shares of the information services provider’s stock valued at $379,000 after buying an additional 3,743 shares in the last quarter. Finally, Day & Ennis LLC purchased a new position in shares of Alphabet during the 3rd quarter valued at about $287,000. 28.69% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Alphabet news, Director Ann Mather sold 280 shares of the company’s stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the sale, the director now directly owns 11,200 shares in the company, valued at approximately $1,156,176. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Ann Mather sold 280 shares of the company’s stock in a transaction on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total transaction of $28,904.40. Following the completion of the sale, the director now directly owns 11,200 shares in the company, valued at approximately $1,156,176. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction on Wednesday, November 2nd. The stock was sold at an average price of $90.85, for a total value of $77,676.75. Following the sale, the chief accounting officer now owns 24,694 shares of the company’s stock, valued at $2,243,449.90. The disclosure for this sale can be found here. In the last ninety days, insiders bought 1,461,702 shares of company stock worth $36,999,217 and sold 190,744 shares worth $8,564,640. Company insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

GOOG has been the topic of a number of analyst reports. Piper Sandler lowered their price objective on Alphabet from $135.00 to $122.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 26th. Deutsche Bank Aktiengesellschaft lowered their price objective on Alphabet from $135.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, October 21st. Credit Suisse Group set a $128.00 price objective on Alphabet in a research report on Wednesday, October 26th. UBS Group set a $115.00 price target on Alphabet in a report on Thursday, January 12th. Finally, Cowen lowered their price target on Alphabet from $150.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. One analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $140.56.

Alphabet Stock Performance

Shares of Alphabet stock opened at $99.28 on Friday. The stock’s fifty day moving average is $93.52 and its two-hundred day moving average is $102.16. The company has a market capitalization of $1.28 trillion, a PE ratio of 19.72, a price-to-earnings-growth ratio of 1.63 and a beta of 1.08. The company has a quick ratio of 2.47, a current ratio of 2.52 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 52 week low of $83.45 and a 52 week high of $152.10.

Alphabet (NASDAQ:GOOGGet Rating) last announced its quarterly earnings data on Tuesday, October 25th. The information services provider reported $1.06 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.19). The business had revenue of $69.09 billion during the quarter, compared to the consensus estimate of $70.67 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The business’s revenue was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.40 EPS. As a group, analysts expect that Alphabet Inc. will post 4.68 earnings per share for the current year.

About Alphabet

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Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)



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