News Summary
The New York State Teachers Retirement System has slightly reduced its investment in Alphabet Inc. to 4,944,564 shares. This change represents about 1.8% of the system’s portfolio. Other institutional investors, including Nuveen LLC and Vanguard Group Inc., have been actively increasing their stakes in Alphabet, suggesting ongoing confidence in the tech giant. Analysts have also raised target prices for Alphabet stock, highlighting a mix of positive ratings despite insider trading activity. Alphabet currently holds a significant market capitalization amidst these changes.
New York – The New York State Teachers Retirement System has made adjustments to its holdings in Alphabet Inc. (NASDAQ: GOOGL), marginally decreasing its investment by 0.0% during the second quarter of the fiscal year. According to its latest Form 13F filing with the U.S. Securities and Exchange Commission, the retirement system reported it owns a total of 4,944,564 shares and sold 2,078 shares during the quarter.
Alphabet now represents approximately 1.8% of the New York State Teachers Retirement System’s investment portfolio, making it the system’s seventh-largest position. The market value of these holdings reached $871,381,000 by the end of the quarter.
In addition to the retirement system’s adjustments, other institutional investors have been actively trading in Alphabet shares. Nuveen LLC has established a new position in Alphabet valued at $4,317,606,000 during the first quarter. Meanwhile, Vanguard Group Inc. increased its stake in Alphabet by 2.9%, acquiring an additional 14,307,345 shares, bringing its total share count to 509,826,331, valued at approximately $78,839,544,000.
Further investment increases were seen from UBS Asset Management, which raised its position in Alphabet by 11.4%, now holding 43,865,520 shares worth $6,783,364,000. Amundi also raised its holdings by 11.8%, owning 33,403,871 shares now valuated at around $5,034,992,000. Additionally, Evergreen Quality Fund GP Ltd. increased its shares significantly by 178.3%, now owning 4,003,900 shares valued at $619,163,000. Overall, institutional investors and hedge funds collectively own about 40.03% of Alphabet’s stock.
Currently, Alphabet’s stock opened at $259.92 with a notable market capitalization of $3.14 trillion. The company’s financial ratios are as follows: a current ratio of 1.90, a quick ratio of 1.90, and a debt-to-equity ratio of 0.07. Alphabet has a price-to-earnings (PE) ratio of 27.68, price-to-earnings-growth (PEG) ratio of 1.75, and a beta of 1.00. The stock has fluctuated between a one-year low of $140.53 and a high of $261.68, with its 50-day moving average price at $236.72 and a 200-day moving average of $195.85.
Recent activity among analysts has resulted in a shift in target prices for Alphabet. Notably, Moffett Nathanson has raised its price target from $230.00 to $295.00 while maintaining a “buy” rating. Jefferies Financial Group has also revised its target price upward from $230.00 to $285.00, and Bank of America has increased its target from $252.00 to $280.00, reaffirming a “buy” rating. Currently, Alphabet has received a mix of ratings, with four analysts giving it a “Strong Buy,” thirty-four rating it a “Buy,” and ten assigning a “Hold.” The consensus rating stands as a “Moderate Buy” with an average price target of $263.55.
Additionally, insider trading has seen activity with CEO Sundar Pichai selling 32,500 shares on September 17 for a total of $8,108,750, while insider John Kent Walker sold 23,820 shares on August 4 for $4,637,754. In total, over the past three months, insiders sold 246,150 shares worth a substantial $55,805,379, while corporate insiders currently own about 11.55% of Alphabet’s stock.
Alphabet operates through various segments, including Google Services, Google Cloud, and Other Bets, providing a wide range of products such as advertising services, mobile operating systems (Android), web browsers (Chrome), communication tools (Gmail), storage solutions (Google Drive), and video platforms (YouTube).
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