State of New Jersey Common Pension Fund D Sells 3,269 Shares of Alphabet Inc. $GOOGL

State of New Jersey Common Pension Fund D lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 1,963,042 shares of the information services provider’s stock after selling 3,269 shares during the period. Alphabet accounts for approximately 1.3% of State of New Jersey Common Pension Fund D’s portfolio, making the stock its 11th biggest holding. State of New Jersey Common Pension Fund D’s holdings in Alphabet were worth $345,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the business. Gimbal Financial boosted its stake in Alphabet by 1.9% during the second quarter. Gimbal Financial now owns 2,776 shares of the information services provider’s stock worth $489,000 after acquiring an additional 53 shares in the last quarter. Missouri Trust & Investment Co raised its holdings in Alphabet by 0.3% in the second quarter. Missouri Trust & Investment Co now owns 16,916 shares of the information services provider’s stock worth $2,981,000 after buying an additional 55 shares during the last quarter. AM Investment Strategies LLC raised its holdings in Alphabet by 0.9% in the second quarter. AM Investment Strategies LLC now owns 6,477 shares of the information services provider’s stock worth $1,141,000 after buying an additional 57 shares during the last quarter. Bfsg LLC increased its position in shares of Alphabet by 0.6% during the second quarter. Bfsg LLC now owns 10,428 shares of the information services provider’s stock valued at $1,838,000 after acquiring an additional 59 shares in the last quarter. Finally, Financial Council LLC increased its position in shares of Alphabet by 1.0% during the second quarter. Financial Council LLC now owns 5,800 shares of the information services provider’s stock valued at $1,022,000 after acquiring an additional 60 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on GOOGL shares. Canaccord Genuity Group raised their price target on shares of Alphabet from $270.00 to $330.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. CIBC raised their price target on shares of Alphabet to $315.00 in a research report on Monday, October 20th. Melius Research raised their price target on shares of Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Morgan Stanley raised their price target on shares of Alphabet from $270.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, CICC Research raised their price target on shares of Alphabet from $240.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $303.09.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 954 shares of the company’s stock in a transaction dated Monday, November 3rd. The shares were sold at an average price of $282.33, for a total transaction of $269,342.82. Following the transaction, the chief accounting officer owned 14,517 shares in the company, valued at $4,098,584.61. The trade was a 6.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 190,896 shares of company stock worth $45,092,175. 11.64% of the stock is owned by corporate insiders.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $277.54 on Wednesday. The firm has a fifty day moving average price of $246.91 and a 200-day moving average price of $202.13. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The stock has a market cap of $3.36 trillion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $291.59.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Equities analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Profile

Alphabet Inc offers 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 provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.