Assenagon Asset Management Increases Stake in Alphabet Inc.

Assenagon Asset Management S.A. has significantly increased its investment in Alphabet Inc. (NASDAQ:GOOG) by 65.9% during the third quarter, according to reports. Following this purchase, the firm now holds 6,294,332 shares of Alphabet, having added 2,500,621 shares in this recent period. Alphabet represents roughly 1.9% of Assenagon’s overall investment portfolio, making it their 8th largest holding. As per their latest SEC filing, the value of Assenagon’s Alphabet holdings has reached approximately $1,052,349,000.

Other institutional investors have also recently adjusted their holdings in Alphabet. For instance, Twelve Points Wealth Management LLC increased its stake by 0.7% during the second quarter, bringing their total number of shares to 7,985 with a value of $1,465,000 after acquiring an additional 55 shares. Similarly, PCG Wealth Advisors LLC raised its position by 3.1% during the same period, now owning 1,880 shares worth $345,000 after purchasing 57 additional shares. Another firm, Investment Advisory Services Inc. TX ADV, grew its holdings by 1.6% in the second quarter, holding 3,636 shares valued at $667,000 after an additional purchase of 57 shares. Advisors Management Group Inc. ADV also lifted its position by 2.0%, owning 2,944 shares now worth $540,000 after buying an extra 58 shares. Additionally, Mark Sheptoff Financial Planning LLC boosted its holdings by 11.1% earlier this year, owning 600 shares valued at $91,000 after acquiring another 60 shares. Currently, hedge funds and other institutional investors own 27.26% of Alphabet’s stock.

Current Performance of Alphabet Stocks

Alphabet's stocks opened at $166.99 recently. The company boasts a market capitalization of $2.06 trillion, a price-to-earnings ratio of 25.61, and a price-to-earnings-growth ratio of 1.21, indicating its growth potential has been favorable. As per the recent data, Alphabet has a quick ratio and current ratio of 2.08 each, with a notably low debt-to-equity ratio of 0.04. Over the last year, Alphabet's stock has experienced significant fluctuations, with a 52-week low of $121.46 and a high of $193.31. The 50-day moving average stands at $163.31, while the two-hundred-day moving average is at $169.88.

On July 23rd, Alphabet reported its latest quarterly earnings, posting an earnings per share (EPS) of $1.89, which surpassed analysts’ expectations of $1.85. The company's revenue for that quarter reached $84.74 billion, again exceeding the forecast of $84.22 billion. Alphabet's net margin for the quarter was 26.70%, and the return on equity was an impressive 30.49%. This quarterly revenue reflected a 13.6% increase compared to the previous year, where the EPS was $1.44. Analysts anticipate Alphabet Inc. to achieve an EPS of 7.64 in the current fiscal year.

Recent Insider Transactions at Alphabet

Recently, some insiders at Alphabet have sold shares. On August 15th, SVP Prabhakar Raghavan sold 34,257 shares at an average price of $162.60, amounting to a transaction total of $5,570,188.20. After this sale, he retained 312,210 shares of the company, worth about $50,765,346, indicating no significant change in his ownership percentage. Similarly, CAO Amie Thuener O’Toole sold 682 shares on August 2nd, with a transaction value of $114,576, leading to total shares owned at 31,334, valued at approximately $5,264,112. Over the past three months, insiders have sold 220,426 shares valued at $35,993,340, while corporate insiders currently own 12.99% of Alphabet stock.

Analyst Ratings and Forecasts

Recent comments from equity research analysts have produced a mixed response regarding Alphabet’s stock outlook. For instance, Rosenblatt Securities adjusted its rating on Alphabet from “buy” to “neutral” with a price target set at $181.00. Meanwhile, Oppenheimer lowered its price target from $210.00 to $185.00 while maintaining an “outperform” rating. Wolfe Research has upgraded Alphabet to a “strong-buy” assessment, whereas Pivotal Research initiated coverage with a “buy” recommendation and a price target set at $215.00. Additionally, UBS Group reduced its price target from $204.00 to $187.00 with a “neutral” rating. Overall, the current average analysts' rating for Alphabet stock is considered a “Moderate Buy,” with an average target price of $186.90.

About Alphabet Inc.

Alphabet Inc. is a leading technology conglomerate that offers a variety of products and services globally, encompassing regions such as the U.S., Europe, Asia-Pacific, and more. The company operates through several key segments: Google Services, Google Cloud, and Other Bets, with Google Services including popular platforms like YouTube, Google Maps, Gmail, and more.

Assenagon, Alphabet, Investment