The First Mercantile Trust Co. Sold shares of Alphabet Inc. (GOOGL)

The First Mercantile Trust Co. Sold shares of Alphabet Inc. (GOOGL)

First Mercantile Trust Co. decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 4.1% during the third quarter, Holdings Channel reports. The fund owned 10,311 shares of the company’s stock after selling 440 shares during the period. Alphabet comprises about 1.1% of First Mercantile Trust Co.’s portfolio, making the stock its 6th largest position. First Mercantile Trust Co.’s holdings in Alphabet were worth $8,288,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Springbok Capital Management LLC raised its position in shares of Alphabet by 22.3% in the first quarter. Springbok Capital Management LLC now owns 6,831 shares of the company’s stock worth $5,211,000 after buying an additional 1,247 shares during the period. Orbis Allan Gray Ltd acquired a new position in shares of Alphabet during the first quarter worth approximately $51,952,000. Legal & General Group Plc raised its position in shares of Alphabet by 2.2% in the first quarter. Legal & General Group Plc now owns 1,329,549 shares of the company’s stock worth $1,014,386,000 after buying an additional 28,647 shares during the period. Zurich Insurance Group Ltd FI raised its position in shares of Alphabet by 2.9% in the first quarter. Zurich Insurance Group Ltd FI now owns 47,560 shares of the company’s stock worth $36,284,000 after buying an additional 1,328 shares during the period. Finally, Wealthsource Partners LLC acquired a new position in shares of Alphabet during the first quarter worth approximately $519,000. 34.14% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Inc. (NASDAQ:GOOGL) traded up 0.16% during mid-day trading on Friday, reaching $780.23. 613,549 shares of the company’s stock traded hands. The stock has a 50 day moving average of $800.21 and a 200 day moving average of $771.86. Alphabet Inc. has a 12-month low of $672.66 and a 12-month high of $839.00. The company has a market cap of $537.76 billion, a P/E ratio of 28.56 and a beta of 0.92.

GOOGL has been the topic of a number of recent research reports. Vetr upgraded shares of Alphabet from a “buy” rating to a “strong-buy” rating and set a $890.66 price target on the stock in a report on Saturday, October 29th. Morgan Stanley restated a “buy” rating and issued a $880.00 target price on shares of Alphabet in a report on Thursday, September 29th. Cantor Fitzgerald restated a “buy” rating and issued a $1,000.00 target price on shares of Alphabet in a report on Wednesday, October 5th. Jefferies Group restated a “buy” rating and issued a $1,000.00 target price on shares of Alphabet in a report on Monday, October 3rd. Finally, Bank of America Corp. restated a “buy” rating and issued a $960.00 target price on shares of Alphabet in a report on Wednesday, August 31st. One analyst has rated the stock with a sell rating, two have given a hold rating, forty-five have given a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $940.44.

About Alphabet

Alphabet Inc is a holding company. The Company holds interests in Google Inc (Google). The Company’s segments include Google and Other Bets. Google segment includes Internet products, such as Search, Ads, Commerce, Maps, YouTube, Apps, Cloud, Android, Chrome, Google Play, and hardware products, including Chromecast, Chromebooks and Nexus, which are sold by the Company.

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