Alphabet stock sees varied institutional trades and reaffirmed buy rating

Institutional investors adjusted their holdings in Alphabet Inc. during the fourth quarter. Blackhawk Capital Partners LLC sold 1,559 shares, a 4.5% reduction, leaving it with 32,823 shares valued at about $10.3 million. IFP Advisors Inc increased its stake by 116.5%, buying 103,322 shares to hold 192,045 shares worth roughly $60.3 million. Several other firms also altered positions, with CIBC Asset Management adding over 1.6 million shares and NewEdge Wealth increasing its stake by 11.8%.

Analyst coverage remained largely positive. Barclays reaffirmed a buy rating on Alphabet, while Rosenblatt Securities issued a neutral rating with a $393 target, Needham & Company set a $450 target with a buy rating, Susquehanna gave a positive rating with a $460 target, Goldman Sachs raised its target to $450 and kept a buy rating, and New Street Research also issued a buy rating with a $450 target. The consensus rating is a moderate buy with a target of $412.94.

Insider activity showed CEO Sundar Pichai selling 32,500 shares at $303.38 each, a 1.9% reduction in his holdings, and other insiders collectively selling 226,481 shares valued at $27.4 million over the past ninety days.