Magellan Asset Management Ltd Cuts Position in Alphabet Inc. $GOOG

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Magellan Asset Management Ltd reduced its stake in Alphabet Inc. (NASDAQ:GOOG) by 20.9% in the third quarter, selling 130,170 shares and now owning 493,371 shares valued at $120.16 million. Other institutional investors also adjusted their holdings, with overall institutional ownership at 27.26%. Despite recent insider selling and concerns over CapEx, analysts largely maintain a “Buy” rating for Alphabet, with a consensus target price of $343.90.

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