Warren Buffett has a $128 billion cash pile. Wall Street can't figure out why he isn't spending it.

Price target: $217 (B-shares)

Rating: Equal-weight

"BRK repurchased $695m shares in 3Q, versus $442m in 2Q and $1,700m in 1Q. Cash/ ST investments stood at $124b in the quarter, vs $119b in 2Q, while equity investments were $220b vs $201b in 2Q," wrote Michael Phillips in a Monday note.

He continued: "Investors continue to ask about cash usage, and may be dismayed by minimal share repurchases in the quarter."

Price target: $230 (B-shares)

Rating: Hold

"Cash and short term investments topped $124 billion at September 30th, but we don't have a clear sense of Berkshire's acquisition or capital allocation strategy. That, coupled with some mixed operating results, removes a catalyst from the shares," wrote analyst Catherine Seifert in a Monday note.

Price Target: $380,000 (A-shares), $253 (B-shares)

Rating: Buy

"The company closed out the September quarter with a record $128.2 billion in cash and cash equivalents, up from $122.4 billion at the end of June (and $103.6 billion at the end of the third quarter of 2018)," wrote analyst Greggory Warren in a note Saturday.

He continued: "This left Berkshire, by our estimates, with around $103 billion in dry powder at the start of the fourth quarter that could be committed to investments, acquisitions, share repurchases, and dividends."