Magellan Asset Management Ltd Boosts Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Feb 26th, 2023

Magellan Asset Management Ltd raised its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,348.9% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 6,846,075 shares of the information services provider’s stock after buying an additional 6,373,567 shares during the quarter. Alphabet makes up about 4.6% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 7th largest holding. Magellan Asset Management Ltd owned about 0.05% of Alphabet worth $658,250,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. DC Investments Management LLC acquired a new position in shares of Alphabet during the first quarter valued at $115,000. Guardian Wealth Management Inc. acquired a new position in shares of Alphabet during the first quarter valued at $184,000. Turim 21 Investimentos Ltda. increased its holdings in shares of Alphabet by 10.8% during the first quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after purchasing an additional 8 shares during the period. OneAscent Financial Services LLC acquired a new position in shares of Alphabet during the second quarter valued at $203,000. Finally, qPULA Trading Management LP acquired a new position in shares of Alphabet during the first quarter valued at $279,000. 28.69% of the stock is currently owned by institutional investors.

Alphabet Trading Down 1.9 %

Shares of NASDAQ GOOG opened at $89.35 on Friday. Alphabet Inc. has a one year low of $83.45 and a one year high of $144.16. The firm has a market capitalization of $1.14 trillion, a PE ratio of 19.63, a PEG ratio of 1.26 and a beta of 1.08. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06. The business has a 50-day moving average price of $94.09 and a two-hundred day moving average price of $99.18.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The business had revenue of $76.05 billion for the quarter, compared to analyst estimates of $76.49 billion. During the same quarter in the previous year, the business posted $1.53 earnings per share. The company’s revenue was up 1.0% compared to the same quarter last year. As a group, analysts predict that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Ann Mather sold 340 shares of Alphabet stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $96.92, for a total transaction of $32,952.80. Following the completion of the sale, the director now directly owns 11,300 shares in the company, valued at approximately $1,095,196. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction dated Thursday, December 1st. The stock was sold at an average price of $101.13, for a total transaction of $86,466.15. Following the completion of the sale, the chief accounting officer now directly owns 24,908 shares in the company, valued at approximately $2,518,946.04. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Ann Mather sold 340 shares of Alphabet stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $96.92, for a total value of $32,952.80. Following the sale, the director now owns 11,300 shares of the company’s stock, valued at $1,095,196. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,583 shares of company stock worth $3,418,900. 12.99% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Piper Sandler lowered their price target on Alphabet from $122.00 to $120.00 and set an “overweight” rating on the stock in a report on Friday, February 3rd. Oppenheimer lifted their target price on Alphabet from $130.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. Credit Suisse Group set a $136.00 target price on Alphabet in a report on Friday, February 3rd. Royal Bank of Canada set a $130.00 target price on Alphabet in a report on Friday, February 3rd. Finally, Sanford C. Bernstein set a $130.00 target price on Alphabet in a report on Monday, February 6th. One research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $137.13.

Alphabet Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.