Massachusetts Financial Services Co. MA Boosts Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Feb 28th, 2023

Massachusetts Financial Services Co. MA raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,955.0% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 61,134,061 shares of the information services provider’s stock after buying an additional 58,159,150 shares during the quarter. Alphabet makes up about 2.2% of Massachusetts Financial Services Co. MA’s investment portfolio, making the stock its 2nd largest holding. Massachusetts Financial Services Co. MA owned about 0.47% of Alphabet worth $5,847,474,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Dean Investment Associates LLC lifted its stake in Alphabet by 1,829.8% in the third quarter. Dean Investment Associates LLC now owns 5,577 shares of the information services provider’s stock valued at $533,000 after buying an additional 5,288 shares during the last quarter. Vantage Financial Partners Ltd. Inc. lifted its stake in Alphabet by 1,846.2% in the third quarter. Vantage Financial Partners Ltd. Inc. now owns 18,100 shares of the information services provider’s stock valued at $1,731,000 after buying an additional 17,170 shares during the last quarter. ESG Planning lifted its stake in Alphabet by 1,983.7% in the third quarter. ESG Planning now owns 29,734 shares of the information services provider’s stock valued at $2,875,000 after buying an additional 28,307 shares during the last quarter. Legacy Advisors LLC lifted its stake in Alphabet by 2,311.7% in the third quarter. Legacy Advisors LLC now owns 47,704 shares of the information services provider’s stock valued at $4,563,000 after buying an additional 45,726 shares during the last quarter. Finally, Wolf Group Capital Advisors lifted its stake in Alphabet by 1,892.6% in the third quarter. Wolf Group Capital Advisors now owns 22,775 shares of the information services provider’s stock valued at $2,178,000 after buying an additional 21,632 shares during the last quarter. 34.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Loop Capital raised their price target on Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, February 8th. New Street Research assumed coverage on Alphabet in a report on Wednesday, January 4th. They set a “buy” rating and a $118.00 price target on the stock. Rosenblatt Securities lowered their price target on Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. Barclays raised their price target on Alphabet from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Finally, Wells Fargo & Company lifted their target price on Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Five equities research analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $132.32.

Alphabet Stock Up 0.8 %

GOOGL opened at $89.87 on Tuesday. The business has a 50 day moving average price of $93.45 and a 200 day moving average price of $98.22. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $143.79. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38. The firm has a market cap of $1.15 trillion, a P/E ratio of 19.75, a price-to-earnings-growth ratio of 1.23 and a beta of 1.08.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.09). The business had revenue of $76.05 billion during the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same period in the prior year, the firm earned $1.53 earnings per share. Research analysts forecast that Alphabet Inc. will post 5.12 EPS for the current year.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction that occurred on Thursday, December 1st. The stock was sold at an average price of $101.13, for a total value of $86,466.15. Following the transaction, the chief accounting officer now directly owns 24,908 shares of the company’s stock, valued at approximately $2,518,946.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other news, Director Ann Mather sold 380 shares of the business’s stock in a transaction that occurred on Tuesday, December 27th. The stock was sold at an average price of $89.24, for a total transaction of $33,911.20. Following the sale, the director now directly owns 11,300 shares in the company, valued at $1,008,412. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction that occurred on Thursday, December 1st. The shares were sold at an average price of $101.13, for a total value of $86,466.15. Following the sale, the chief accounting officer now owns 24,908 shares in the company, valued at $2,518,946.04. The disclosure for this sale can be found here. Insiders have sold a total of 36,583 shares of company stock valued at $3,418,900 in the last three months. Company insiders own 11.44% of the company’s stock.

Alphabet Company 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.