Fort Point Capital Partners LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Feb 28th, 2023

Fort Point Capital Partners LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,932.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 41,295 shares of the information services provider’s stock after acquiring an additional 39,263 shares during the quarter. Fort Point Capital Partners LLC’s holdings in Alphabet were worth $3,950,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA boosted its stake in Alphabet by 1,955.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock worth $5,847,474,000 after purchasing an additional 58,159,150 shares during the period. Fisher Asset Management LLC boosted its stake in Alphabet by 1,928.6% in the 3rd quarter. Fisher Asset Management LLC now owns 42,474,883 shares of the information services provider’s stock worth $4,062,723,000 after purchasing an additional 40,381,114 shares during the period. Jennison Associates LLC boosted its stake in Alphabet by 1,690.3% in the 3rd quarter. Jennison Associates LLC now owns 26,231,920 shares of the information services provider’s stock worth $2,509,083,000 after purchasing an additional 24,766,730 shares during the period. Vanguard Group Inc. boosted its stake in Alphabet by 1.4% in the 1st quarter. Vanguard Group Inc. now owns 23,304,411 shares of the information services provider’s stock worth $64,817,723,000 after purchasing an additional 331,945 shares during the period. Finally, Alecta Tjanstepension Omsesidigt boosted its stake in Alphabet by 1,900.0% in the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 19,286,000 shares of the information services provider’s stock worth $1,845,092,000 after purchasing an additional 18,321,700 shares during the period. Institutional investors own 34.06% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several analyst reports. Barclays raised their target price on Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Mizuho dropped their price target on Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, November 30th. KeyCorp dropped their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research report on Monday, January 30th. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price target on shares of Alphabet in a research report on Friday, February 3rd. Finally, Roth Capital reiterated a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Five analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $132.32.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now directly owns 24,908 shares of the company’s stock, valued at $2,518,946.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Tuesday, December 27th. The stock was sold at an average price of $89.24, for a total value of $33,911.20. Following the sale, the director now directly owns 11,300 shares of the company’s stock, valued at $1,008,412. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now directly owns 24,908 shares in the company, valued at $2,518,946.04. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,583 shares of company stock valued at $3,418,900. Company insiders own 11.44% of the company’s stock.

Alphabet Price Performance

GOOGL opened at $89.87 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $143.79. The stock has a market capitalization of $1.15 trillion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 1.23 and a beta of 1.08. The stock’s 50 day moving average price is $93.45 and its 200-day moving average price is $98.22.

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

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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