Fullerton Fund Management Co Ltd. Purchases 265,747 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Feb 28th, 2023

Fullerton Fund Management Co Ltd. raised its position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 2,136.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 278,188 shares of the information services provider’s stock after acquiring an additional 265,747 shares during the quarter. Alphabet comprises 2.0% of Fullerton Fund Management Co Ltd.’s investment portfolio, making the stock its 22nd biggest holding. Fullerton Fund Management Co Ltd.’s holdings in Alphabet were worth $26,748,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Financial Advisors Network Inc. boosted its holdings in Alphabet by 4.5% in the 1st quarter. Financial Advisors Network Inc. now owns 161 shares of the information services provider’s stock worth $450,000 after buying an additional 7 shares during the period. Turim 21 Investimentos Ltda. boosted its holdings in Alphabet by 10.8% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock worth $229,000 after buying an additional 8 shares during the period. West Michigan Advisors LLC boosted its holdings in Alphabet by 3.7% in the 1st quarter. West Michigan Advisors LLC now owns 252 shares of the information services provider’s stock worth $704,000 after buying an additional 9 shares during the period. Somerville Kurt F boosted its holdings in Alphabet by 10.3% in the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after buying an additional 11 shares during the period. Finally, Stonebridge Capital Advisors LLC boosted its holdings in Alphabet by 1.4% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 1,182 shares of the information services provider’s stock worth $3,301,000 after buying an additional 16 shares during the period. Institutional investors own 28.69% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $90.10 on Tuesday. The firm has a market cap of $1.15 trillion, a PE ratio of 19.80, a price-to-earnings-growth ratio of 1.23 and a beta of 1.08. Alphabet Inc. has a 12-month low of $83.45 and a 12-month high of $144.16. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The company’s fifty day simple moving average is $94.11 and its two-hundred day simple moving average is $98.82.

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

Wall Street Analysts Forecast Growth

GOOG has been the subject of several analyst reports. UBS Group set a $120.00 price objective on shares of Alphabet in a report on Monday, February 6th. The Goldman Sachs Group set a $128.00 target price on shares of Alphabet in a research note on Friday, February 3rd. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Royal Bank of Canada set a $130.00 target price on shares of Alphabet in a research note on Friday, February 3rd. Finally, Cowen lowered their target price on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 11th. One analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $137.13.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $101.13, for a total transaction of $86,466.15. Following the sale, the chief accounting officer now owns 24,908 shares of the company’s stock, valued at approximately $2,518,946.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction dated Thursday, December 1st. The shares were sold at an average price of $101.13, for a total transaction of $86,466.15. Following the sale, the chief accounting officer now owns 24,908 shares of the company’s stock, valued at $2,518,946.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Prabhakar Raghavan sold 22,203 shares of the business’s stock in a transaction dated Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the sale, the senior vice president now directly owns 76,579 shares in the company, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,583 shares of company stock valued at $3,418,900. Corporate insiders own 12.99% 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.