Smith Moore & CO. Acquires 10,739 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Mar 1st, 2023

Smith Moore & CO. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 2,101.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,250 shares of the information services provider’s stock after purchasing an additional 10,739 shares during the quarter. Smith Moore & CO.’s holdings in Alphabet were worth $1,082,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Polen Capital Management LLC boosted its position in Alphabet by 1,896.1% during the third quarter. Polen Capital Management LLC now owns 28,471,359 shares of the information services provider’s stock worth $2,737,521,000 after purchasing an additional 27,045,038 shares during the period. Jennison Associates LLC boosted its position in Alphabet by 1,736.4% during the third quarter. Jennison Associates LLC now owns 23,253,198 shares of the information services provider’s stock worth $2,235,795,000 after purchasing an additional 21,986,989 shares during the period. Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Alphabet by 1,872.0% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock valued at $1,758,856,000 after acquiring an additional 17,365,189 shares during the period. TD Asset Management Inc. boosted its position in shares of Alphabet by 1,863.4% in the third quarter. TD Asset Management Inc. now owns 16,524,239 shares of the information services provider’s stock valued at $1,620,863,000 after acquiring an additional 15,682,616 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in shares of Alphabet by 1,966.8% in the third quarter. Dimensional Fund Advisors LP now owns 14,818,151 shares of the information services provider’s stock valued at $1,424,954,000 after acquiring an additional 14,101,177 shares during the period. Institutional investors own 28.69% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $90.30 on Wednesday. Alphabet Inc. has a 12 month low of $83.45 and a 12 month high of $144.16. The stock has a market cap of $1.16 trillion, a PE ratio of 19.84, a price-to-earnings-growth ratio of 1.23 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 company’s fifty day moving average price is $94.12 and its 200-day moving average price is $98.59.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its earnings results 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 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 the consensus estimate of $76.49 billion. During the same quarter last year, the firm posted $1.53 EPS. The business’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities analysts expect that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on GOOG shares. UBS Group set a $120.00 price objective on shares of Alphabet in a research report on Monday, February 6th. Cowen cut their price objective on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating for the company in a research report on Wednesday, January 11th. Roth Capital restated a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Sanford C. Bernstein set a $130.00 target price on shares of Alphabet in a research note on Monday, February 6th. Finally, Oppenheimer raised their target price on shares of Alphabet from $130.00 to $155.00 and gave the company an “outperform” rating in a research note on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.13.

Insider Transactions at Alphabet

In other news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $90.05, for a total value of $34,219.00. Following the completion of the transaction, the director now owns 11,300 shares of the company’s stock, valued at approximately $1,017,565. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction dated Monday, February 27th. The stock was sold at an average price of $90.05, for a total value of $34,219.00. Following the completion of the transaction, the director now owns 11,300 shares of the company’s stock, valued at approximately $1,017,565. The transaction 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 Alphabet stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 24,908 shares of the company’s stock, valued at approximately $2,518,946.04. The disclosure for this sale can be found here. Insiders sold a total of 36,963 shares of company stock valued at $3,453,119 in the last quarter. 12.99% of the stock is owned by insiders.

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.