Fayez Sarofim & Co Increases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Mar 15th, 2023

Fayez Sarofim & Co raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,940.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 58,940 shares of the information services provider’s stock after purchasing an additional 56,051 shares during the period. Fayez Sarofim & Co’s holdings in Alphabet were worth $5,638,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GOOGL. Vanguard Group Inc. lifted its holdings in Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp lifted its holdings in Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Alphabet by 1,759.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Alphabet by 1,955.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock valued at $5,847,474,000 after buying an additional 58,159,150 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Alphabet by 1,896.9% in the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock valued at $5,553,529,000 after buying an additional 55,153,448 shares during the last quarter. 34.06% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 3.1 %

Shares of Alphabet stock opened at $93.97 on Wednesday. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $143.79. The company has a 50 day moving average of $94.35 and a 200 day moving average of $96.30. 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 has a market capitalization of $1.20 trillion, a P/E ratio of 20.65, a P/E/G ratio of 1.25 and a beta of 1.09.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (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 firm had revenue of $76.05 billion during the quarter, compared to analysts’ expectations of $63.15 billion. During the same quarter in the prior year, the firm earned $1.53 EPS. As a group, research analysts forecast that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the completion of the transaction, the director now owns 11,300 shares in the company, valued at $1,008,412. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Alphabet news, Director Ann Mather sold 380 shares of the firm’s stock in a transaction that occurred on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the sale, the director now owns 11,300 shares of the company’s stock, valued at $1,008,412. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $90.15, for a total transaction of $57,425.55. Following the sale, the chief accounting officer now directly owns 25,442 shares in the company, valued at approximately $2,293,596.30. The disclosure for this sale can be found here. Insiders sold 36,745 shares of company stock worth $3,424,078 over the last 90 days. 11.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GOOGL. JMP Securities reiterated a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research report on Friday, February 3rd. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Wells Fargo & Company increased their target price on shares of Alphabet from $145.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Tigress Financial reduced their target price on shares of Alphabet from $186.00 to $160.00 and set a “strong-buy” rating for the company in a research report on Friday, January 6th. Finally, KeyCorp reduced their target price on shares of Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research report on Monday, January 30th. Five analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $132.32.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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