MidWestOne Financial Group Inc. Has $2.19 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Mar 15th, 2023

MidWestOne Financial Group Inc. increased its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,996.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 22,893 shares of the information services provider’s stock after purchasing an additional 21,801 shares during the period. MidWestOne Financial Group Inc.’s holdings in Alphabet were worth $2,190,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. DC Investments Management LLC bought a new position in Alphabet in the 1st quarter worth $114,000. Bridgefront Capital LLC bought a new position in shares of Alphabet during the 1st quarter worth about $225,000. Worth Asset Management LLC bought a new position in shares of Alphabet during the 1st quarter worth about $206,000. Eudaimonia Advisors LLC increased its holdings in shares of Alphabet by 15.1% during the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock worth $275,000 after purchasing an additional 13 shares during the period. Finally, Aspire Capital Advisors LLC bought a new position in shares of Alphabet during the 1st quarter worth about $281,000. Institutional investors and hedge funds own 34.06% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL 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 firm has a market cap of $1.20 trillion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 1.25 and a beta of 1.09. The firm’s 50-day simple moving average is $94.35 and its 200 day simple moving average is $96.30. 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 (NASDAQ:GOOGL – Get Rating) last released its quarterly 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 return on equity of 23.54% and a net margin of 21.20%. The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. During the same period in the prior year, the business posted $1.53 earnings per share. As a group, sell-side analysts predict that Alphabet Inc. will post 5.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total transaction of $57,425.55. Following the transaction, the chief accounting officer now directly owns 25,442 shares of the company’s stock, valued at $2,293,596.30. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Alphabet news, insider John Kent Walker sold 11,313 shares of the firm’s stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $100.00, for a total value of $1,131,300.00. Following the transaction, the insider now directly owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total transaction of $57,425.55. Following the completion of the transaction, the chief accounting officer now directly owns 25,442 shares in the company, valued at $2,293,596.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 36,745 shares of company stock valued at $3,424,078. 11.44% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on GOOGL shares. Evercore ISI dropped their price objective on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 21st. Morgan Stanley lifted their target price on shares of Alphabet from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. JMP Securities reiterated a “market outperform” rating and set a $132.00 target price on shares of Alphabet in a research report on Friday, February 3rd. Roth Capital restated a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Finally, Truist Financial reduced their price target on shares of Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock 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 assigned a strong buy rating to the company. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $132.32.

About Alphabet

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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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