Bray Capital Advisors Purchases 20,957 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by on Mar 16th, 2023

Bray Capital Advisors grew its position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,900.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,060 shares of the information services provider’s stock after acquiring an additional 20,957 shares during the period. Bray Capital Advisors’ holdings in Alphabet were worth $2,121,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Vanguard Group Inc. raised its stake in shares of Alphabet by 1,885.5% during the third quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock valued at $40,593,957,000 after acquiring an additional 400,930,216 shares during the last quarter. BlackRock Inc. raised its stake in shares of Alphabet by 1,857.3% during the third quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock valued at $35,055,286,000 after acquiring an additional 345,962,033 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Alphabet by 1,770.6% during the third quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock valued at $19,639,414,000 after acquiring an additional 192,607,045 shares during the last quarter. State Street Corp raised its stake in shares of Alphabet by 1,851.7% during the third quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock valued at $18,931,733,000 after acquiring an additional 186,809,281 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of Alphabet by 1,862.3% during the third quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock valued at $6,075,223,000 after buying an additional 59,964,963 shares during the period. 28.69% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on GOOG. JPMorgan Chase & Co. set a $118.00 price target on shares of Alphabet in a research report on Thursday, February 9th. Royal Bank of Canada set a $130.00 price target on shares of Alphabet in a research report on Friday, February 3rd. Bank of America boosted their price target on shares of Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a research report on Tuesday, January 31st. Oppenheimer boosted their price target on shares of Alphabet from $130.00 to $155.00 and gave the company an “outperform” rating in a research report on Friday, February 3rd. Finally, Raymond James boosted their price target on shares of Alphabet from $116.00 to $119.00 and gave the company an “outperform” rating in a research report on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $137.13.

Insider Transactions at Alphabet

In related news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the transaction, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total transaction of $77,933.25. Following the transaction, the chief accounting officer now owns 25,122 shares in the company, valued at $2,289,870.30. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the transaction, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 36,745 shares of company stock worth $3,424,078. Corporate insiders own 12.99% of the company’s stock.

Alphabet Trading Up 2.4 %

Shares of NASDAQ GOOG opened at $96.55 on Thursday. The firm’s 50 day moving average price is $95.12 and its 200-day moving average price is $96.84. The company has a market cap of $1.24 trillion, a PE ratio of 21.22, a P/E/G ratio of 1.26 and a beta of 1.09. Alphabet Inc. has a 52-week low of $83.45 and a 52-week high of $144.16. 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:GOOG – Get Rating) last issued 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). The firm had revenue of $76.05 billion during the quarter, compared to the consensus estimate of $76.49 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The company’s quarterly revenue was up 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.53 EPS. On average, equities research analysts expect that Alphabet Inc. will post 5.12 EPS for the current fiscal 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:GOOG)

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