Alphabet Inc. (NASDAQ:GOOG) Stock Position Raised by Charter Oak Capital Management LLC

Posted by on Mar 17th, 2023

Charter Oak Capital Management LLC lifted its position in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,357.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,541 shares of the information services provider’s stock after acquiring an additional 3,298 shares during the quarter. Charter Oak Capital Management LLC’s holdings in Alphabet were worth $340,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in GOOG. Vanguard Group Inc. lifted its position in shares of Alphabet by 1,885.5% in the 3rd 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 in the last quarter. BlackRock Inc. lifted its position in shares of Alphabet by 1,857.3% in the 3rd 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 in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Alphabet by 1,770.6% in the 3rd 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 in the last quarter. State Street Corp lifted its position in shares of Alphabet by 1,851.7% in the 3rd 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 in the last quarter. Finally, Alliancebernstein L.P. lifted its position in shares of Alphabet by 1,862.3% in the 3rd quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock valued at $6,075,223,000 after acquiring an additional 59,964,963 shares in the last quarter. Hedge funds and other institutional investors own 28.69% of the company’s stock.

Analyst Upgrades and Downgrades

GOOG has been the topic of several research reports. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Cowen dropped their price objective 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. JPMorgan Chase & Co. set a $118.00 price objective on shares of Alphabet in a research note on Thursday, February 9th. Royal Bank of Canada set a $130.00 price objective on shares of Alphabet in a research note on Friday, February 3rd. Finally, The Goldman Sachs Group set a $128.00 price objective on shares of Alphabet in a research note on Friday, February 3rd. One analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $137.13.

Insider Buying and Selling at Alphabet

In related news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of Alphabet stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the acquisition, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of Alphabet stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the acquisition, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the sale, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The disclosure for this sale can be found here. Insiders sold a total of 74,245 shares of company stock valued at $7,174,078 in the last ninety days. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOG opened at $101.07 on Friday. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $144.16. The firm’s fifty day simple moving average is $95.41 and its 200 day simple moving average is $96.87. 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 firm has a market capitalization of $1.29 trillion, a PE ratio of 22.21, a PEG ratio of 1.27 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Get Rating) last posted its 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 net margin of 21.20% and a return on equity of 23.54%. The firm had revenue of $76.05 billion during the quarter, compared to analyst estimates of $76.49 billion. During the same quarter in the previous year, the business posted $1.53 earnings per share. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Alphabet Inc. will post 5.12 EPS for the current year.

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:GOOG)

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