Pinnacle Wealth Management Group Inc. Has $582,000 Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Mar 19th, 2023

Pinnacle Wealth Management Group Inc. cut its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 13.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,600 shares of the information services provider’s stock after selling 1,000 shares during the period. Pinnacle Wealth Management Group Inc.’s holdings in Alphabet were worth $582,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOGL. Willow Creek Wealth Management Inc. raised its stake in shares of Alphabet by 1,926.9% in the third quarter. Willow Creek Wealth Management Inc. now owns 18,546 shares of the information services provider’s stock worth $1,774,000 after acquiring an additional 17,631 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Alphabet in the third quarter worth about $55,305,000. Griffin Asset Management Inc. raised its stake in shares of Alphabet by 1,900.0% in the third quarter. Griffin Asset Management Inc. now owns 52,240 shares of the information services provider’s stock worth $4,997,000 after acquiring an additional 49,628 shares during the last quarter. Bridgewater Advisors Inc. raised its stake in shares of Alphabet by 3,005.0% in the third quarter. Bridgewater Advisors Inc. now owns 67,503 shares of the information services provider’s stock worth $6,457,000 after acquiring an additional 65,329 shares during the last quarter. Finally, Adell Harriman & Carpenter Inc. raised its stake in shares of Alphabet by 1,915.2% in the third quarter. Adell Harriman & Carpenter Inc. now owns 129,797 shares of the information services provider’s stock worth $12,415,000 after acquiring an additional 123,356 shares during the last quarter. 34.06% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of recent research reports. Evercore ISI dropped their price target on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Wednesday, December 21st. KeyCorp dropped their price target on shares of Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a research note on Monday, January 30th. Morgan Stanley boosted their price target on shares of Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. StockNews.com initiated coverage on shares of Alphabet in a research note on Thursday. They set a “hold” rating for the company. Finally, Roth Capital reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Four investment analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $132.44.

Insider Buying and Selling at Alphabet

In other news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was purchased at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were bought at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the transaction, the insider now directly owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Kent Walker sold 11,313 shares of the stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $100.00, for a total transaction of $1,131,300.00. Following the completion of the transaction, the insider now directly owns 41,970 shares in the company, valued at $4,197,000. The disclosure for this sale can be found here. Insiders sold a total of 74,245 shares of company stock worth $7,174,078 over the last quarter. 11.44% of the stock is currently owned by insiders.

Alphabet Stock Performance

Shares of GOOGL opened at $101.62 on Friday. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $143.79. The firm has a fifty day simple moving average of $95.08 and a 200 day simple moving average of $96.18. The stock has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 22.33, a PEG ratio of 1.33 and a beta of 1.09. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.09). The business had revenue of $76.05 billion for the quarter, compared to analyst estimates of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same quarter in the previous year, the company posted $1.53 EPS. Research analysts forecast that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Alphabet Profile

(Get Rating)

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL – Get Rating).

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.