RNC Capital Management LLC Sells 1,653 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Mar 21st, 2023

RNC Capital Management LLC trimmed its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 45,041 shares of the information services provider’s stock after selling 1,653 shares during the period. RNC Capital Management LLC’s holdings in Alphabet were worth $3,974,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Spreng Capital Management Inc. grew its stake in Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock valued at $364,000 after acquiring an additional 5 shares in the last quarter. West Family Investments Inc. lifted its position in Alphabet by 0.3% during the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock valued at $4,878,000 after purchasing an additional 6 shares during the last quarter. Maple Capital Management Inc. lifted its position in Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock valued at $823,000 after purchasing an additional 6 shares during the last quarter. Private Advisory Group LLC lifted its position in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock valued at $1,115,000 after purchasing an additional 7 shares during the last quarter. Finally, Weik Capital Management lifted its position in Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock valued at $4,264,000 after purchasing an additional 8 shares during the last quarter. 34.06% of the stock is owned by institutional investors.

Alphabet Stock Down 0.4 %

NASDAQ:GOOGL opened at $101.22 on Tuesday. The firm’s 50-day moving average price is $95.34 and its 200-day moving average price is $96.03. The company has a market capitalization of $1.30 trillion, a PE ratio of 22.24, a P/E/G ratio of 1.40 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $143.79.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). The business had revenue of $76.05 billion during the quarter, compared to analysts’ expectations of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same period in the prior year, the company earned $1.53 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several research analyst reports. Loop Capital lifted their target price on shares of Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, February 8th. Credit Suisse Group dropped their target price on shares of Alphabet from $145.00 to $136.00 and set an “outperform” rating for the company in a research report on Friday, February 3rd. Needham & Company LLC reiterated a “buy” rating and set a $115.00 target price on shares of Alphabet in a research report on Wednesday, March 8th. Truist Financial dropped their target price on shares of Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Finally, Roth Capital restated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Four equities research 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 stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $132.44.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 37,500 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $100.00, for a total value of $3,750,000.00. Following the transaction, the director now owns 144,740 shares in the company, valued at approximately $14,474,000. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the company’s 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 purchase, the insider now directly owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 37,500 shares of the company’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the director now owns 144,740 shares in the company, valued at approximately $14,474,000. The disclosure for this sale can be found here. Insiders have sold 74,245 shares of company stock valued at $7,174,078 in the last three months. 11.44% of the stock is currently owned by company insiders.

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.