Grassi Investment Management Decreases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Mar 21st, 2023

Grassi Investment Management cut its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 13.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,175 shares of the information services provider’s stock after selling 5,200 shares during the period. Grassi Investment Management’s holdings in Alphabet were worth $2,839,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Spreng Capital Management Inc. lifted its position in Alphabet by 4.0% in 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 during the last quarter. West Family Investments Inc. raised its holdings in shares of Alphabet by 0.3% in 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 buying an additional 6 shares during the last quarter. Maple Capital Management Inc. raised its holdings in shares of Alphabet by 2.1% in the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock valued at $823,000 after buying an additional 6 shares during the last quarter. Private Advisory Group LLC raised its holdings in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after purchasing an additional 7 shares in the last quarter. Finally, Weik Capital Management grew 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 worth $4,264,000 after buying an additional 8 shares during the period. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently commented on GOOGL shares. BNP Paribas upgraded shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price target on the stock in a research report on Friday. Tigress Financial cut their price target on shares of Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 6th. Mizuho cut their price target on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating on the stock in a research note on Wednesday, November 30th. Rosenblatt Securities cut their target price on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. Finally, Credit Suisse Group lowered their price target on shares of Alphabet from $145.00 to $136.00 and set an “outperform” rating for the company in a report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $132.44.

Alphabet Price Performance

Shares of Alphabet stock opened at $101.22 on Tuesday. The firm has a fifty day simple moving average of $95.34 and a 200-day simple moving average of $96.03. 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 Inc. has a 1-year low of $83.34 and a 1-year high of $143.79. The stock has a market capitalization of $1.30 trillion, a price-to-earnings ratio of 22.24, a PEG ratio of 1.40 and a beta of 1.09.

Alphabet (NASDAQ:GOOGL – Get Rating) last released 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 company had revenue of $76.05 billion for the quarter, compared to analyst estimates of $63.15 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. During the same quarter in the previous year, the company earned $1.53 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current year.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 11,313 shares of the company’s stock in a transaction on 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 approximately $4,197,000. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $50,072,045.83. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider John Kent Walker sold 11,313 shares of the business’s stock in a transaction on 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 sale, the insider now directly owns 41,970 shares in the company, valued at approximately $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 in the last ninety days. 11.44% of the stock is currently owned by 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.