CFO4Life L.P. Makes New Investment in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Mar 21st, 2023

CFO4Life L.P. purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 28,870 shares of the information services provider’s stock, valued at approximately $2,562,000.

A number of other institutional investors also recently added to or reduced their stakes in GOOG. Onyx Bridge Wealth Group LLC lifted its holdings in shares of Alphabet by 28.1% in the fourth quarter. Onyx Bridge Wealth Group LLC now owns 13,208 shares of the information services provider’s stock valued at $1,164,000 after buying an additional 2,898 shares during the period. Albert D Mason Inc. lifted its holdings in shares of Alphabet by 7.7% in the fourth quarter. Albert D Mason Inc. now owns 22,308 shares of the information services provider’s stock valued at $1,979,000 after buying an additional 1,586 shares during the period. Cullinan Associates Inc. lifted its holdings in shares of Alphabet by 4.6% in the fourth quarter. Cullinan Associates Inc. now owns 72,920 shares of the information services provider’s stock valued at $6,470,000 after buying an additional 3,240 shares during the period. Legacy Bridge LLC lifted its holdings in shares of Alphabet by 11.9% in the fourth quarter. Legacy Bridge LLC now owns 13,305 shares of the information services provider’s stock valued at $1,181,000 after buying an additional 1,420 shares during the period. Finally, Ellenbecker Investment Group lifted its holdings in shares of Alphabet by 3.4% in the fourth quarter. Ellenbecker Investment Group now owns 3,620 shares of the information services provider’s stock valued at $321,000 after buying an additional 120 shares during the period. Institutional investors and hedge funds own 28.69% of the company’s stock.

Wall Street Analyst Weigh In

GOOG has been the subject of several research analyst reports. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. UBS Group set a $120.00 price objective on Alphabet in a report on Monday, February 6th. Societe Generale cut their target price on Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. JPMorgan Chase & Co. set a $118.00 target price on Alphabet in a research report on Thursday, February 9th. Finally, Royal Bank of Canada set a $130.00 target price on Alphabet in a research report on Friday, February 3rd. One research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.11.

Insider Buying and Selling at Alphabet

In other news, major shareholder 2021 Gp L.L.C. Gv bought 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, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The purchase was disclosed in a filing with the SEC, which is available through this link. In other news, insider John Kent Walker sold 11,313 shares of the company’s stock in a transaction dated Monday, January 23rd. The stock was 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 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 accessible through this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the firm’s stock in a transaction dated Monday, March 13th. The shares were bought at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the purchase, the insider now owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. Insiders have sold 74,245 shares of company stock worth $7,174,078 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Down 0.5 %

NASDAQ:GOOG opened at $101.93 on Tuesday. The business’s fifty day moving average price is $95.96 and its 200 day moving average price is $96.58. 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 $83.45 and a 1-year high of $144.16. The firm has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 22.40, a PEG ratio of 1.41 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Get Rating) last issued its earnings results on Thursday, February 2nd. The information services provider reported $1.05 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 analysts’ expectations of $76.49 billion. During the same quarter last year, the firm earned $1.53 EPS. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, sell-side analysts forecast that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Alphabet Company 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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