Accuvest Global Advisors Raises Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Mar 22nd, 2023

Accuvest Global Advisors boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 123.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 52,862 shares of the information services provider’s stock after purchasing an additional 29,250 shares during the quarter. Alphabet makes up 1.5% of Accuvest Global Advisors’ holdings, making the stock its 16th largest position. Accuvest Global Advisors’ holdings in Alphabet were worth $4,664,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Bornite Capital Management LP purchased a new position in shares of Alphabet in the first quarter valued at approximately $16,688,000. Markel Corp lifted its position in shares of Alphabet by 17.0% in the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after acquiring an additional 2,250 shares in the last quarter. United Bank lifted its position in shares of Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after acquiring an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Alphabet by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after acquiring an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management lifted its position in shares of Alphabet by 20.4% in the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after acquiring an additional 1,570 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on GOOGL shares. Roth Capital restated a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Loop Capital lifted their price objective on Alphabet from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, February 8th. Bank of America lifted their price objective on Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, January 31st. JMP Securities reiterated a “market outperform” rating and set a $132.00 price objective on shares of Alphabet in a research report on Thursday, March 16th. Finally, Tigress Financial reduced their price objective on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a research report on Friday, January 6th. Four equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.83.

Insider Buying and Selling

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 transaction, the insider now directly owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction, the insider now directly owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction dated Monday, March 13th. The shares were acquired 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 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 sold 74,245 shares of company stock valued at $7,174,078 in the last three months. 11.44% of the stock is owned by corporate insiders.

Alphabet Trading Up 3.7 %

GOOGL opened at $104.92 on Wednesday. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $143.79. The stock has a market capitalization of $1.34 trillion, a price-to-earnings ratio of 23.05, a PEG 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. The business has a fifty day moving average price of $95.67 and a 200 day moving average price of $96.01.

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). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The company had revenue of $76.05 billion for the quarter, compared to analyst estimates of $63.15 billion. During the same period in the previous year, the firm earned $1.53 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current fiscal 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:GOOGL)

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