Alphabet Inc. (NASDAQ:GOOG) Stock Holdings Lowered by Sterling Investment Management LLC

Posted by on Mar 22nd, 2023

Sterling Investment Management LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 5.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 42,280 shares of the information services provider’s stock after selling 2,600 shares during the period. Alphabet makes up 3.0% of Sterling Investment Management LLC’s holdings, making the stock its 5th biggest position. Sterling Investment Management LLC’s holdings in Alphabet were worth $3,752,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Alphabet by 1,885.5% during the third quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock valued at $40,593,957,000 after acquiring an additional 400,930,216 shares in the last quarter. BlackRock Inc. grew its stake in shares of Alphabet by 1,857.3% during the 3rd quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock worth $35,055,286,000 after purchasing an additional 345,962,033 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Alphabet by 1,770.6% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock valued at $19,639,414,000 after purchasing an additional 192,607,045 shares in the last quarter. State Street Corp lifted its stake in shares of Alphabet by 1,851.7% in the 3rd quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock valued at $18,931,733,000 after purchasing an additional 186,809,281 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Alphabet by 1,862.3% during the third quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock worth $6,075,223,000 after buying an additional 59,964,963 shares in the last quarter. 28.69% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Performance

NASDAQ GOOG opened at $105.84 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38. The stock’s fifty day moving average is $96.29 and its two-hundred day moving average is $96.56. The firm has a market capitalization of $1.36 trillion, a P/E ratio of 23.26, a price-to-earnings-growth ratio of 1.41 and a beta of 1.09. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $144.16.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $76.49 billion. During the same period in the previous year, the firm posted $1.53 EPS. The company’s revenue was up 1.0% compared to the same quarter last year. On average, research analysts anticipate that Alphabet Inc. will post 5.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of recent analyst reports. Societe Generale cut their price objective on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating for the company in a report on Wednesday, November 30th. UBS Group set a $120.00 price target on Alphabet in a research report on Monday, February 6th. Piper Sandler cut their price objective on Alphabet from $122.00 to $120.00 and set an “overweight” rating for the company in a research report on Friday, February 3rd. Oppenheimer upped their target price on Alphabet from $130.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, February 3rd. Finally, Cowen dropped their price target on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 11th. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $135.11.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 11,313 shares of the company’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $100.00, for a total value of $1,131,300.00. Following the transaction, the insider now directly owns 41,970 shares in the company, valued at $4,197,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total transaction of $77,933.25. Following the completion of the transaction, the chief accounting officer now owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider John Kent Walker sold 11,313 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $100.00, for a total value 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 have sold 74,245 shares of company stock worth $7,174,078 in the last ninety days. 12.99% of the stock is 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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