Piershale Financial Group Inc. Takes Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Mar 23rd, 2023

Piershale Financial Group Inc. bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,220 shares of the information services provider’s stock, valued at approximately $108,000. Alphabet comprises about 0.1% of Piershale Financial Group Inc.’s investment portfolio, making the stock its 19th biggest holding.

Several other large investors have also recently made changes to their positions in GOOG. Totem Point Management LLC grew its stake in shares of Alphabet by 22.0% during the 1st quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock worth $8,857,000 after acquiring an additional 571 shares during the period. Somerville Kurt F grew its stake in shares of Alphabet by 10.3% during the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after acquiring an additional 11 shares during the period. BCK Partners Inc. bought a new position in shares of Alphabet during the 1st quarter worth $2,564,000. Hall Capital Management Co. Inc. grew its stake in shares of Alphabet by 53.2% during the 1st quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock worth $402,000 after acquiring an additional 50 shares during the period. Finally, Fairfield Bush & CO. grew its stake in shares of Alphabet by 6.8% during the 1st quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock worth $9,412,000 after acquiring an additional 214 shares during the period. 28.69% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOG opened at $104.22 on Thursday. The stock has a market cap of $1.33 trillion, a price-to-earnings ratio of 22.90, a P/E/G ratio of 1.41 and a beta of 1.09. 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 stock’s 50-day moving average is $96.53 and its 200 day moving average is $96.61.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings data 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 firm had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The business’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the business posted $1.53 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several research reports. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Raymond James raised their target price on Alphabet from $116.00 to $119.00 and gave the stock an “outperform” rating in a research note on Friday, February 3rd. UBS Group set a $120.00 target price on Alphabet in a research note on Monday, February 6th. Piper Sandler cut their target price on Alphabet from $122.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday, February 3rd. Finally, Cowen cut their target price on Alphabet from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Wednesday, January 11th. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $135.11.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 855 shares of the firm’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $91.15, for a total transaction of $77,933.25. Following the transaction, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction that occurred on Wednesday, January 4th. The stock was sold at an average price of $91.15, for a total value of $77,933.25. Following the transaction, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at approximately $2,289,870.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was bought at an average cost 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 in the company, valued at $50,072,045.83. The disclosure for this purchase can be found here. In the last three months, insiders have sold 74,245 shares of company stock valued at $7,174,078. Corporate insiders own 12.99% of the company’s stock.

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:GOOG)

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