Evanson Asset Management LLC Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Mar 24th, 2023

Evanson Asset Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 215,648 shares of the information services provider’s stock after selling 1,880 shares during the period. Alphabet comprises about 2.5% of Evanson Asset Management LLC’s holdings, making the stock its 13th largest holding. Evanson Asset Management LLC’s holdings in Alphabet were worth $20,627,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of GOOGL. Bornite Capital Management LP acquired a new stake in shares of Alphabet during the first quarter worth about $16,688,000. Markel Corp raised its stake in shares of Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after buying an additional 2,250 shares during the last quarter. United Bank lifted its stake in Alphabet by 5.9% in the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after buying an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Alphabet by 23.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management grew its holdings in shares of Alphabet by 20.4% during the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after buying an additional 1,570 shares in the last quarter. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Alphabet news, Director Ann Mather sold 340 shares of Alphabet stock in a transaction dated Wednesday, January 25th. The stock was sold at an average price of $96.92, for a total value of $32,952.80. Following the completion of the transaction, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,095,196. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, SVP Prabhakar Raghavan sold 22,203 shares of the business’s stock in a transaction that occurred on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the sale, the senior vice president now owns 76,579 shares in the company, valued at $6,872,965.25. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ann Mather sold 340 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The shares were sold at an average price of $96.92, for a total value of $32,952.80. Following the completion of the sale, the director now owns 11,300 shares of the company’s stock, valued at approximately $1,095,196. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,245 shares of company stock valued at $7,174,078. 11.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on GOOGL. Wells Fargo & Company increased their price target on Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. JMP Securities reissued a “market outperform” rating and set a $132.00 price target on shares of Alphabet in a research note on Thursday, March 16th. KeyCorp reduced their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a research note on Monday, January 30th. Tigress Financial reduced their price target on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 6th. Finally, StockNews.com began coverage on Alphabet in a research note on Thursday, March 16th. They set a “hold” rating on the stock. Four investment 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.83.

Alphabet Price Performance

Alphabet stock opened at $105.60 on Friday. The company’s fifty day moving average price is $96.20 and its 200 day moving average price is $96.13. 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 $1.35 trillion, a P/E ratio of 23.21, a P/E/G ratio of 1.40 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38.

Alphabet (NASDAQ:GOOGL – 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). 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 $63.15 billion. During the same quarter in the previous year, the business posted $1.53 EPS. As a group, equities research analysts anticipate that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

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.