Platte River Wealth Advisors LLC Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Mar 25th, 2023

Platte River Wealth Advisors LLC decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 3.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,625 shares of the information services provider’s stock after selling 235 shares during the period. Platte River Wealth Advisors LLC’s holdings in Alphabet were worth $585,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Bornite Capital Management LP bought a new position in shares of Alphabet in the 1st quarter valued at about $16,688,000. Markel Corp lifted its holdings in shares of Alphabet by 17.0% in the 1st 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 during the last quarter. United Bank lifted its holdings in shares of 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 acquiring an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Alphabet by 23.4% in the 1st 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 during the last quarter. Finally, Dakota Wealth Management lifted its holdings in shares of Alphabet by 20.4% in the 1st 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 during the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several analyst reports. Rosenblatt Securities decreased their price objective on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating for the company in a research note on Friday, February 3rd. Roth Capital reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Needham & Company LLC reissued a “buy” rating and issued a $115.00 price objective on shares of Alphabet in a research note on Wednesday, March 8th. Barclays raised their price objective on shares of Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Finally, Morgan Stanley raised their price objective on shares of Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Four equities research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.83.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 37,500 shares of Alphabet stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the director now directly owns 144,740 shares in the company, valued at $14,474,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the completion of the sale, the director now directly owns 11,300 shares in the company, valued at $1,008,412. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 37,500 shares of the business’s stock in a transaction on Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the transaction, the director now owns 144,740 shares of the company’s stock, valued at $14,474,000. The disclosure for this sale can be found here. Over the last three months, insiders have sold 74,245 shares of company stock valued at $7,174,078. 11.44% of the stock is currently owned by insiders.

Alphabet Price Performance

NASDAQ GOOGL opened at $105.44 on Friday. The firm’s fifty day simple moving average is $96.46 and its two-hundred day simple moving average is $96.11. 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 12-month low of $83.34 and a 12-month high of $143.79. The firm has a market capitalization of $1.35 trillion, a P/E ratio of 23.17, a P/E/G ratio of 1.45 and a beta of 1.09.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (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 firm had revenue of $76.05 billion during the quarter, compared to analysts’ expectations of $63.15 billion. During the same period in the prior year, the firm posted $1.53 earnings per share. Analysts forecast that Alphabet Inc. will post 5.12 EPS 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.

Platte River Wealth Advisors LLC Cuts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Analyst Upgrades and Downgrades

Insiders Place Their Bets

Alphabet Price Performance

Alphabet Profile

Further Reading

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