New Potomac Partners LLC Raises Stake in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Mar 26th, 2023

New Potomac Partners LLC raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 3.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,905 shares of the information services provider’s stock after acquiring an additional 1,065 shares during the quarter. Alphabet makes up 2.2% of New Potomac Partners LLC’s portfolio, making the stock its 10th largest holding. New Potomac Partners LLC’s holdings in Alphabet were worth $3,008,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Alphabet by 1,885.5% during the 3rd quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock worth $40,593,957,000 after acquiring an additional 400,930,216 shares during the period. BlackRock Inc. increased its stake in shares of Alphabet by 1,857.3% in the third 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 in the last quarter. Price T Rowe Associates Inc. MD raised its position 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 during the period. State Street Corp lifted its stake in shares of Alphabet by 1,851.7% during 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 buying an additional 186,809,281 shares in the last quarter. Finally, Alliancebernstein L.P. lifted its stake in shares of Alphabet by 1,862.3% during the 3rd quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock valued at $6,075,223,000 after buying an additional 59,964,963 shares in the last quarter. Institutional investors own 28.69% of the company’s stock.

Alphabet Trading Down 0.2 %

Shares of NASDAQ GOOG opened at $106.06 on Friday. Alphabet Inc. has a 1-year low of $83.45 and a 1-year high of $144.16. 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’s 50 day moving average is $97.08 and its two-hundred day moving average is $96.59. The stock has a market capitalization of $1.36 trillion, a P/E ratio of 23.30, a PEG ratio of 1.44 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $76.49 billion. During the same quarter last year, the firm posted $1.53 EPS. Alphabet’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, research analysts expect that Alphabet Inc. will post 5.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on GOOG shares. Bank of America raised their price target on Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a report on Tuesday, January 31st. Roth Capital reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. The Goldman Sachs Group set a $128.00 price target on Alphabet in a report on Friday, February 3rd. Societe Generale reduced their price objective on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. Finally, Oppenheimer boosted their target price on shares of Alphabet from $130.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. One investment analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $135.11.

Insiders Place Their Bets

In other news, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction on Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total value of $1,992,719.25. Following the sale, the senior vice president now owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Prabhakar Raghavan sold 22,203 shares of the company’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 transaction, the senior vice president now owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of Alphabet stock in a transaction dated Monday, March 13th. The stock was acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the acquisition, the insider now owns 1,709,527 shares of the company’s stock, 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 over the last three months. 12.99% of the stock is owned by company insiders.

Alphabet Company 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.

New Potomac Partners LLC Raises Stake in Alphabet Inc. (NASDAQ:GOOG)

Alphabet Trading Down 0.2 %

Wall Street Analysts Forecast Growth

Insiders Place Their Bets

Alphabet Company Profile

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