Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Congress Asset Management Co. MA

Posted by Defense World Staff on Mar 28th, 2023

Congress Asset Management Co. MA reduced its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,008,280 shares of the information services provider’s stock after selling 17,453 shares during the period. Congress Asset Management Co. MA’s holdings in Alphabet were worth $88,961,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the business. Spreng Capital Management Inc. increased its stake in shares of Alphabet by 4.0% during the 1st quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after purchasing an additional 5 shares during the last quarter. West Family Investments Inc. increased its stake in shares of Alphabet by 0.3% during the 1st quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after purchasing an additional 6 shares during the last quarter. Maple Capital Management Inc. increased its stake in shares of Alphabet by 2.1% during the 1st quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after purchasing an additional 6 shares during the last quarter. Private Advisory Group LLC increased its stake in shares of Alphabet by 1.8% during the 1st quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after purchasing an additional 7 shares during the last quarter. Finally, Weik Capital Management increased its stake in shares of Alphabet by 0.5% during the 1st quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after purchasing an additional 8 shares during the last quarter. 34.06% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

NASDAQ:GOOGL opened at $102.46 on Tuesday. The company has a 50-day moving average of $96.67 and a 200-day moving average of $95.90. The company has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 22.51, a PEG ratio of 1.46 and a beta of 1.09. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $143.79. 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 released its quarterly earnings data 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). The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same period in the previous year, the business posted $1.53 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GOOGL. Loop Capital increased their price target on shares of Alphabet from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, February 8th. MKM Partners upped their price objective on shares of Alphabet from $120.00 to $126.00 in a report on Friday, February 3rd. BNP Paribas raised shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price objective for the company in a report on Friday, March 17th. 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 report on Friday, February 3rd. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $130.00 price objective on shares of Alphabet in a report on Friday, February 10th. Four analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $131.83.

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were 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 approximately $6,872,965.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were 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 approximately $6,872,965.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kavitark Ram Shriram sold 37,500 shares of the firm’s stock in a transaction dated 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 owns 144,740 shares of the company’s stock, valued at approximately $14,474,000. The disclosure for this sale can be found here. Insiders sold 73,865 shares of company stock worth $7,140,167 in the last quarter. 11.44% of the stock is owned by corporate insiders.

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.