Crew Capital Management Ltd. Cuts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Mar 29th, 2023

Crew Capital Management Ltd. reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,002 shares of the information services provider’s stock after selling 600 shares during the quarter. Alphabet comprises approximately 2.4% of Crew Capital Management Ltd.’s holdings, making the stock its 11th largest position. Crew Capital Management Ltd.’s holdings in Alphabet were worth $1,677,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Signify Wealth grew its holdings in Alphabet by 19.8% during the 4th quarter. Signify Wealth now owns 32,205 shares of the information services provider’s stock valued at $2,841,000 after buying an additional 5,318 shares in the last quarter. Hanson & Doremus Investment Management boosted its position in shares of Alphabet by 5.1% during the 4th quarter. Hanson & Doremus Investment Management now owns 28,070 shares of the information services provider’s stock valued at $2,477,000 after acquiring an additional 1,368 shares during the last quarter. Argus Investors Counsel Inc. boosted its position in shares of Alphabet by 13.5% during the 4th quarter. Argus Investors Counsel Inc. now owns 28,439 shares of the information services provider’s stock valued at $2,509,000 after acquiring an additional 3,385 shares during the last quarter. Altus Wealth Group LLC boosted its position in shares of Alphabet by 2,623.2% during the 4th quarter. Altus Wealth Group LLC now owns 11,955 shares of the information services provider’s stock valued at $1,055,000 after acquiring an additional 11,516 shares during the last quarter. Finally, New Potomac Partners LLC boosted its position in shares of Alphabet by 12.1% during the 4th quarter. New Potomac Partners LLC now owns 3,276 shares of the information services provider’s stock valued at $289,000 after acquiring an additional 354 shares during the last quarter. 34.06% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

GOOGL opened at $101.03 on Wednesday. The business’s 50-day moving average is $96.86 and its two-hundred day moving average is $95.84. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $143.79. 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 firm has a market capitalization of $1.29 trillion, a PE ratio of 22.20, a price-to-earnings-growth ratio of 1.46 and a beta of 1.09.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results 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 return on equity of 23.54% and a net margin of 21.20%. The business had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $63.15 billion. During the same quarter in the previous year, the firm posted $1.53 EPS. Research analysts anticipate that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.

Insider Transactions at Alphabet

In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the company’s stock in a transaction dated Monday, March 13th. The shares were acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The stock was purchased at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now directly owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 37,500 shares of Alphabet stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $100.00, for a total value of $3,750,000.00. Following the sale, the director now directly owns 144,740 shares of the company’s stock, valued at approximately $14,474,000. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 73,865 shares of company stock worth $7,140,167. Insiders own 11.44% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on GOOGL. Evercore ISI lowered their target price on Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Wednesday, December 21st. Mizuho lowered their target price on Alphabet from $140.00 to $135.00 and set a “buy” rating for the company in a research report on Wednesday, November 30th. Roth Capital reiterated a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Tigress Financial lowered their price target on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating for the company in a research report on Friday, January 6th. Finally, StockNews.com started coverage on Alphabet in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Four research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $131.83.

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.