Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Sitrin Capital Management LLC

Posted by on Mar 30th, 2023

Sitrin Capital Management LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 45,170 shares of the information services provider’s stock after selling 1,973 shares during the quarter. Alphabet comprises approximately 2.5% of Sitrin Capital Management LLC’s portfolio, making the stock its 26th biggest holding. Sitrin Capital Management LLC’s holdings in Alphabet were worth $3,985,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

GOOGL has been the subject of several research reports. Morgan Stanley lifted their target price on Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Loop Capital lifted their target price on Alphabet from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, February 8th. Wells Fargo & Company boosted their price objective on Alphabet from $145.00 to $150.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Jefferies Financial Group restated a “buy” rating and set a $130.00 price objective on shares of Alphabet in a research report on Friday, February 10th. Finally, Truist Financial reduced their price objective on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Four 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $131.83.

Insider Activity

In related news, SVP Prabhakar Raghavan sold 22,203 shares of the company’s stock in a transaction 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 directly 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 Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Prabhakar Raghavan sold 22,203 shares of the company’s stock in a transaction 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 directly 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 Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total value of $77,933.25. Following the transaction, the chief accounting officer now directly owns 25,122 shares in the company, valued at $2,289,870.30. The disclosure for this sale can be found here. Insiders sold a total of 73,865 shares of company stock valued at $7,140,167 over the last three months. Insiders own 11.44% of the company’s stock.

Alphabet Trading Up 0.4 %

Shares of NASDAQ GOOGL opened at $101.39 on Thursday. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $143.79. The company has a market cap of $1.30 trillion, a price-to-earnings ratio of 22.28, a P/E/G ratio of 1.46 and a beta of 1.09. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The business has a fifty day simple moving average of $97.07 and a 200-day simple moving average of $95.87.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.09). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The company had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $63.15 billion. During the same period in the prior year, the company earned $1.53 earnings per share. Sell-side analysts predict that Alphabet Inc. will post 5.12 EPS for the current 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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