Meridian Wealth Advisors LLC Decreases Stake in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Apr 2nd, 2023

Meridian Wealth Advisors LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 3.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 17,655 shares of the information services provider’s stock after selling 557 shares during the quarter. Meridian Wealth Advisors LLC’s holdings in Alphabet were worth $1,567,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sargent Bickham Lagudis LLC lifted its position in Alphabet by 3.7% in the fourth quarter. Sargent Bickham Lagudis LLC now owns 32,196 shares of the information services provider’s stock valued at $2,857,000 after purchasing an additional 1,144 shares during the last quarter. Parisi Gray Wealth Management lifted its position in Alphabet by 247.2% in the fourth quarter. Parisi Gray Wealth Management now owns 15,660 shares of the information services provider’s stock valued at $1,390,000 after purchasing an additional 11,150 shares during the last quarter. SJS Investment Consulting Inc. lifted its position in Alphabet by 0.9% in the fourth quarter. SJS Investment Consulting Inc. now owns 12,435 shares of the information services provider’s stock valued at $1,103,000 after purchasing an additional 106 shares during the last quarter. Catalyst Private Wealth LLC lifted its position in Alphabet by 3.7% in the fourth quarter. Catalyst Private Wealth LLC now owns 14,835 shares of the information services provider’s stock valued at $1,316,000 after purchasing an additional 534 shares during the last quarter. Finally, Culbertson A N & Co. Inc. raised its holdings in shares of Alphabet by 0.6% during the fourth quarter. Culbertson A N & Co. Inc. now owns 70,085 shares of the information services provider’s stock valued at $6,219,000 after acquiring an additional 395 shares in the last quarter. Institutional investors own 28.69% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Piper Sandler decreased their target price on Alphabet from $122.00 to $120.00 and set an “overweight” rating for the company in a report on Friday, February 3rd. Bank of America upped their target price on Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a report on Tuesday, January 31st. JPMorgan Chase & Co. set a $118.00 target price on Alphabet in a report on Thursday, February 9th. Oppenheimer upped their target price on Alphabet from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. Finally, Roth Capital restated a “buy” rating on shares of Alphabet 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 company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $135.11.

Alphabet Trading Up 2.6 %

NASDAQ GOOG opened at $104.00 on Friday. Alphabet Inc. has a 12 month low of $83.45 and a 12 month high of $144.16. The stock has a market cap of $1.33 trillion, a P/E ratio of 22.85, a P/E/G ratio of 1.41 and a beta of 1.09. The stock’s fifty day moving average price is $97.91 and its 200-day moving average price is $96.33. 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 (NASDAQ:GOOG – Get Rating) last released 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 period in the prior year, the company posted $1.53 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. As a group, equities analysts forecast that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Insider Activity at Alphabet

In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were bought at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 directly owns 76,579 shares in the company, valued at $6,872,965.25. The disclosure for this sale can be found here. Insiders have sold 102,871 shares of company stock valued at $10,094,138 over the last ninety days. Insiders own 12.99% of the company’s stock.

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:GOOG)

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