Bourne Lent Asset Management Inc. Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Apr 3rd, 2023

Bourne Lent Asset Management Inc. trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 2.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 134,650 shares of the information services provider’s stock after selling 3,550 shares during the quarter. Alphabet accounts for about 5.1% of Bourne Lent Asset Management Inc.’s holdings, making the stock its 6th largest position. Bourne Lent Asset Management Inc.’s holdings in Alphabet were worth $11,947,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OLD Second National Bank of Aurora raised its stake in shares of Alphabet by 1,900.0% during the 3rd quarter. OLD Second National Bank of Aurora now owns 260 shares of the information services provider’s stock valued at $25,000 after purchasing an additional 247 shares during the period. Westchester Capital Management Inc. raised its holdings in shares of Alphabet by 1,900.0% in the 3rd quarter. Westchester Capital Management Inc. now owns 260 shares of the information services provider’s stock valued at $25,000 after acquiring an additional 247 shares in the last quarter. Carolina Wealth Advisors LLC raised its holdings in shares of Alphabet by 1,900.0% in the 3rd quarter. Carolina Wealth Advisors LLC now owns 300 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 285 shares in the last quarter. Saban Cheryl raised its holdings in shares of Alphabet by 1,900.0% in the 3rd quarter. Saban Cheryl now owns 200 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 190 shares in the last quarter. Finally, Gould Capital LLC raised its holdings in shares of Alphabet by 2,150.0% in the 3rd quarter. Gould Capital LLC now owns 315 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 301 shares in the last quarter. 28.69% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Raymond James raised their price target on Alphabet from $116.00 to $119.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. JPMorgan Chase & Co. set a $118.00 price target on Alphabet in a report on Thursday, February 9th. 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. Jefferies Financial Group set a $125.00 price objective on Alphabet in a report on Friday, February 3rd. Finally, Roth Capital reissued 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. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $135.11.

Insider Buying and Selling

In other news, insider John Kent Walker sold 29,006 shares of Alphabet stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total value of $2,953,971.04. Following the sale, the insider now directly owns 24,277 shares in the company, valued at approximately $2,472,369.68. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The stock was 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 approximately $6,872,965.25. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider John Kent Walker sold 29,006 shares of Alphabet stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total value of $2,953,971.04. Following the completion of the sale, the insider now owns 24,277 shares in the company, valued at $2,472,369.68. The disclosure for this sale can be found here. Insiders have sold a total of 102,871 shares of company stock worth $10,094,138 in the last ninety days. 12.99% of the stock is owned by insiders.

Alphabet Price Performance

GOOG opened at $104.00 on Monday. The stock’s 50 day simple moving average is $97.91 and its 200 day simple moving average is $96.26. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $144.16. The firm has a market cap of $1.33 trillion, a price-to-earnings ratio of 22.86, a PEG ratio of 1.40 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $76.49 billion. During the same quarter in the previous year, the business earned $1.53 earnings per share. Alphabet’s revenue was up 1.0% compared to the same quarter last year. As a group, analysts predict that Alphabet Inc. will post 5.11 earnings per share 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:GOOG)

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