Merrion Investment Management Co LLC Sells 1,275 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by on Apr 5th, 2023

Merrion Investment Management Co LLC lessened its stake in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 99,645 shares of the information services provider’s stock after selling 1,275 shares during the quarter. Alphabet comprises approximately 8.2% of Merrion Investment Management Co LLC’s holdings, making the stock its biggest holding. Merrion Investment Management Co LLC’s holdings in Alphabet were worth $8,842,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in shares of Alphabet by 1,885.5% in the 3rd quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock valued at $40,593,957,000 after acquiring an additional 400,930,216 shares during the period. BlackRock Inc. increased its stake in Alphabet by 1,857.3% during the 3rd quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock worth $35,055,286,000 after buying an additional 345,962,033 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Alphabet by 1,770.6% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock worth $19,639,414,000 after buying an additional 192,607,045 shares during the period. State Street Corp increased its stake in Alphabet by 1,851.7% during the 3rd quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock worth $18,931,733,000 after buying an additional 186,809,281 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Alphabet by 1,862.3% during the 3rd quarter. Alliancebernstein L.P. now owns 63,184,850 shares of the information services provider’s stock worth $6,075,223,000 after buying an additional 59,964,963 shares during the period. Institutional investors and hedge funds own 28.69% of the company’s stock.

Analysts Set New Price Targets

GOOG has been the topic of several analyst reports. UBS Group set a $120.00 price target on shares of Alphabet in a research note on Monday, February 6th. Cowen dropped their price target on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 11th. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Oppenheimer lifted their price target on shares of Alphabet from $130.00 to $155.00 and gave the stock an “outperform” rating in a research note on Friday, February 3rd. Finally, Royal Bank of Canada set a $130.00 price target on shares of Alphabet in a research note on Friday, February 3rd. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $135.11.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $105.12 on Wednesday. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $143.59. The firm has a 50-day simple moving average of $98.11 and a 200 day simple moving average of $96.28. The company has a market cap of $1.35 trillion, a PE ratio of 23.10, a P/E/G ratio of 1.44 and a beta of 1.10.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings data 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). The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. Alphabet’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the prior year, the company earned $1.53 EPS. On average, sell-side analysts anticipate that Alphabet Inc. will post 5.11 EPS for the current year.

Insider Buying and Selling at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the sale, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, insider John Kent Walker sold 29,006 shares of the business’s stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the sale, the insider now owns 24,277 shares in the company, valued at $2,472,369.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the sale, the senior vice president now owns 76,580 shares in the company, valued at approximately $7,922,966.80. The disclosure for this sale can be found here. Insiders sold 112,192 shares of company stock valued at $11,373,417 in the last ninety days. Company insiders own 12.99% of the company’s stock.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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