Connable Office Inc. Has $2.62 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 5th, 2023

Connable Office Inc. increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,643 shares of the information services provider’s stock after acquiring an additional 321 shares during the quarter. Connable Office Inc.’s holdings in Alphabet were worth $2,615,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Spreng Capital Management Inc. increased its holdings in 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 purchasing an additional 5 shares in the last quarter. West Family Investments Inc. increased its holdings in 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 purchasing an additional 6 shares in the last quarter. Maple Capital Management Inc. increased its holdings in 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 purchasing an additional 6 shares in the last quarter. Private Advisory Group LLC increased its holdings in 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 purchasing an additional 7 shares in the last quarter. Finally, Weik Capital Management increased its holdings in 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 purchasing an additional 8 shares in the last quarter. 34.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have issued reports on GOOGL shares. BNP Paribas raised Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 target price for the company in a report on Friday, March 17th. Piper Sandler decreased their price target on Alphabet from $120.00 to $117.00 and set an “outperform” rating for the company in a research note on Friday, March 31st. New Street Research assumed coverage on Alphabet in a research note on Wednesday, January 4th. They issued a “buy” rating and a $118.00 price target for the company. Jefferies Financial Group reissued a “buy” rating and issued a $130.00 price target on shares of Alphabet in a research note on Friday, February 10th. Finally, Bank of America increased their price target on Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a research note on Tuesday, January 31st. Four analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.39.

Alphabet Stock Up 0.3 %

GOOGL stock opened at $104.72 on Wednesday. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $142.99. 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 stock’s 50 day moving average is $97.57 and its 200-day moving average is $95.76. The firm has a market capitalization of $1.34 trillion, a PE ratio of 23.01, a P/E/G ratio of 1.43 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly 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). The business had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same quarter last year, the business posted $1.53 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 5.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were acquired at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the acquisition, the insider now owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the stock in a transaction on Monday, March 13th. The shares were purchased at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction 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 owns 76,580 shares in the company, valued at $7,922,966.80. The disclosure for this sale can be found here. Over the last three months, insiders have sold 112,192 shares of company stock worth $11,373,417. 11.44% of the stock is owned by company insiders.

Alphabet Profile

(Get Rating)

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.