Pinnacle Bancorp Inc. Grows Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Apr 7th, 2023

Pinnacle Bancorp Inc. grew its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,588 shares of the information services provider’s stock after acquiring an additional 844 shares during the quarter. Alphabet comprises 0.7% of Pinnacle Bancorp Inc.’s holdings, making the stock its 26th largest position. Pinnacle Bancorp Inc.’s holdings in Alphabet were worth $1,816,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bornite Capital Management LP purchased a new position in Alphabet during the first quarter worth approximately $16,688,000. Markel Corp lifted its position in Alphabet by 17.0% during the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after buying an additional 2,250 shares in the last quarter. United Bank lifted its position in Alphabet by 5.9% during the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after buying an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after buying an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management lifted its position in Alphabet by 20.4% during the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after buying an additional 1,570 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GOOGL. Truist Financial reduced their price objective on Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, February 3rd. KeyCorp reduced their price objective on Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a research report on Monday, January 30th. New Street Research started coverage on Alphabet in a research report on Wednesday, January 4th. They set a “buy” rating and a $118.00 price objective on the stock. Morgan Stanley lifted their target price on Alphabet from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Finally, Piper Sandler reduced their target price on Alphabet from $120.00 to $117.00 and set an “outperform” rating on the stock in a research report on Friday, March 31st. Four analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $131.17.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the transaction, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the transaction, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction dated Monday, March 13th. The shares were acquired 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 owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 112,192 shares of company stock valued at $11,373,417. 11.44% of the stock is currently owned by corporate insiders.

Alphabet Trading Up 3.8 %

GOOGL opened at $108.42 on Friday. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $137.16. The stock has a market capitalization of $1.39 trillion, a price-to-earnings ratio of 23.82, a PEG ratio of 1.44 and a beta of 1.10. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. The business has a fifty day moving average price of $97.98 and a 200 day moving average price of $95.91.

Alphabet (NASDAQ:GOOGL – Get Rating) last released 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 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 analyst estimates of $63.15 billion. During the same period in the previous year, the firm earned $1.53 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 5.11 earnings per share for the current fiscal year.

About Alphabet

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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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