Fusion Family Wealth LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 8th, 2023

Fusion Family Wealth LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,674.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,360 shares of the information services provider’s stock after buying an additional 2,227 shares during the quarter. Fusion Family Wealth LLC’s holdings in Alphabet were worth $208,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp boosted its position in Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Alphabet by 1,759.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after acquiring an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA raised its position in Alphabet by 1,955.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock worth $5,847,474,000 after acquiring an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp raised its position in Alphabet by 1,896.9% during the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock worth $5,553,529,000 after acquiring an additional 55,153,448 shares during the period. Institutional investors and hedge funds own 34.06% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the subject of a number of research analyst reports. Piper Sandler reduced their price objective on shares of Alphabet from $120.00 to $117.00 and set an “outperform” rating for the company in a research report on Friday, March 31st. MKM Partners boosted their price objective on Alphabet from $120.00 to $126.00 in a research note on Friday, February 3rd. Credit Suisse Group cut their price objective on Alphabet from $145.00 to $136.00 and set an “outperform” rating for the company in a research note on Friday, February 3rd. New Street Research started coverage on Alphabet in a research note on Wednesday, January 4th. They set a “buy” rating and a $118.00 price objective for the company. Finally, Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Four analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $131.17.

Insider Buying and Selling

In related news, insider John Kent Walker sold 11,313 shares of Alphabet stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $100.00, for a total value of $1,131,300.00. Following the completion of the transaction, the insider now owns 41,970 shares in the company, valued at $4,197,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total value of $3,349,931.34. Following the sale, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Kent Walker sold 11,313 shares of the stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $100.00, for a total transaction of $1,131,300.00. Following the completion of the transaction, the insider now owns 41,970 shares in the company, valued at $4,197,000. The disclosure for this sale can be found here. Insiders sold 112,192 shares of company stock worth $11,373,417 over the last 90 days. 11.44% of the stock is owned by insiders.

Alphabet Price Performance

Alphabet stock opened at $108.42 on Friday. The company’s 50 day moving average is $98.16 and its two-hundred day moving average is $95.95. The firm has a market cap of $1.39 trillion, a PE ratio of 23.83, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10. 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 52-week low of $83.34 and a 52-week high of $137.16.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.09). The company had revenue of $76.05 billion for the quarter, compared to analysts’ expectations 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 company earned $1.53 EPS. On average, research analysts expect that Alphabet Inc. will post 5.11 EPS for the current fiscal year.

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.