Alphabet Inc. (NASDAQ:GOOG) Shares Sold by State of Michigan Retirement System

Posted by on Apr 11th, 2023

State of Michigan Retirement System lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 0.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,481,660 shares of the information services provider’s stock after selling 3,300 shares during the quarter. Alphabet makes up about 0.9% of State of Michigan Retirement System’s portfolio, making the stock its 14th biggest holding. State of Michigan Retirement System’s holdings in Alphabet were worth $131,468,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Financial Advisors Network Inc. increased its position in shares of Alphabet by 4.5% during the first quarter. Financial Advisors Network Inc. now owns 161 shares of the information services provider’s stock worth $450,000 after buying an additional 7 shares during the period. Turim 21 Investimentos Ltda. raised its position in shares of Alphabet by 10.8% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock worth $229,000 after acquiring an additional 8 shares in the last quarter. West Michigan Advisors LLC lifted its stake in shares of Alphabet by 3.7% in the 1st quarter. West Michigan Advisors LLC now owns 252 shares of the information services provider’s stock valued at $704,000 after purchasing an additional 9 shares during the period. Somerville Kurt F boosted its holdings in shares of Alphabet by 10.3% during the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after buying an additional 11 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC increased its stake in shares of Alphabet by 1.4% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 1,182 shares of the information services provider’s stock valued at $3,301,000 after acquiring an additional 16 shares in the last quarter. 28.69% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of GOOG opened at $106.95 on Tuesday. Alphabet Inc. has a one year low of $83.45 and a one year high of $132.94. The company has a 50-day simple moving average of $98.81 and a two-hundred day simple moving average of $96.44. 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 firm has a market capitalization of $1.37 trillion, a PE ratio of 23.50, a price-to-earnings-growth ratio of 1.51 and a beta of 1.10.

Alphabet (NASDAQ:GOOG – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The business had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $76.49 billion. During the same period last year, the business earned $1.53 earnings per share. The company’s revenue was up 1.0% on a year-over-year basis. On average, analysts anticipate that Alphabet Inc. will post 5.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. UBS Group increased their target price on shares of Alphabet from $120.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, April 6th. Royal Bank of Canada set a $130.00 price target on Alphabet in a research note on Friday, February 3rd. The Goldman Sachs Group set a $128.00 price target on shares of Alphabet in a research report on Friday, February 3rd. Roth Capital reissued a “buy” rating on shares of Alphabet in a research note on Friday, February 3rd. Finally, Bank of America lifted their target price on shares of Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a research report on Tuesday, January 31st. One analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $135.24.

Insider Buying and Selling at Alphabet

In other news, Director Ann Mather sold 340 shares of the business’s stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $96.92, for a total transaction of $32,952.80. Following the transaction, the director now owns 11,300 shares of the company’s stock, valued at approximately $1,095,196. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Ann Mather sold 340 shares of the firm’s stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $96.92, for a total transaction of $32,952.80. Following the transaction, the director now owns 11,300 shares in the company, valued at $1,095,196. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now directly 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 a total of 112,192 shares of company stock valued at $11,373,417 in the last three months. 12.99% of the stock is currently owned by corporate insiders.

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.

See Also

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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