Suncoast Equity Management Sells 19,359 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Apr 11th, 2023

Suncoast Equity Management lessened its holdings in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 5.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 311,046 shares of the information services provider’s stock after selling 19,359 shares during the quarter. Alphabet makes up approximately 5.1% of Suncoast Equity Management’s investment portfolio, making the stock its 9th largest position. Suncoast Equity Management’s holdings in Alphabet were worth $27,599,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. DC Investments Management LLC acquired a new position in shares of Alphabet in the first quarter worth approximately $115,000. Guardian Wealth Management Inc. acquired a new position in shares of Alphabet in the 1st quarter worth approximately $184,000. Turim 21 Investimentos Ltda. boosted its stake 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 valued at $229,000 after purchasing an additional 8 shares during the last quarter. qPULA Trading Management LP acquired a new stake in shares of Alphabet during the first quarter worth $279,000. Finally, Dynamic Technology Lab Private Ltd raised its stake in Alphabet by 29.2% during the first quarter. Dynamic Technology Lab Private Ltd now owns 115 shares of the information services provider’s stock worth $321,000 after buying an additional 26 shares during the last quarter. 28.69% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Down 1.8 %

GOOG stock opened at $106.95 on Tuesday. The stock’s 50 day moving average is $98.81 and its 200-day moving average is $96.44. Alphabet Inc. has a twelve month low of $83.45 and a twelve month high of $132.94. The firm has a market capitalization of $1.37 trillion, a PE ratio of 23.50, a P/E/G ratio of 1.51 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 (NASDAQ:GOOG – Get Rating) last posted its quarterly earnings data 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). The firm had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $76.49 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. Alphabet’s revenue was up 1.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.53 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 5.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GOOG. Sanford C. Bernstein set a $130.00 price objective on Alphabet in a research report on Monday, February 6th. JPMorgan Chase & Co. set a $118.00 target price on Alphabet in a report on Thursday, February 9th. The Goldman Sachs Group set a $128.00 price target on Alphabet in a report on Friday, February 3rd. Raymond James boosted their target price on shares of Alphabet from $116.00 to $119.00 and gave the company an “outperform” rating in a research report on Friday, February 3rd. Finally, Roth Capital restated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. One investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $135.24.

Insiders Place Their Bets

In other Alphabet news, Director Ann Mather sold 340 shares of Alphabet stock in a transaction that occurred on Wednesday, January 25th. The shares were 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 legal filing with the SEC, which is available through this link. 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 completion of the sale, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,095,196. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of the business’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 in the company, valued at $7,922,966.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 112,192 shares of company stock valued at $11,373,417. Corporate 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.

Suncoast Equity Management Sells 19,359 Shares of Alphabet Inc. (NASDAQ:GOOG)

Alphabet Stock Down 1.8 %

Wall Street Analyst Weigh In

Insiders Place Their Bets

Alphabet Company Profile

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