Eagle Bay Advisors LLC Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 13th, 2023

Eagle Bay Advisors LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 21.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,180 shares of the information services provider’s stock after selling 2,254 shares during the quarter. Eagle Bay Advisors LLC’s holdings in Alphabet were worth $722,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Greenwood Capital Associates LLC lifted its stake in Alphabet by 13.4% in the 4th quarter. Greenwood Capital Associates LLC now owns 167,002 shares of the information services provider’s stock worth $14,735,000 after purchasing an additional 19,794 shares in the last quarter. SkyOak Wealth LLC increased its holdings in shares of Alphabet by 2.6% in the fourth quarter. SkyOak Wealth LLC now owns 20,823 shares of the information services provider’s stock worth $1,837,000 after purchasing an additional 535 shares during the period. Humankind Investments LLC raised its position in shares of Alphabet by 20.9% in the fourth quarter. Humankind Investments LLC now owns 52,701 shares of the information services provider’s stock worth $4,650,000 after buying an additional 9,119 shares in the last quarter. First National Corp MA ADV boosted its stake in Alphabet by 0.6% during the fourth quarter. First National Corp MA ADV now owns 21,804 shares of the information services provider’s stock valued at $1,924,000 after buying an additional 126 shares during the period. Finally, SevenBridge Financial Group LLC grew its position in Alphabet by 3.8% during the fourth quarter. SevenBridge Financial Group LLC now owns 94,041 shares of the information services provider’s stock worth $8,297,000 after buying an additional 3,436 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Alphabet Stock Down 0.7 %

Shares of NASDAQ GOOGL opened at $104.64 on Thursday. The firm has a fifty day simple moving average of $98.48 and a two-hundred day simple moving average of $95.98. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $131.40. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $1.34 trillion, a PE ratio of 22.99, a price-to-earnings-growth ratio of 1.50 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last released 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 return on equity of 23.54% and a net margin of 21.20%. The company had revenue of $76.05 billion during the quarter, compared to the consensus estimate of $63.15 billion. During the same period in the previous year, the company earned $1.53 earnings per share. Equities analysts expect that Alphabet Inc. will post 5.11 earnings per share for the current year.

Insider Activity

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 transaction of $3,349,931.34. Following the completion of the transaction, the senior vice president now owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider John Kent Walker sold 29,006 shares of the business’s stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total value of $2,953,971.04. Following the sale, the insider now directly owns 24,277 shares of the company’s stock, valued at approximately $2,472,369.68. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 76,580 shares of the company’s stock, 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 worth $11,373,417 in the last quarter. 11.44% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on GOOGL. Piper Sandler lowered their price target on Alphabet from $120.00 to $117.00 and set an “outperform” rating on the stock in a report on Friday, March 31st. Stifel Nicolaus assumed coverage on shares of Alphabet in a research report on Monday, March 20th. They set a “buy” rating and a $130.00 target price for the company. Tigress Financial decreased their price target on shares of Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a report on Friday, January 6th. Morgan Stanley raised their price objective on shares of Alphabet from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Finally, JMP Securities reiterated a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research report on Thursday, March 16th. Four research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus price target of $131.17.

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.