Cortland Associates Inc. MO Acquires 113,396 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 16th, 2023

Cortland Associates Inc. MO lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 53.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 325,023 shares of the information services provider’s stock after acquiring an additional 113,396 shares during the quarter. Alphabet comprises approximately 4.8% of Cortland Associates Inc. MO’s holdings, making the stock its 9th biggest holding. Cortland Associates Inc. MO’s holdings in Alphabet were worth $28,677,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. Vanguard Group Inc. increased its position in shares of Alphabet by 1,919.4% in the 3rd 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 during the last quarter. State Street Corp boosted its stake in Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Alphabet by 1,759.2% in the 3rd 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 lifted its stake in shares of Alphabet by 1,955.0% in the 3rd 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 lifted its stake in shares of Alphabet by 1,896.9% in the 3rd 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. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet 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 sale, the senior vice president now directly owns 76,580 shares in the company, valued at approximately $7,922,966.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider John Kent Walker sold 29,006 shares of the business’s stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the completion of the transaction, the insider now owns 24,277 shares of the company’s stock, valued at $2,472,369.68. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $7,922,966.80. The disclosure for this sale can be found here. Insiders have sold 112,192 shares of company stock worth $11,373,417 in the last ninety days. Company insiders own 11.44% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $108.87 on Friday. The firm has a 50 day moving average of $98.64 and a 200-day moving average of $96.18. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $131.40. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. The company has a market cap of $1.39 trillion, a price-to-earnings ratio of 23.92, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data 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). Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The company had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. During the same quarter last year, the business posted $1.53 earnings per share. On average, equities analysts forecast that Alphabet Inc. will post 5.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of a number of research reports. BNP Paribas upgraded shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 target price on the stock in a report on Friday, March 17th. Tigress Financial dropped their price objective on shares of Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 6th. Rosenblatt Securities decreased their target price on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. JMP Securities reaffirmed a “market outperform” rating and set a $132.00 price objective on shares of Alphabet in a report on Thursday, March 16th. Finally, Piper Sandler reduced their price target on shares of Alphabet from $120.00 to $117.00 and set an “outperform” rating for the company in a report on Friday, March 31st. Four equities research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average 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.