Mayfair Advisory Group LLC Grows Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Apr 16th, 2023

Mayfair Advisory Group LLC raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,715 shares of the information services provider’s stock after purchasing an additional 200 shares during the period. Mayfair Advisory Group LLC’s holdings in Alphabet were worth $239,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Foster Victor Wealth Advisors LLC grew its stake in shares of Alphabet by 8.5% in the fourth quarter. Foster Victor Wealth Advisors LLC now owns 126,067 shares of the information services provider’s stock worth $11,011,000 after purchasing an additional 9,912 shares during the last quarter. Cortland Associates Inc. MO grew its stake in shares of Alphabet by 53.6% in the fourth quarter. Cortland Associates Inc. MO now owns 325,023 shares of the information services provider’s stock worth $28,677,000 after purchasing an additional 113,396 shares during the last quarter. Suncoast Equity Management grew its stake in shares of Alphabet by 0.7% in the fourth quarter. Suncoast Equity Management now owns 100,449 shares of the information services provider’s stock worth $8,863,000 after purchasing an additional 654 shares during the last quarter. Telos Capital Management Inc. grew its stake in shares of Alphabet by 5.9% in the fourth quarter. Telos Capital Management Inc. now owns 115,949 shares of the information services provider’s stock worth $10,230,000 after purchasing an additional 6,457 shares during the last quarter. Finally, Motive Wealth Advisors boosted its position in Alphabet by 4.6% during the 4th quarter. Motive Wealth Advisors now owns 4,954 shares of the information services provider’s stock valued at $437,000 after acquiring an additional 217 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the topic of several research reports. Rosenblatt Securities cut their price objective on Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research report on Friday, February 3rd. Credit Suisse Group cut their price objective on Alphabet from $145.00 to $136.00 and set an “outperform” rating on the stock in a research report on Friday, February 3rd. Truist Financial cut their price objective on Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, February 3rd. Loop Capital lifted their price objective on Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, February 8th. Finally, Wells Fargo & Company boosted their price target on Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.17.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction that occurred on 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 $7,922,966.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction that occurred on 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 $7,922,966.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 37,500 shares of the stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the transaction, the director now owns 144,740 shares in the company, valued at $14,474,000. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 112,192 shares of company stock worth $11,373,417. Corporate insiders own 11.44% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ:GOOGL opened at $108.87 on Friday. The firm has a market cap of $1.39 trillion, a PE ratio of 23.92, a price-to-earnings-growth ratio of 1.45 and a beta of 1.10. The firm’s 50 day simple moving average is $98.64 and its 200-day simple moving average is $96.18. Alphabet Inc. has a one year low of $83.34 and a one year high of $131.40. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.34 and a current ratio of 2.38.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates 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 period last year, the business posted $1.53 earnings per share. As a group, equities analysts predict that Alphabet Inc. will post 5.11 EPS for the current year.

About Alphabet

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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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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