BTC Capital Management Inc. Has $13.63 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 16th, 2023

BTC Capital Management Inc. lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 153,390 shares of the information services provider’s stock after selling 7,449 shares during the quarter. Alphabet makes up about 1.6% of BTC Capital Management Inc.’s investment portfolio, making the stock its 9th largest position. BTC Capital Management Inc.’s holdings in Alphabet were worth $13,630,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Alphabet by 1,919.4% in the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after purchasing an additional 453,413,389 shares during the last quarter. State Street Corp increased its holdings in Alphabet by 1,900.6% in the third 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 last quarter. Price T Rowe Associates Inc. MD increased its holdings in Alphabet by 1,759.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Alphabet by 1,955.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock valued at $5,847,474,000 after purchasing an additional 58,159,150 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Alphabet by 1,896.9% in the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock valued at $5,553,529,000 after purchasing an additional 55,153,448 shares during the last quarter. Institutional investors own 34.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on GOOGL shares. Jefferies Financial Group restated a “buy” rating and issued a $130.00 price target on shares of Alphabet in a report on Friday, February 10th. KeyCorp lowered their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a report on Monday, January 30th. Evercore ISI lowered their price target on Alphabet from $130.00 to $120.00 and set an “outperform” rating for the company in a report on Wednesday, December 21st. New Street Research started coverage on Alphabet in a report on Wednesday, January 4th. They issued a “buy” rating and a $118.00 price target for the company. Finally, Truist Financial lowered their price target on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a report on Friday, February 3rd. Four equities 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 stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $131.17.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the business’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 approximately $7,922,966.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the business’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 approximately $7,922,966.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 29,006 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 24,277 shares of the company’s stock, valued at approximately $2,472,369.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 112,192 shares of company stock valued at $11,373,417. Corporate insiders own 11.44% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $108.87 on Friday. The stock’s fifty day moving average price is $98.64 and its two-hundred day moving average price 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 current ratio of 2.38 and a quick ratio of 2.34. 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.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings data 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). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. 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 earned $1.53 EPS. As a group, research analysts expect that Alphabet Inc. will post 5.11 EPS for the current fiscal year.

Alphabet 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.