Wambolt & Associates LLC Decreases Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 23rd, 2023

Wambolt & Associates LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 5.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,007 shares of the information services provider’s stock after selling 821 shares during the quarter. Wambolt & Associates LLC’s holdings in Alphabet were worth $1,148,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in GOOGL. Spreng Capital Management Inc. boosted its position in Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after purchasing an additional 5 shares in the last quarter. West Family Investments Inc. lifted its position in Alphabet by 0.3% during the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after buying an additional 6 shares in the last quarter. Maple Capital Management Inc. lifted its position in Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after buying an additional 6 shares in the last quarter. Private Advisory Group LLC lifted its position in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after buying an additional 7 shares in the last quarter. Finally, Weik Capital Management lifted its position in Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after buying an additional 8 shares in the last quarter. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Performance

NASDAQ GOOGL opened at $105.41 on Friday. The firm has a market cap of $1.35 trillion, a price-to-earnings ratio of 23.16, a PEG ratio of 1.46 and a beta of 1.10. The company has a 50 day moving average of $99.15 and a 200-day moving average of $96.44. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $125.40.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). The company had revenue of $76.05 billion during the quarter, compared to analyst estimates of $63.15 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. During the same period in the prior year, the business earned $1.53 EPS. On average, equities analysts forecast that Alphabet Inc. will post 5.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $99.87, for a total transaction of $63,617.19. Following the transaction, the chief accounting officer now directly owns 25,282 shares of the company’s stock, valued at $2,524,913.34. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $99.87, for a total transaction of $63,617.19. Following the transaction, the chief accounting officer now directly owns 25,282 shares of the company’s stock, valued at $2,524,913.34. 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 stock in a transaction dated Monday, April 3rd. The stock was 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 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. Over the last ninety days, insiders have sold 112,192 shares of company stock valued at $11,373,417. 11.44% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Rosenblatt Securities cut their target price on Alphabet from $130.00 to $128.00 and set a “buy” rating for the company in a research note on Friday, February 3rd. Sanford C. Bernstein cut their target price on Alphabet from $130.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday. Loop Capital raised their target price on Alphabet from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, February 8th. Morgan Stanley raised their target price on Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Finally, Tigress Financial cut their target price on Alphabet from $186.00 to $160.00 and set a “strong-buy” rating for the company in a research note on Friday, January 6th. Four analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $131.30.

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.