Guinness Atkinson Asset Management Inc Has $3.90 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 26th, 2023

Guinness Atkinson Asset Management Inc trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.8% in the fourth quarter, HoldingsChannel reports. The firm owned 44,169 shares of the information services provider’s stock after selling 2,251 shares during the quarter. Alphabet accounts for about 2.5% of Guinness Atkinson Asset Management Inc’s holdings, making the stock its 17th largest holding. Guinness Atkinson Asset Management Inc’s holdings in Alphabet were worth $3,897,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. VitalStone Financial LLC bought a new stake in Alphabet during the fourth quarter worth about $25,000. IAG Wealth Partners LLC lifted its position in Alphabet by 3,275.0% during the third quarter. IAG Wealth Partners LLC now owns 270 shares of the information services provider’s stock worth $26,000 after purchasing an additional 262 shares during the period. Artemis Wealth Advisors LLC lifted its position in Alphabet by 1,900.0% during the third quarter. Artemis Wealth Advisors LLC now owns 280 shares of the information services provider’s stock worth $27,000 after purchasing an additional 266 shares during the period. Laurel Wealth Planning LLC lifted its position in Alphabet by 1,900.0% during the third quarter. Laurel Wealth Planning LLC now owns 300 shares of the information services provider’s stock worth $29,000 after purchasing an additional 285 shares during the period. Finally, Coston McIsaac & Partners lifted its position in Alphabet by 1,900.0% during the third quarter. Coston McIsaac & Partners now owns 320 shares of the information services provider’s stock worth $30,000 after purchasing an additional 304 shares during the period. 34.06% of the stock is owned by institutional investors.

Alphabet Trading Down 2.0 %

Shares of GOOGL opened at $103.85 on Wednesday. The business has a 50-day moving average of $99.56 and a 200 day moving average of $96.44. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $122.85. The firm has a market cap of $1.33 trillion, a P/E ratio of 22.82, a price-to-earnings-growth ratio of 1.46 and a beta of 1.10. 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 the consensus estimate 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 quarter in the prior year, the business earned $1.53 EPS. As a group, research analysts forecast that Alphabet Inc. will post 5.11 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $130.00 price objective on shares of Alphabet in a research report on Friday, February 10th. Barclays boosted their target price on Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Truist Financial lowered their target price on Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Friday, February 3rd. Loop Capital boosted 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. Finally, Stifel Nicolaus assumed coverage on Alphabet in a research note on Monday, March 20th. They issued a “buy” rating and a $130.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $131.30.

Insiders Place Their Bets

In related news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was acquired at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the purchase, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $90.05, for a total value of $34,219.00. Following the transaction, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,017,565. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the firm’s stock in a transaction that occurred on Monday, March 13th. The shares were acquired at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the acquisition, the insider now owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The disclosure for this purchase can be found here. Insiders sold a total of 100,539 shares of company stock worth $10,209,164 in the last quarter. 11.44% of the stock is owned by company insiders.

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.