Montag A & Associates Inc. Sells 5,228 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Apr 28th, 2023

Montag A & Associates Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 124,723 shares of the information services provider’s stock after selling 5,228 shares during the quarter. Montag A & Associates Inc.’s holdings in Alphabet were worth $11,004,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its position in 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 valued at $45,628,484,000 after buying an additional 453,413,389 shares in the last quarter. State Street Corp increased its holdings in shares of Alphabet by 1,900.6% during 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 acquiring an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Alphabet by 1,759.2% during the third 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 purchasing an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA grew its position in 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 valued at $5,847,474,000 after purchasing an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in Alphabet by 1,896.9% during the 3rd 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 in the last quarter. Institutional investors and hedge funds own 34.06% of the company’s stock.

Insider Buying and Selling at Alphabet

In other news, 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 transaction of $3,349,931.34. Following the transaction, the senior vice president now directly owns 76,580 shares in the company, valued at approximately $7,922,966.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction dated Monday, March 13th. The stock was purchased at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the acquisition, the insider now owns 1,709,527 shares in the company, valued at approximately $50,072,045.83. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction 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 approximately $7,922,966.80. The disclosure for this sale can be found here. Insiders have sold 100,539 shares of company stock worth $10,209,164 over the last 90 days. Corporate insiders own 11.44% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on GOOGL shares. Citigroup raised their price target on shares of Alphabet from $120.00 to $130.00 in a research report on Wednesday. KeyCorp decreased 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. Truist Financial lifted their price objective on shares of Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $115.00 price target on shares of Alphabet in a research report on Monday, April 3rd. Finally, Wells Fargo & Company upped their price objective on shares of Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Three equities research analysts have rated the stock with a hold rating, thirty-five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $130.06.

Alphabet Stock Up 3.7 %

Shares of NASDAQ GOOGL opened at $107.59 on Friday. The business has a 50-day moving average of $99.94 and a 200-day moving average of $96.57. The firm has a market capitalization of $1.38 trillion, a price-to-earnings ratio of 23.64, a PEG ratio of 1.44 and a beta of 1.10. 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 12 month low of $83.34 and a 12 month high of $122.85.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.97%. The firm had revenue of $69.79 billion for the quarter, compared to analyst estimates of $57.19 billion. During the same quarter in the prior year, the firm earned $1.23 EPS. Sell-side analysts expect that Alphabet Inc. will post 5.08 earnings per share for the current fiscal 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.