Private Management Group Inc. Has $14.07 Million Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Apr 29th, 2023

Private Management Group Inc. grew its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 52.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 159,498 shares of the information services provider’s stock after purchasing an additional 54,720 shares during the quarter. Private Management Group Inc.’s holdings in Alphabet were worth $14,073,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake 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 worth $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp lifted its stake 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 during the period. Price T Rowe Associates Inc. MD lifted its stake 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 valued at $11,106,502,000 after acquiring an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Alphabet by 1,955.0% during 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 acquiring an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Alphabet by 1,896.9% during 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 acquiring an additional 55,153,448 shares during the period. Institutional investors and hedge funds own 34.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GOOGL shares. MKM Partners upped their price target on Alphabet from $120.00 to $126.00 in a research note on Friday, February 3rd. Roth Mkm upped their price target on Alphabet from $126.00 to $134.00 and gave the company a “buy” rating in a research note on Wednesday. Citigroup upped their price target on Alphabet from $120.00 to $130.00 in a research note on Wednesday. Loop Capital upped their price target on Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, February 8th. Finally, Barclays upped their price objective on Alphabet from $150.00 to $160.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Three research analysts have rated the stock with a hold rating, thirty-five 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 has an average rating of “Moderate Buy” and a consensus target price of $130.06.

Alphabet Trading Down 0.2 %

NASDAQ GOOGL opened at $107.34 on Friday. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $122.85. The company has a current ratio of 2.35, a quick ratio of 2.34 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average of $100.20 and a 200-day moving average of $96.63. The company has a market cap of $1.37 trillion, a PE ratio of 23.91, a PEG ratio of 1.43 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The firm had revenue of $69.79 billion for the quarter, compared to analyst estimates of $57.19 billion. During the same period in the prior year, the firm posted $1.23 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 5.13 EPS for the current fiscal year.

Insider Activity

In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the business’s stock in a transaction that occurred on Wednesday, February 1st. The stock was sold at an average price of $99.87, for a total transaction of $63,617.19. Following the transaction, the chief accounting officer now owns 25,282 shares of the company’s stock, valued at $2,524,913.34. The sale was disclosed in a document filed with the SEC, which is available through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $99.87, for a total transaction of $63,617.19. Following the completion of the sale, the chief accounting officer now owns 25,282 shares of the company’s stock, valued at approximately $2,524,913.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet 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 transaction, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 100,539 shares of company stock valued at $10,209,164. 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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