Convergence Investment Partners LLC Has $1.66 Million Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on May 2nd, 2023

Convergence Investment Partners LLC lessened its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 5.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 18,763 shares of the information services provider’s stock after selling 1,027 shares during the period. Convergence Investment Partners LLC’s holdings in Alphabet were worth $1,655,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in GOOGL. Bornite Capital Management LP bought a new position in shares of Alphabet in the first quarter valued at approximately $16,688,000. Markel Corp lifted its holdings in shares of Alphabet by 17.0% in the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after purchasing an additional 2,250 shares in the last quarter. United Bank lifted its holdings in shares of Alphabet by 5.9% in the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Alphabet by 23.4% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management lifted its holdings in shares of Alphabet by 20.4% in the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after purchasing an additional 1,570 shares in the last quarter. Institutional investors and hedge funds own 34.06% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on GOOGL shares. Rosenblatt Securities cut their price objective on Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research report on Friday, February 3rd. Royal Bank of Canada boosted their price objective on Alphabet from $130.00 to $132.00 in a research report on Wednesday, April 26th. StockNews.com raised Alphabet from a “hold” rating to a “buy” rating in a research report on Wednesday, April 26th. Credit Suisse Group cut their price objective on Alphabet from $136.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 26th. Finally, Raymond James boosted their price objective on Alphabet from $119.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. 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. According to MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus target price of $130.06.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction dated 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 directly owns 25,282 shares in the company, valued at approximately $2,524,913.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction dated 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 directly owns 25,282 shares in the company, valued at approximately $2,524,913.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann Mather sold 380 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $90.05, for a total value of $34,219.00. Following the transaction, the director now owns 11,300 shares in the company, valued at $1,017,565. The disclosure for this sale can be found here. In the last three months, insiders have sold 100,539 shares of company stock worth $10,209,164. 11.44% of the stock is currently owned by insiders.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $107.20 on Tuesday. The company has a quick ratio of 2.34, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. The firm has a market capitalization of $1.37 trillion, a P/E ratio of 23.88, a P/E/G ratio of 1.39 and a beta of 1.10. The stock’s 50-day simple moving average is $100.46 and its two-hundred day simple moving average is $96.68. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $122.85.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.06 by $0.11. The firm had revenue of $69.79 billion for the quarter, compared to analyst estimates of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same period in the prior year, the company earned $1.23 EPS. As a group, equities analysts anticipate that Alphabet Inc. will post 5.39 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.