Mystic Asset Management Inc. Boosts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on May 2nd, 2023

Mystic Asset Management Inc. grew its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 0.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,237 shares of the information services provider’s stock after buying an additional 162 shares during the period. Alphabet accounts for approximately 1.2% of Mystic Asset Management Inc.’s investment portfolio, making the stock its 24th largest position. Mystic Asset Management Inc.’s holdings in Alphabet were worth $2,138,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in GOOGL. Vanguard Group Inc. lifted its holdings in shares of 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 worth $45,628,484,000 after acquiring an additional 453,413,389 shares during the last quarter. State Street Corp lifted its holdings in shares of Alphabet by 1,900.6% in the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after acquiring an additional 206,300,042 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Alphabet by 1,759.2% in the 3rd 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 acquiring an additional 109,870,525 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of 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 worth $5,847,474,000 after acquiring an additional 58,159,150 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Alphabet by 1,896.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock worth $5,553,529,000 after acquiring an additional 55,153,448 shares during the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Insiders Place Their Bets

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 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 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. In other news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction on Wednesday, February 1st. The shares were sold at an average price of $99.87, for a total value of $63,617.19. Following the completion of the sale, the chief accounting officer now owns 25,282 shares in the company, valued at approximately $2,524,913.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ann Mather sold 380 shares of the firm’s stock in a transaction on Monday, February 27th. The stock was sold at an average price of $90.05, for a total transaction of $34,219.00. Following the completion of the sale, the director now owns 11,300 shares of the company’s stock, valued at approximately $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 valued at $10,209,164. Insiders own 11.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on GOOGL. Evercore ISI upped their price objective on shares of Alphabet from $125.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, April 26th. New Street Research began coverage on shares of Alphabet in a report on Wednesday, January 4th. They issued a “buy” rating and a $118.00 price objective on the stock. KeyCorp decreased their price objective on shares of Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a report on Monday, January 30th. BNP Paribas upgraded shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 target price on the stock in a report on Friday, March 17th. Finally, StockNews.com upgraded shares of Alphabet from a “hold” rating to a “buy” rating in a report on Wednesday, April 26th. Three 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 stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $130.06.

Alphabet Trading Down 0.1 %

Shares of Alphabet stock opened at $107.20 on Tuesday. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $122.85. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.34 and a current ratio of 2.35. The company has a market capitalization of $1.37 trillion, a P/E ratio of 23.88, a PEG ratio of 1.39 and a beta of 1.10. The company’s fifty day moving average is $100.46 and its two-hundred day moving average is $96.68.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data 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 company had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same period last year, the firm posted $1.23 EPS. Analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current year.

Alphabet Company 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.