Washington Trust Bank Raises Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on May 4th, 2023

Washington Trust Bank grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 8.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 94,455 shares of the information services provider’s stock after purchasing an additional 7,351 shares during the period. Washington Trust Bank’s holdings in Alphabet were worth $8,334,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in GOOGL. DC Investments Management LLC acquired a new stake in Alphabet during the 1st quarter worth about $114,000. Bridgefront Capital LLC acquired a new stake in Alphabet during the 1st quarter worth about $225,000. Worth Asset Management LLC purchased a new stake in shares of Alphabet during the 1st quarter worth about $206,000. Eudaimonia Advisors LLC boosted its stake in shares of Alphabet by 15.1% during the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock worth $275,000 after acquiring an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC purchased a new stake in shares of Alphabet during the 1st quarter worth about $281,000. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Alphabet Trading Up 0.1 %

Shares of GOOGL stock opened at $105.41 on Thursday. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $122.85. The stock has a market cap of $1.35 trillion, a price-to-earnings ratio of 23.48, a P/E/G ratio of 1.39 and a beta of 1.10. 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 firm has a fifty day moving average of $101.00 and a 200-day moving average of $96.80.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share 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 business 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. On average, equities research analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Analyst Ratings Changes

GOOGL has been the topic of several recent analyst reports. Morgan Stanley increased their target price on shares of Alphabet from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 26th. Tigress Financial decreased their price target on shares of Alphabet from $186.00 to $160.00 and set a “strong-buy” rating on the stock in a research note on Friday, January 6th. Raymond James raised their price target on shares of Alphabet from $119.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Needham & Company LLC reaffirmed a “buy” rating and issued a $115.00 price target on shares of Alphabet in a research note on Monday, April 3rd. Finally, JMP Securities reissued a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research note on Thursday, March 16th. Three research analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $130.06.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $107.51, for a total transaction of $68,483.87. Following the completion of the sale, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Amie Thuener O’toole sold 637 shares of the business’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the sale, the chief accounting officer now directly owns 25,937 shares in the company, valued at $2,788,486.87. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,539 shares of company stock valued at $10,214,031. Company insiders own 11.44% of the company’s stock.

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.