Alphabet Inc. (NASDAQ:GOOGL) Holdings Lessened by Redmond Asset Management LLC

Posted by Defense World Staff on May 4th, 2023

Redmond Asset Management LLC lowered its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 48,905 shares of the information services provider’s stock after selling 930 shares during the period. Alphabet makes up about 1.5% of Redmond Asset Management LLC’s investment portfolio, making the stock its 10th largest position. Redmond Asset Management LLC’s holdings in Alphabet were worth $4,315,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Birch Capital Management LLC raised its stake in shares of Alphabet by 49.6% during the fourth quarter. Birch Capital Management LLC now owns 3,920 shares of the information services provider’s stock valued at $346,000 after purchasing an additional 1,300 shares during the period. Colony Family Offices LLC raised its stake in shares of Alphabet by 2.2% during the fourth quarter. Colony Family Offices LLC now owns 9,440 shares of the information services provider’s stock valued at $833,000 after purchasing an additional 200 shares during the period. Strengthening Families & Communities LLC raised its stake in shares of Alphabet by 1.6% during the fourth quarter. Strengthening Families & Communities LLC now owns 13,461 shares of the information services provider’s stock valued at $1,188,000 after purchasing an additional 218 shares during the period. Y.D. More Investments Ltd purchased a new stake in shares of Alphabet during the fourth quarter valued at approximately $5,259,000. Finally, Wittenberg Investment Management Inc. raised its stake in shares of Alphabet by 1.6% during the fourth quarter. Wittenberg Investment Management Inc. now owns 124,050 shares of the information services provider’s stock valued at $10,945,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, April 26th. Citigroup lifted their price target on shares of Alphabet from $120.00 to $130.00 in a research note on Wednesday, April 26th. Jefferies Financial Group restated a “buy” rating and issued a $130.00 price target on shares of Alphabet in a research note on Friday, February 10th. Truist Financial lifted their price target on shares of Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a research note on Wednesday, April 26th. Finally, Roth Mkm lifted their price target on shares of Alphabet from $126.00 to $134.00 and gave the stock a “buy” rating in a research note on Wednesday, April 26th. Three equities research analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $130.06.

Alphabet Price Performance

GOOGL stock opened at $105.41 on Thursday. The company has a current ratio of 2.35, a quick ratio of 2.34 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a one year low of $83.34 and a one year high of $122.85. The firm has a market capitalization of $1.35 trillion, a PE ratio of 23.48, a P/E/G ratio of 1.39 and a beta of 1.10. The firm has a 50-day moving average of $101.00 and a two-hundred day moving average of $96.80.

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 analysts’ consensus estimates of $1.06 by $0.11. The business had revenue of $69.79 billion during the quarter, compared to analyst estimates of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same period in the prior year, the firm earned $1.23 earnings per share. On average, analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current year.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the sale, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the sale, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 37,500 shares of the stock in a transaction that occurred on Thursday, March 16th. The stock was sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the director now directly owns 144,740 shares of the company’s stock, valued at $14,474,000. The disclosure for this sale can be found here. Insiders sold 100,539 shares of company stock valued at $10,214,031 over the last three months. 11.44% of the stock is owned by corporate insiders.

Alphabet Profile

(Get Rating)

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.