Alphabet Inc. (NASDAQ:GOOGL) Stake Increased by Biltmore Family Office LLC

Posted by on May 8th, 2023

Biltmore Family Office LLC lifted its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 32.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 32,083 shares of the information services provider’s stock after acquiring an additional 7,828 shares during the quarter. Alphabet makes up 0.6% of Biltmore Family Office LLC’s portfolio, making the stock its 28th biggest holding. Biltmore Family Office LLC’s holdings in Alphabet were worth $2,831,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Spreng Capital Management Inc. lifted its stake in Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after purchasing an additional 5 shares during the period. West Family Investments Inc. lifted its stake in Alphabet by 0.3% during the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after purchasing an additional 6 shares during the period. Maple Capital Management Inc. lifted its stake in Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after purchasing an additional 6 shares during the period. Private Advisory Group LLC lifted its stake in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after purchasing an additional 7 shares during the period. Finally, Weik Capital Management lifted its stake in Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after purchasing an additional 8 shares during the period. 34.06% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of analyst reports. Jefferies Financial Group restated a “buy” rating and set a $130.00 price target on shares of Alphabet in a research note on Friday, February 10th. UBS Group lifted their target price on shares of Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, April 6th. Sanford C. Bernstein cut their target price on shares of Alphabet from $130.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, April 20th. Needham & Company LLC reiterated a “buy” rating and issued a $115.00 target price on shares of Alphabet in a research note on Monday, April 3rd. Finally, Robert W. Baird lifted their target price on shares of Alphabet from $120.00 to $123.00 and gave the company an “outperform” rating in a research note 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 given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $130.06.

Insiders Place Their Bets

In other news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction dated Monday, March 13th. The shares were bought at an average cost of $29.29 per share, for a total transaction of $12,155,350.00. Following the purchase, the insider now directly owns 1,709,527 shares of the company’s stock, valued at $50,072,045.83. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Ann Mather sold 380 shares of the business’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $90.05, for a total transaction of $34,219.00. Following the transaction, the director now directly owns 11,300 shares in the company, valued at approximately $1,017,565. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the stock in a transaction dated Monday, March 13th. The shares were purchased at an average price of $29.29 per share, for a total transaction of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The disclosure for this purchase can be found here. Insiders have sold 138,039 shares of company stock valued at $14,153,031 in the last three months. 11.44% of the stock is currently owned by corporate insiders.

Alphabet Trading Up 0.8 %

Shares of NASDAQ:GOOGL opened at $105.57 on Monday. The company’s 50-day moving average price is $101.61 and its two-hundred day moving average price is $96.85. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. Alphabet Inc. has a one year low of $83.34 and a one year high of $122.43. The stock has a market capitalization of $1.34 trillion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 1.34 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 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 analysts’ expectations of $57.19 billion. During the same period in the previous year, the firm posted $1.23 EPS. On average, equities analysts forecast that Alphabet Inc. will post 5.39 EPS for the current fiscal 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.

See Also

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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