Alphabet Inc. (NASDAQ:GOOGL) Holdings Lowered by Formidable Asset Management LLC

Posted by Defense World Staff on May 9th, 2023

Formidable Asset Management LLC cut its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,545 shares of the information services provider’s stock after selling 221 shares during the period. Formidable Asset Management LLC’s holdings in Alphabet were worth $1,283,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GOOGL. Vanguard Group Inc. boosted its stake in Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after buying an additional 453,413,389 shares in the last quarter. State Street Corp lifted its holdings in 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 valued at $20,770,809,000 after acquiring an additional 206,300,042 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Massachusetts Financial Services Co. MA grew its stake 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 purchasing an additional 58,159,150 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake 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 purchasing an additional 55,153,448 shares during the last quarter. 34.06% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

GOOGL opened at $107.77 on Tuesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35. The company has a market cap of $1.37 trillion, a PE ratio of 24.00, a price-to-earnings-growth ratio of 1.35 and a beta of 1.10. The stock has a 50-day moving average of $101.97 and a 200-day moving average of $96.90. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $122.43.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its 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. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The firm had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on GOOGL shares. Wolfe Research raised their target price on shares of Alphabet from $120.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, April 26th. Wells Fargo & Company lifted their target price on Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Oppenheimer upped their target price on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Roth Capital restated a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Finally, Stifel Nicolaus assumed coverage on shares of Alphabet in a report on Monday, March 20th. They issued a “buy” rating and a $130.00 target price for the company. Three analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average target price of $130.06.

Insider Buying and Selling

In other news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the company’s stock in a transaction that occurred on 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 acquisition, the insider now directly owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the company’s stock in a transaction that occurred on Monday, March 13th. The shares were acquired at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the transaction, the insider now owns 1,709,527 shares of the company’s stock, valued at approximately $50,072,045.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction on Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total transaction of $57,425.55. Following the completion of the sale, the chief accounting officer now directly owns 25,442 shares of the company’s stock, valued at $2,293,596.30. The disclosure for this sale can be found here. In the last three months, insiders sold 138,039 shares of company stock valued at $14,153,031. Company insiders own 11.44% of the company’s stock.

About Alphabet

(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.