ICICI Prudential Asset Management Co Ltd Increases Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on May 12th, 2023

ICICI Prudential Asset Management Co Ltd increased its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 77.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 23,569 shares of the information services provider’s stock after acquiring an additional 10,297 shares during the quarter. ICICI Prudential Asset Management Co Ltd’s holdings in Alphabet were worth $2,079,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. VitalStone Financial LLC bought a new position in shares of Alphabet during the fourth quarter valued at $25,000. IAG Wealth Partners LLC increased its holdings in shares of Alphabet by 3,275.0% during the third quarter. IAG Wealth Partners LLC now owns 270 shares of the information services provider’s stock valued at $26,000 after acquiring an additional 262 shares in the last quarter. Artemis Wealth Advisors LLC increased its holdings in shares of Alphabet by 1,900.0% during the third quarter. Artemis Wealth Advisors LLC now owns 280 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 266 shares in the last quarter. Laurel Wealth Planning LLC increased its holdings in shares of Alphabet by 1,900.0% during the third quarter. Laurel Wealth Planning LLC now owns 300 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 285 shares in the last quarter. Finally, Coston McIsaac & Partners increased its holdings in shares of Alphabet by 1,900.0% during the third quarter. Coston McIsaac & Partners now owns 320 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 304 shares in the last quarter. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $116.57 on Friday. The company has a market capitalization of $1.48 trillion, a P/E ratio of 25.96, a P/E/G ratio of 1.35 and a beta of 1.10. The business’s 50 day moving average is $103.23 and its two-hundred day moving average is $97.19. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $122.43.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.11. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The business had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same quarter last year, the business posted $1.23 earnings per share. Analysts expect that Alphabet Inc. will post 5.39 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the completion of the transaction, the insider now directly owns 11,421,476 shares in the company, valued at $161,385,455.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Alphabet news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction dated 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 directly owns 11,300 shares of the company’s stock, valued at approximately $1,017,565. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of Alphabet stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36. Following the sale, the insider now owns 11,421,476 shares in the company, valued at approximately $161,385,455.88. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 732,217 shares of company stock valued at $21,135,371 and sold 238,811 shares valued at $15,576,939. 11.44% of the stock is owned by insiders.

Analysts Set New Price Targets

GOOGL has been the topic of several recent analyst reports. KeyCorp dropped their price objective on Alphabet from $118.00 to $117.00 and set an “overweight” rating on the stock in a research report on Monday, January 30th. Robert W. Baird raised their target price on Alphabet from $120.00 to $123.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Morgan Stanley lifted their price objective on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Bank of America lifted their price objective on Alphabet from $125.00 to $128.00 and gave the company a “buy” rating in a research report on Wednesday, April 26th. Finally, Rosenblatt Securities decreased their target price on Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. Three equities research 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 stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $130.06.

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.