Empirical Financial Services LLC d.b.a. Empirical Wealth Management Trims Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on May 12th, 2023

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lessened its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 3.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,823 shares of the information services provider’s stock after selling 1,551 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Alphabet were worth $3,955,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. DC Investments Management LLC purchased a new position in Alphabet during the 1st quarter valued at about $114,000. Bridgefront Capital LLC purchased a new position in Alphabet during the 1st quarter valued at about $225,000. Worth Asset Management LLC purchased a new position in Alphabet during the 1st quarter valued at about $206,000. Eudaimonia Advisors LLC increased its position in Alphabet by 15.1% during the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after purchasing an additional 13 shares during the period. Finally, Aspire Capital Advisors LLC purchased a new position in Alphabet during the 1st quarter valued at about $281,000. Hedge funds and other institutional investors own 34.06% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the business’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $14.13, for a total value of $1,423,908.36. Following the completion of the sale, the insider now owns 11,421,476 shares of the company’s stock, valued at approximately $161,385,455.88. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the company’s stock in a transaction on Monday, May 8th. The shares were sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the completion of the sale, the insider now owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder 2021 Gp L.L.C. Gv bought 7,286 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were acquired at an average cost of $26.98 per share, with a total value of $196,576.28. Following the acquisition, the insider now directly owns 2,647,312 shares of the company’s stock, valued at $71,424,477.76. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 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.

Analyst Upgrades and Downgrades

A number of research analysts have commented on GOOGL shares. Roth Capital reissued a “buy” rating on shares of Alphabet in a research report on Friday, February 3rd. Sanford C. Bernstein cut their price objective on shares of Alphabet from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 20th. Barclays lifted their price objective on shares of Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Evercore ISI lifted their price objective on shares of Alphabet from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Finally, Oppenheimer lifted their price objective on shares of Alphabet from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Three research analysts have rated the stock with a hold rating, thirty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $130.06.

Alphabet Stock Performance

GOOGL opened at $116.57 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. The firm has a fifty day moving average price of $103.23 and a 200 day moving average price of $97.19. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $122.43. The stock has a market cap 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.

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. The company 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 quarter in the previous year, the firm earned $1.23 EPS. Equities research analysts anticipate that Alphabet Inc. will post 5.39 earnings per share for the current year.

About Alphabet

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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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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