WASHINGTON TRUST Co Lowers Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on May 15th, 2023

WASHINGTON TRUST Co cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 5.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 470,064 shares of the information services provider’s stock after selling 25,463 shares during the quarter. Alphabet comprises approximately 1.9% of WASHINGTON TRUST Co’s investment portfolio, making the stock its 12th biggest position. WASHINGTON TRUST Co’s holdings in Alphabet were worth $41,474,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Bornite Capital Management LP purchased a new position in Alphabet during the 1st quarter valued at about $16,688,000. Markel Corp boosted its holdings in Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after acquiring an additional 2,250 shares during the period. United Bank boosted its holdings in Alphabet by 5.9% during the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after acquiring an additional 113 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Alphabet by 23.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after acquiring an additional 61,427 shares during the period. Finally, Dakota Wealth Management boosted its holdings in Alphabet by 20.4% during the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after acquiring an additional 1,570 shares during the period. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.8 %

Alphabet stock opened at $117.51 on Monday. 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 1-year low of $83.34 and a 1-year high of $122.43. The company has a market cap of $1.49 trillion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.35 and a beta of 1.10. The stock’s 50 day moving average price is $103.71 and its 200 day moving average price is $97.26.

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 for the quarter, beating 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 for the quarter, compared to the consensus estimate of $57.19 billion. During the same period in the previous year, the business earned $1.23 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 5.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on GOOGL. Wells Fargo & Company raised their target price on Alphabet from $145.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, February 3rd. Bank of America raised their target price on Alphabet from $125.00 to $128.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Stifel Nicolaus assumed coverage on Alphabet in a report on Monday, March 20th. They set a “buy” rating and a $130.00 target price for the company. Wolfe Research increased their price target on Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Finally, Truist Financial increased their price target on Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research report on Wednesday, April 26th. Three research analysts have rated the stock with a hold rating, thirty-five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $130.06.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total value of $3,349,931.34. Following the sale, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the sale, the senior vice president now directly owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv bought 415,000 shares of the firm’s stock in a transaction 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 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 disclosure for this purchase can be found here. Over the last three months, insiders have acquired 732,217 shares of company stock worth $21,135,371 and have sold 326,208 shares worth $16,803,119. Company insiders own 11.44% of the company’s stock.

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.