Running Point Capital Advisors LLC Trims Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on May 22nd, 2023

Running Point Capital Advisors LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 14.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,104 shares of the information services provider’s stock after selling 355 shares during the quarter. Running Point Capital Advisors LLC’s holdings in Alphabet were worth $186,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. DC Investments Management LLC acquired a new stake in shares of Alphabet during the 1st quarter worth $114,000. Bridgefront Capital LLC acquired a new stake in shares of Alphabet during the 1st quarter worth $225,000. Worth Asset Management LLC acquired a new stake in Alphabet in the 1st quarter valued at $206,000. Eudaimonia Advisors LLC increased its holdings in Alphabet by 15.1% in 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 in the last quarter. Finally, Aspire Capital Advisors LLC acquired a new stake in Alphabet in the 1st quarter valued at $281,000. 34.06% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 637 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $90.15, for a total transaction of $57,425.55. Following the completion of the transaction, the chief accounting officer now directly owns 25,442 shares in the company, valued at $2,293,596.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the business’s stock in a transaction that occurred 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 sale, the insider now owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the business’s stock in a transaction that occurred on Wednesday, March 1st. The stock was sold at an average price of $90.15, for a total value of $57,425.55. Following the sale, the chief accounting officer now directly owns 25,442 shares in the company, valued at approximately $2,293,596.30. The disclosure for this sale can be found here. Over the last three months, insiders acquired 732,217 shares of company stock worth $21,135,371 and sold 601,450 shares worth $28,354,856. Insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on the company. KeyCorp lowered their price target on Alphabet from $118.00 to $117.00 and set an “overweight” rating for the company in a report on Monday, January 30th. Roth Mkm increased their price target on Alphabet from $126.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Morgan Stanley increased their price target on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. JMP Securities reiterated a “market outperform” rating and issued a $132.00 price target on shares of Alphabet in a report on Thursday, March 16th. Finally, Wolfe Research increased their price target on Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Four investment analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $130.06.

Alphabet Stock Performance

Shares of GOOGL stock opened at $122.76 on Monday. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. The business has a 50 day moving average of $106.43 and a two-hundred day moving average of $98.26. The company has a market cap of $1.56 trillion, a P/E ratio of 27.34, a PEG ratio of 1.56 and a beta of 1.10. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $125.97.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.11. The business had revenue of $69.79 billion during the quarter, compared to the consensus estimate of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same period in the previous year, the firm posted $1.23 earnings per share. As a group, analysts anticipate that Alphabet Inc. will post 5.41 EPS for the current year.

Alphabet 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.

Further Reading

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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