Auto Owners Insurance Co Makes New Investment in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Jun 14th, 2023

Auto Owners Insurance Co bought a new position in Alphabet Inc. (NASDAQ:GOOG – Get Rating) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 580,800 shares of the information services provider’s stock, valued at approximately $51,534,000. Alphabet comprises 1.9% of Auto Owners Insurance Co’s holdings, making the stock its 14th biggest position.

A number of other large investors have also bought and sold shares of GOOG. Monarch Capital Management Inc. grew its position in shares of Alphabet by 4.0% in the fourth quarter. Monarch Capital Management Inc. now owns 40,712 shares of the information services provider’s stock valued at $3,612,000 after purchasing an additional 1,562 shares in the last quarter. Grand Jean Capital Management Inc. grew its position in shares of Alphabet by 1,926.2% in the third quarter. Grand Jean Capital Management Inc. now owns 137,135 shares of the information services provider’s stock valued at $13,186,000 after purchasing an additional 130,367 shares in the last quarter. Matthew Goff Investment Advisor LLC grew its position in shares of Alphabet by 4.2% in the fourth quarter. Matthew Goff Investment Advisor LLC now owns 7,380 shares of the information services provider’s stock valued at $655,000 after purchasing an additional 300 shares in the last quarter. Gould Capital LLC boosted its stake in Alphabet by 2,150.0% during the third quarter. Gould Capital LLC now owns 315 shares of the information services provider’s stock valued at $30,000 after buying an additional 301 shares during the period. Finally, Clarity Financial LLC boosted its stake in Alphabet by 2,118.6% during the third quarter. Clarity Financial LLC now owns 61,722 shares of the information services provider’s stock valued at $5,935,000 after buying an additional 58,940 shares during the period. 28.69% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.1 %

Shares of NASDAQ:GOOG opened at $124.43 on Wednesday. Alphabet Inc. has a 52-week low of $83.45 and a 52-week high of $129.55. The firm has a market capitalization of $1.58 trillion, a P/E ratio of 27.71, a P/E/G ratio of 1.57 and a beta of 1.09. The stock has a 50 day moving average price of $114.69 and a 200-day moving average price of $102.38. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35.

Alphabet (NASDAQ:GOOG – Get Rating) last posted its quarterly earnings data 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 company had revenue of $69.79 billion during the quarter, compared to analyst estimates of $68.80 billion. During the same quarter last year, the company earned $1.23 EPS. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. As a group, equities research analysts anticipate that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv bought 309,931 shares of the business’s stock in a transaction on Wednesday, May 3rd. The shares were acquired at an average cost of $28.34 per share, for a total transaction of $8,783,444.54. Following the purchase, the insider now owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction on Monday, April 3rd. The shares were 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 owns 76,580 shares in the company, valued at $7,922,966.80. The disclosure for this sale can be found here. Insiders sold a total of 841,967 shares of company stock valued at $33,029,070 in the last 90 days. Corporate insiders own 12.99% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOG has been the subject of several research analyst reports. UBS Group lifted their price objective on Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, April 6th. Deutsche Bank Aktiengesellschaft lifted their price objective on Alphabet from $120.00 to $125.00 in a research note on Wednesday, April 26th. Raymond James lifted their price objective on Alphabet from $119.00 to $130.00 in a research note on Wednesday, April 26th. Robert W. Baird lifted their price objective on Alphabet from $120.00 to $123.00 in a research note on Wednesday, April 26th. Finally, Oppenheimer dropped their price objective on Alphabet from $155.00 to $135.00 in a research note on Monday, April 24th. One equities research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $132.80.

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.