10,220 Shares in Alphabet Inc. (NASDAQ:GOOGL) Bought by Cascade Investment Group Inc.

Posted by Defense World Staff on Jun 17th, 2023

Cascade Investment Group Inc. bought a new position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 10,220 shares of the information services provider’s stock, valued at approximately $902,000. Alphabet makes up 0.9% of Cascade Investment Group Inc.’s portfolio, making the stock its 27th largest holding.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. ST Germain D J Co. Inc. grew its position in Alphabet by 2,403.9% in the fourth quarter. ST Germain D J Co. Inc. now owns 550,033 shares of the information services provider’s stock worth $7,589,000 after acquiring an additional 528,066 shares in the last quarter. Builder Investment Group Inc. ADV purchased a new position in Alphabet in the fourth quarter worth $309,000. Bbjs Financial Advisors LLC bought a new stake in Alphabet in the fourth quarter worth $1,705,000. Athena Investment Management lifted its stake in Alphabet by 9.0% in the fourth quarter. Athena Investment Management now owns 3,798 shares of the information services provider’s stock worth $335,000 after purchasing an additional 314 shares during the last quarter. Finally, Tandem Wealth Advisors LLC bought a new stake in Alphabet in the fourth quarter worth $473,000. 34.06% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 1.2 %

NASDAQ:GOOGL opened at $123.53 on Friday. The company’s 50 day moving average price is $115.08 and its 200-day moving average price is $102.30. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $129.04. 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 stock has a market cap of $1.57 trillion, a price-to-earnings ratio of 27.51, a PEG ratio of 1.58 and a beta of 1.09.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The firm had revenue of $69.79 billion for the quarter, compared to analysts’ expectations of $57.19 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. On average, equities research analysts forecast that Alphabet Inc. will post 5.41 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider John Kent Walker sold 29,006 shares of the firm’s stock in a transaction that occurred on Wednesday, March 29th. The shares were sold at an average price of $101.84, for a total value of $2,953,971.04. Following the sale, the insider now owns 24,277 shares in the company, valued at $2,472,369.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction that occurred 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 transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 29,006 shares of the stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the completion of the transaction, the insider now owns 24,277 shares in the company, valued at $2,472,369.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 810,993 shares of company stock worth $29,335,058. 0.88% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GOOGL shares. Loop Capital downgraded shares of Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price target for the company. in a research note on Monday, May 15th. Morgan Stanley boosted their price target on shares of Alphabet from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 26th. Roth Mkm upped their price objective on shares of Alphabet from $126.00 to $134.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. BNP Paribas raised shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price objective for the company in a research note on Friday, March 17th. Finally, Truist Financial upped their price objective on shares of Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Five equities research analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.67.

Alphabet Profile

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Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.