Prostatis Group LLC Reduces Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jun 18th, 2023

Prostatis Group LLC reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 92.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,196 shares of the information services provider’s stock after selling 676,712 shares during the period. Prostatis Group LLC’s holdings in Alphabet were worth $114,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Alphabet by 1,919.4% in the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares during the last quarter. State Street Corp raised its holdings in Alphabet by 1,900.6% in the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after buying an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC raised its holdings in Alphabet by 111,197.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after buying an additional 170,267,122 shares during the last quarter. Geode Capital Management LLC raised its holdings in Alphabet by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 117,077,511 shares of the information services provider’s stock worth $10,310,795,000 after buying an additional 1,923,667 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Alphabet by 1,759.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after buying an additional 109,870,525 shares during the last quarter. 34.06% of the stock is owned by hedge funds and other institutional investors.

Alphabet Price Performance

Alphabet stock opened at $123.53 on Friday. The company has a market cap of $1.57 trillion, a price-to-earnings ratio of 27.51, a PEG ratio of 1.59 and a beta of 1.09. The firm’s fifty day moving average is $115.08 and its 200 day moving average is $102.35. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $129.04.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (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 company had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same quarter in the prior year, the firm earned $1.23 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have issued reports on GOOGL. Wells Fargo & Company began coverage on shares of Alphabet in a report on Wednesday, June 7th. They issued an “equal weight” rating and a $117.00 target price for the company. Sanford C. Bernstein reduced their price target on shares of Alphabet from $130.00 to $125.00 and set an “outperform” rating for the company in a research note on Thursday, April 20th. Stifel Nicolaus began coverage on shares of Alphabet in a research note on Monday, March 20th. They issued a “buy” rating and a $130.00 price target for the company. Raymond James lifted their price target on shares of Alphabet from $119.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. Finally, Credit Suisse Group reduced their price target on shares of Alphabet from $136.00 to $135.00 and set an “outperform” rating for the company in a research note on Wednesday, April 26th. Five investment analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $129.67.

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the transaction, the senior vice president now owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available at the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The stock was bought at an average price of $28.34 per share, for a total transaction of $8,783,444.54. Following the completion of the acquisition, the insider now owns 2,243,665 shares of the company’s stock, valued at approximately $63,585,466.10. The disclosure for this purchase can be found here. Insiders have sold 810,993 shares of company stock worth $29,335,058 over the last quarter. Insiders own 0.88% of the company’s stock.

Alphabet Company Profile

(Get Rating)

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.