Insight Wealth Strategies LLC Increases Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jun 20th, 2023

Insight Wealth Strategies LLC lifted its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 21,324 shares of the information services provider’s stock after buying an additional 315 shares during the quarter. Insight Wealth Strategies LLC’s holdings in Alphabet were worth $2,212,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOGL. FourThought Financial Partners LLC bought a new position in shares of Alphabet in the fourth quarter worth approximately $5,415,000. Glenview Trust Co grew its position in Alphabet by 10.7% during the fourth quarter. Glenview Trust Co now owns 458,830 shares of the information services provider’s stock valued at $40,483,000 after acquiring an additional 44,278 shares during the last quarter. Bfsg LLC grew its position in Alphabet by 160.5% during the fourth quarter. Bfsg LLC now owns 8,075 shares of the information services provider’s stock valued at $712,000 after acquiring an additional 4,975 shares during the last quarter. Ibex Investors LLC bought a new position in Alphabet during the fourth quarter valued at approximately $2,617,000. Finally, Arjuna Capital grew its position in Alphabet by 2.8% during the fourth quarter. Arjuna Capital now owns 127,545 shares of the information services provider’s stock valued at $11,253,000 after acquiring an additional 3,427 shares during the last quarter. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Wolfe Research increased their price target on shares of Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Truist Financial increased their price target on shares of Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research report on Wednesday, April 26th. JMP Securities reiterated a “market outperform” rating and set a $132.00 price target on shares of Alphabet in a research report on Thursday, March 16th. UBS Group increased their price target on shares of Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, April 6th. Finally, Piper Sandler raised their target price on shares of Alphabet from $117.00 to $128.00 and gave the stock an “overweight” rating in a report on Wednesday, April 26th. Five analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $129.67.

Alphabet Stock Down 1.2 %

NASDAQ GOOGL opened at $123.53 on Tuesday. The stock’s 50 day moving average is $115.43 and its 200 day moving average is $102.52. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $129.04. The stock has a market cap of $1.57 trillion, a PE ratio of 27.51, a P/E/G ratio of 1.57 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, topping analysts’ consensus estimates of $1.06 by $0.11. The company had revenue of $69.79 billion for the quarter, compared to analysts’ expectations 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 earned $1.23 EPS. Research analysts predict that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

Insider Transactions at Alphabet

In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total transaction of $25,130.00. Following the sale, the director now directly owns 5,740 shares of the company’s stock, valued at approximately $721,231. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other 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 transaction, the insider now owns 11,421,476 shares of the company’s stock, valued at approximately $161,385,455.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total value of $25,130.00. Following the transaction, the director now directly owns 5,740 shares in the company, valued at approximately $721,231. The disclosure for this sale can be found here. Insiders have sold 810,993 shares of company stock valued at $29,335,058 in the last ninety days. Corporate insiders own 0.88% of the company’s stock.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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