Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Parsec Financial Management Inc.

Posted by on Jun 20th, 2023

Parsec Financial Management Inc. trimmed its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 52,570 shares of the information services provider’s stock after selling 690 shares during the period. Parsec Financial Management Inc.’s holdings in Alphabet were worth $5,453,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of GOOGL. DC Investments Management LLC acquired a new position in shares of Alphabet during the 1st quarter worth approximately $114,000. Bridgefront Capital LLC purchased a new stake in shares of Alphabet during the 1st quarter valued at approximately $225,000. Worth Asset Management LLC purchased a new stake in shares of Alphabet during the 1st quarter valued at approximately $206,000. Eudaimonia Advisors LLC raised its position in shares of Alphabet by 15.1% during the 1st quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after buying an additional 13 shares during the period. Finally, Aspire Capital Advisors LLC purchased a new stake in shares of Alphabet during the 1st quarter valued at approximately $281,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 28,960 shares of Alphabet stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $14.87, for a total value of $430,635.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder 2021 Gp L.L.C. Gv bought 7,286 shares of the stock in a transaction on Friday, May 5th. The stock was purchased at an average cost of $26.98 per share, with a total value of $196,576.28. Following the purchase, the insider now owns 2,647,312 shares of the company’s stock, valued at $71,424,477.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 28,960 shares of Alphabet stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $14.87, for a total transaction of $430,635.20. The disclosure for this sale can be found here. In the last three months, insiders sold 810,993 shares of company stock valued at $29,335,058. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the topic of several analyst reports. UBS Group lifted 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. Stifel Nicolaus began coverage on shares of Alphabet in a research report on Monday, March 20th. They set a “buy” rating and a $130.00 price target on the stock. BNP Paribas raised Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 target price on the stock in a research report on Friday, March 17th. Morgan Stanley boosted their target price on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research report on Wednesday, April 26th. Finally, Oppenheimer boosted their target price on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Five equities research 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’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $129.67.

Alphabet Trading Down 1.2 %

Shares of Alphabet stock opened at $123.53 on Tuesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The company has a market capitalization of $1.57 trillion, a P/E ratio of 27.51, a P/E/G ratio of 1.57 and a beta of 1.09. The business has a 50 day moving average price of $115.43 and a 200 day moving average price of $102.52.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.06 by $0.11. The firm had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same period in the previous year, the company earned $1.23 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

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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