Sycomore Asset Management lowered its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 27.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 45,259 shares of the information services provider’s stock after selling 17,512 shares during the period. Alphabet accounts for 1.3% of Sycomore Asset Management’s portfolio, making the stock its 22nd largest position. Sycomore Asset Management’s holdings in Alphabet were worth $4,637,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Monterey Private Wealth Inc. increased its holdings in shares of Alphabet by 3.1% in the first quarter. Monterey Private Wealth Inc. now owns 16,611 shares of the information services provider’s stock valued at $1,723,000 after purchasing an additional 498 shares in the last quarter. Insight Wealth Strategies LLC boosted its stake in Alphabet by 1.5% in the first quarter. Insight Wealth Strategies LLC now owns 21,324 shares of the information services provider’s stock valued at $2,212,000 after acquiring an additional 315 shares during the last quarter. Patten Group Inc. boosted its stake in Alphabet by 6.1% in the first quarter. Patten Group Inc. now owns 23,200 shares of the information services provider’s stock valued at $2,407,000 after acquiring an additional 1,341 shares during the last quarter. Revolve Wealth Partners LLC boosted its stake in Alphabet by 10.1% in the first quarter. Revolve Wealth Partners LLC now owns 12,837 shares of the information services provider’s stock valued at $1,332,000 after acquiring an additional 1,178 shares during the last quarter. Finally, Veracity Capital LLC boosted its stake in Alphabet by 13.4% in the first quarter. Veracity Capital LLC now owns 18,957 shares of the information services provider’s stock valued at $1,966,000 after acquiring an additional 2,233 shares during the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have issued reports on GOOGL. Piper Sandler raised their price objective on shares of Alphabet from $117.00 to $128.00 and gave the company an “overweight” 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 target on the stock in a research report on Friday, March 17th. Truist Financial lifted their price target on shares of Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. Loop Capital cut shares of Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price target on the stock. in a research report on Monday, May 15th. Finally, Sanford C. Bernstein reduced their price target on shares of Alphabet from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 20th. Five equities research analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $129.67.
Alphabet Trading Down 0.3 %
Alphabet (NASDAQ:GOOGL – Get Rating) last announced its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share 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 analyst estimates of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same quarter last year, the company earned $1.23 earnings per share. Research analysts forecast that Alphabet Inc. will post 5.41 EPS for the current year.
Insiders Place Their Bets
In other news, SVP Prabhakar Raghavan sold 32,379 shares of the business’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 completion of the sale, the senior vice president now owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the sale, the chief accounting officer now directly owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction dated 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 sale, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The disclosure for this sale can be found here. Insiders have sold 817,525 shares of company stock worth $29,433,168 in the last 90 days. Company insiders own 0.88% of the company’s stock.
Alphabet Company Profile
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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