Alphabet Inc. (NASDAQ:GOOGL) is BTC Capital Management Inc.’s 7th Largest Position

Posted by Defense World Staff on Jun 21st, 2023

BTC Capital Management Inc. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,665 shares of the information services provider’s stock after buying an additional 6,275 shares during the period. Alphabet accounts for about 1.9% of BTC Capital Management Inc.’s portfolio, making the stock its 7th largest holding. BTC Capital Management Inc.’s holdings in Alphabet were worth $16,564,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. DC Investments Management LLC purchased a new stake in shares of Alphabet in the first quarter valued at approximately $114,000. Bridgefront Capital LLC acquired a new position in Alphabet in the first quarter valued at approximately $225,000. Worth Asset Management LLC acquired a new position in Alphabet in the first quarter valued at approximately $206,000. Eudaimonia Advisors LLC lifted its holdings in Alphabet by 15.1% in the first quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after acquiring an additional 13 shares during the last quarter. Finally, Aspire Capital Advisors LLC acquired a new position in Alphabet in the first quarter valued at approximately $281,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the transaction, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at $2,788,486.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the transaction, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at $2,788,486.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the stock in a transaction dated 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 sale, the insider now owns 11,421,476 shares of the company’s stock, valued at approximately $161,385,455.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 817,525 shares of company stock valued at $29,433,168. 0.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently commented on GOOGL shares. Raymond James upped their price objective on Alphabet from $119.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Piper Sandler upped their price objective on Alphabet from $117.00 to $128.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. Royal Bank of Canada upped their price objective on Alphabet from $130.00 to $132.00 in a report on Wednesday, April 26th. Bank of America upped their price objective on Alphabet from $125.00 to $128.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. Finally, Wolfe Research upped their price target on Alphabet from $120.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. Five investment analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $129.67.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $123.10 on Wednesday. The firm has a market capitalization of $1.56 trillion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 1.57 and a beta of 1.09. The business’s fifty day moving average price is $115.78 and its 200 day moving average price is $102.68. 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 12 month low of $83.34 and a 12 month high of $129.04.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating the consensus estimate of $1.06 by $0.11. The firm 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 in the prior year, the company posted $1.23 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 5.41 earnings per share for the current fiscal year.

Alphabet Company 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.