Bangor Savings Bank Has $3.49 Million Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jun 21st, 2023

Bangor Savings Bank cut its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1.6% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,594 shares of the information services provider’s stock after selling 536 shares during the quarter. Alphabet makes up 0.4% of Bangor Savings Bank’s holdings, making the stock its 29th biggest holding. Bangor Savings Bank’s holdings in Alphabet were worth $3,485,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of GOOGL. Vanguard Group Inc. raised its position 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 valued at $45,628,484,000 after purchasing an additional 453,413,389 shares during the last quarter. State Street Corp raised its position 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 valued at $20,770,809,000 after purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position 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 valued at $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position 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 valued at $11,106,502,000 after purchasing an additional 109,870,525 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Alphabet during the fourth quarter worth about $8,335,063,000. 35.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Jefferies Financial Group raised their price objective on Alphabet from $130.00 to $150.00 in a research report on Tuesday, May 23rd. 1-800-FLOWERS.COM reiterated a “downgrade” rating on shares of Alphabet in a report on Monday, May 15th. Royal Bank of Canada lifted their target price on Alphabet from $130.00 to $132.00 in a report on Wednesday, April 26th. Oppenheimer lifted their target price on Alphabet from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, April 26th. Finally, Credit Suisse Group lowered their target price on Alphabet from $136.00 to $135.00 and set an “outperform” rating for the company in a report on Wednesday, April 26th. Five investment 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, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $129.67.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $123.10 on Wednesday. The business’s 50-day moving average price is $115.78 and its two-hundred day moving average price is $102.68. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $129.04. The stock has a market cap of $1.56 trillion, a P/E ratio of 27.42, a PEG ratio of 1.57 and a beta of 1.09. 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 (NASDAQ:GOOGL – Get Rating) last announced its quarterly earnings data 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 period in the prior year, the company earned $1.23 EPS. As a group, equities analysts predict that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 6,532 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $15.02, for a total transaction of $98,110.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider John Kent Walker sold 29,006 shares of Alphabet stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total value of $2,953,971.04. Following the sale, the insider now directly owns 24,277 shares in the company, valued at approximately $2,472,369.68. The sale was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 6,532 shares of Alphabet stock in a transaction that occurred on Friday, June 16th. The stock was sold at an average price of $15.02, for a total value of $98,110.64. The disclosure for this sale can be found here. Insiders have sold a total of 817,525 shares of company stock worth $29,433,168 in the last ninety days. 0.88% of the stock is owned by insiders.

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.