GPM Growth Investors Inc. Decreases Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jun 23rd, 2023

GPM Growth Investors Inc. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 0.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 88,790 shares of the information services provider’s stock after selling 597 shares during the period. Alphabet accounts for about 5.3% of GPM Growth Investors Inc.’s portfolio, making the stock its 4th largest position. GPM Growth Investors Inc.’s holdings in Alphabet were worth $9,210,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the business. Beese Fulmer Investment Management Inc. boosted its holdings in Alphabet by 5.1% in the first quarter. Beese Fulmer Investment Management Inc. now owns 138,174 shares of the information services provider’s stock valued at $14,333,000 after acquiring an additional 6,725 shares during the last quarter. Trinity Street Asset Management LLP bought a new position in Alphabet in the first quarter valued at about $18,219,000. Walker Asset Management LLC boosted its holdings in Alphabet by 13.0% in the first quarter. Walker Asset Management LLC now owns 2,614 shares of the information services provider’s stock valued at $271,000 after acquiring an additional 300 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Alphabet by 8.6% in the first quarter. Massmutual Trust Co. FSB ADV now owns 414,520 shares of the information services provider’s stock valued at $42,998,000 after acquiring an additional 32,803 shares during the last quarter. Finally, My Legacy Advisors LLC boosted its holdings in Alphabet by 1.8% in the first quarter. My Legacy Advisors LLC now owns 19,831 shares of the information services provider’s stock valued at $2,111,000 after acquiring an additional 356 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $123.15 on Friday. 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 50 day moving average of $116.41 and a 200-day moving average of $102.95. The company has a market capitalization of $1.56 trillion, a P/E ratio of 27.43, a P/E/G ratio of 1.57 and a beta of 1.09.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.11. The business had revenue of $69.79 billion during 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 last year, the firm posted $1.23 EPS. As a group, equities research analysts predict that Alphabet Inc. will post 5.41 EPS for the current year.

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet stock in a transaction that occurred on 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 completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the transaction, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at approximately $7,922,966.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the transaction, the chief accounting officer now directly owns 25,937 shares of the company’s stock, valued at $2,788,486.87. The disclosure for this sale can be found here. In the last ninety days, insiders sold 854,930 shares of company stock valued at $29,996,488. Insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

GOOGL has been the topic of several recent research reports. Wells Fargo & Company began coverage on Alphabet in a report on Wednesday, June 7th. They issued an “equal weight” rating and a $117.00 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 note on Friday, March 17th. JMP Securities reissued a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research note on Thursday, March 16th. Oppenheimer increased their target price on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Finally, Robert W. Baird increased their target price on Alphabet from $120.00 to $123.00 and gave the company 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 given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $129.67.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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