Berkshire Bank Trims Stake in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Jun 24th, 2023

Berkshire Bank decreased its holdings in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 7.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,325 shares of the information services provider’s stock after selling 535 shares during the quarter. Berkshire Bank’s holdings in Alphabet were worth $658,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Totem Point Management LLC raised its stake in Alphabet by 22.0% during the 1st quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock valued at $8,857,000 after acquiring an additional 571 shares during the last quarter. Somerville Kurt F increased its stake in Alphabet by 10.3% in the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock valued at $330,000 after buying an additional 11 shares during the period. BCK Partners Inc. acquired a new position in Alphabet in the 1st quarter valued at $2,564,000. Hall Capital Management Co. Inc. increased its stake in Alphabet by 53.2% in the 1st quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock valued at $402,000 after buying an additional 50 shares during the period. Finally, Fairfield Bush & CO. increased its stake in Alphabet by 6.8% in the 1st quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock valued at $9,412,000 after buying an additional 214 shares during the period. Institutional investors and hedge funds own 27.17% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on GOOG shares. Raymond James boosted their price objective on shares of Alphabet from $119.00 to $130.00 in a research note on Wednesday, April 26th. Oppenheimer dropped their target price on Alphabet from $155.00 to $135.00 in a research report on Monday, April 24th. Robert W. Baird boosted their target price on Alphabet from $120.00 to $123.00 in a research report on Wednesday, April 26th. UBS Group boosted their target price on shares of Alphabet from $120.00 to $123.00 and gave the stock a “buy” rating in a research report on Thursday, April 6th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Alphabet from $120.00 to $125.00 in a research report on Wednesday, April 26th. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $132.80.

Insider Activity

In other news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the completion of the sale, the director now owns 5,740 shares of the company’s stock, valued at $721,231. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction that occurred on Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now directly owns 5,740 shares of the company’s stock, valued at $721,231. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the stock in a transaction on Tuesday, June 20th. The stock was sold at an average price of $15.06, for a total value of $563,319.30. The disclosure for this sale can be found here. Insiders sold a total of 877,364 shares of company stock valued at $30,371,135 over the last quarter. Company insiders own 12.99% of the company’s stock.

Alphabet Stock Down 0.7 %

Shares of NASDAQ:GOOG opened at $123.02 on Friday. 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 Inc. has a 52-week low of $83.45 and a 52-week high of $129.55. The stock’s fifty day simple moving average is $117.33 and its 200-day simple moving average is $103.70. The company has a market capitalization of $1.56 trillion, a P/E ratio of 27.40, a P/E/G ratio of 1.58 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Get Rating) last posted its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The business had revenue of $69.79 billion during the quarter, compared to analyst estimates of $68.80 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.23 earnings per share. As a group, equities research analysts forecast 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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