Fragasso Group Inc. Grows Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jun 26th, 2023

Fragasso Group Inc. grew its holdings in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 6.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 92,730 shares of the information services provider’s stock after purchasing an additional 5,224 shares during the period. Alphabet comprises approximately 1.1% of Fragasso Group Inc.’s holdings, making the stock its 16th largest holding. Fragasso Group Inc.’s holdings in Alphabet were worth $9,619,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Spreng Capital Management Inc. increased its stake in shares of Alphabet by 4.0% in the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after acquiring an additional 5 shares during the period. West Family Investments Inc. increased its stake in shares of Alphabet by 0.3% in the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after acquiring an additional 6 shares during the period. Maple Capital Management Inc. increased its stake in shares of Alphabet by 2.1% in the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after acquiring an additional 6 shares during the period. Private Advisory Group LLC grew its holdings in Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after acquiring an additional 7 shares during the period. Finally, Weik Capital Management grew its holdings in Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after acquiring an additional 8 shares during the period. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on GOOGL. Truist Financial raised their target price on Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a report on Wednesday, April 26th. Jefferies Financial Group raised their price target on shares of Alphabet from $130.00 to $150.00 in a research report on Tuesday, May 23rd. Needham & Company LLC restated a “buy” rating and set a $115.00 price target on shares of Alphabet in a research report on Monday, April 3rd. 1-800-FLOWERS.COM restated a “downgrade” rating on shares of Alphabet in a research report on Monday, May 15th. Finally, Sanford C. Bernstein dropped 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 assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus price target of $129.67.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 29,006 shares of the firm’s stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the completion of the transaction, the insider now directly owns 24,277 shares in the company, valued at $2,472,369.68. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider John Kent Walker sold 29,006 shares of the stock in a transaction dated Wednesday, March 29th. The shares were sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the sale, the insider now owns 24,277 shares of the company’s stock, valued at $2,472,369.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of Alphabet stock in a transaction that occurred on Tuesday, June 20th. The shares were sold at an average price of $15.06, for a total transaction of $563,319.30. The disclosure for this sale can be found here. Insiders have sold a total of 854,930 shares of company stock valued at $29,996,488 over the last quarter. 0.88% of the stock is owned by company insiders.

Alphabet Price Performance

NASDAQ:GOOGL opened at $122.34 on Monday. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $129.04. The stock’s fifty day moving average is $116.68 and its two-hundred day moving average is $103.21. The company has a market capitalization of $1.55 trillion, a P/E ratio of 27.25, a P/E/G ratio of 1.56 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 posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company had revenue of $69.79 billion for the quarter, compared to analysts’ expectations of $57.19 billion. During the same quarter in the prior year, the company posted $1.23 earnings per share. Equities analysts expect that Alphabet Inc. will post 5.41 EPS for the current year.

About Alphabet

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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.