Cascade Investment Group Inc. Sells 600 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jun 28th, 2023

Cascade Investment Group Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 5.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,620 shares of the information services provider’s stock after selling 600 shares during the quarter. Alphabet comprises approximately 1.0% of Cascade Investment Group Inc.’s holdings, making the stock its 29th largest holding. Cascade Investment Group Inc.’s holdings in Alphabet were worth $998,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its stake in Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares in the last quarter. State Street Corp boosted its stake in Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after buying an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its stake in Alphabet by 111,197.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after buying an additional 170,267,122 shares in the last quarter. Geode Capital Management LLC boosted its stake in Alphabet by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 117,077,511 shares of the information services provider’s stock worth $10,310,795,000 after buying an additional 1,923,667 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Alphabet by 1,759.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after buying an additional 109,870,525 shares in the last quarter. Institutional investors own 35.38% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on GOOGL shares. Sanford C. Bernstein downgraded shares of Alphabet from an “outperform” rating to a “market perform” rating and set a $125.00 price target on the stock. in a research note on Tuesday. Morgan Stanley boosted their target price on shares of Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Wednesday, April 26th. Credit Suisse Group reduced their target price on shares of Alphabet from $136.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 26th. 1-800-FLOWERS.COM restated a “downgrade” rating on shares of Alphabet in a research note on Monday, May 15th. Finally, BNP Paribas upgraded shares of 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. Seven investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $129.90.

Insiders Place Their Bets

In other Alphabet news, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the sale, the senior vice president now directly owns 76,580 shares in the company, valued at approximately $7,922,966.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $12.72, for a total transaction of $347,128.80. Following the completion of the transaction, the insider now directly owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s 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 transaction, the senior vice president now directly owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 825,924 shares of company stock worth $27,042,517. Company insiders own 0.88% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $118.33 on Wednesday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35. The company has a market capitalization of $1.50 trillion, a P/E ratio of 26.35, a price-to-earnings-growth ratio of 1.56 and a beta of 1.09. The company’s 50 day moving average price is $117.21 and its two-hundred day moving average price is $103.56. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $129.04.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.06 by $0.11. The firm had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same period last year, the company posted $1.23 EPS. On average, analysts expect 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.