Alphabet Inc. (NASDAQ:GOOGL) is StonePine Asset Management Inc.’s 3rd Largest Position

Posted by Defense World Staff on Jun 28th, 2023

StonePine Asset Management Inc. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 594.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,695,566 shares of the information services provider’s stock after buying an additional 2,307,252 shares during the period. Alphabet accounts for about 7.4% of StonePine Asset Management Inc.’s portfolio, making the stock its 3rd largest holding. StonePine Asset Management Inc.’s holdings in Alphabet were worth $279,611,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in GOOGL. Vanguard Group Inc. boosted its holdings in shares of Alphabet by 1,919.4% during the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares during the last quarter. State Street Corp boosted its holdings in shares of Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its holdings in shares of Alphabet by 111,197.8% during the 4th 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 purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Alphabet by 1,759.2% during the 3rd 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 purchasing an additional 109,870,525 shares during the last quarter. Finally, Norges Bank acquired a new position in Alphabet in the fourth quarter valued at approximately $8,335,063,000. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Stock Performance

Shares of GOOGL stock opened at $118.33 on Wednesday. The stock’s 50-day moving average is $117.21 and its two-hundred day moving average is $103.56. The firm has a market cap of $1.50 trillion, a price-to-earnings ratio of 26.35, a PEG ratio of 1.56 and a beta of 1.09. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.11. The company 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 quarter last year, the company posted $1.23 earnings per share. Analysts predict that Alphabet Inc. will post 5.41 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on GOOGL shares. Wolfe Research upped their price objective on Alphabet from $120.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Piper Sandler upped their price objective on Alphabet from $117.00 to $128.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. Morgan Stanley upped their price objective on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. Royal Bank of Canada upped their price objective on Alphabet from $130.00 to $132.00 in a report on Wednesday, April 26th. Finally, 1-800-FLOWERS.COM restated a “downgrade” rating on shares of Alphabet in a research note on Monday, May 15th. Seven research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $129.90.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction dated 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 completion of the sale, the senior vice president now owns 76,580 shares in the company, valued at $7,922,966.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction dated 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 completion of the sale, the senior vice president now owns 76,580 shares in the company, valued at $7,922,966.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John L. Hennessy sold 200 shares of the stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total transaction of $25,130.00. Following the sale, the director now owns 5,740 shares of the company’s stock, valued at approximately $721,231. The disclosure for this sale can be found here. Over the last quarter, insiders sold 825,924 shares of company stock worth $27,042,517. Company insiders own 0.88% of the company’s stock.

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.