Signature Wealth Management Group Raises Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Jun 29th, 2023

Signature Wealth Management Group grew its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 4.9% during the first quarter, according to its most recent filing with the SEC. The firm owned 11,820 shares of the information services provider’s stock after acquiring an additional 553 shares during the period. Signature Wealth Management Group’s holdings in Alphabet were worth $1,229,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in GOOG. Corrado Advisors LLC bought a new position in shares of Alphabet during the fourth quarter valued at approximately $27,000. Gould Capital LLC raised its stake in Alphabet by 2,150.0% during the third quarter. Gould Capital LLC now owns 315 shares of the information services provider’s stock valued at $30,000 after buying an additional 301 shares during the last quarter. Essex Investment Management Co. LLC boosted its holdings in Alphabet by 1,900.0% in the third quarter. Essex Investment Management Co. LLC now owns 320 shares of the information services provider’s stock worth $31,000 after acquiring an additional 304 shares in the last quarter. My Personal CFO LLC purchased a new stake in shares of Alphabet in the fourth quarter worth $34,000. Finally, Bellwether Advisors LLC increased its holdings in shares of Alphabet by 9,400.0% during the third quarter. Bellwether Advisors LLC now owns 380 shares of the information services provider’s stock valued at $36,000 after acquiring an additional 376 shares in the last quarter. Institutional investors own 27.17% of the company’s stock.

Analysts Set New Price Targets

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

Insider Activity

In related news, SVP Prabhakar Raghavan sold 32,379 shares of Alphabet 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 approximately $7,922,966.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Alphabet news, Director Kavitark Ram Shriram sold 37,500 shares of the stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $105.04, for a total transaction of $3,939,000.00. Following the transaction, the director now directly owns 107,240 shares in the company, valued at approximately $11,264,489.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s 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 transaction, the senior vice president now directly owns 76,580 shares in the company, valued at approximately $7,922,966.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 848,738 shares of company stock valued at $27,463,304. 12.99% of the stock is currently owned by company insiders.

Alphabet Price Performance

GOOG stock opened at $121.08 on Thursday. 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 $83.45 and a 12 month high of $129.55. The stock has a market cap of $1.54 trillion, a PE ratio of 26.97, a P/E/G ratio of 1.52 and a beta of 1.09. The company has a 50-day moving average price of $118.18 and a 200 day moving average price of $104.28.

Alphabet (NASDAQ:GOOG – Free Report) last issued 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. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The firm had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $68.80 billion. During the same period in the prior year, the business posted $1.23 earnings per share. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. Equities research analysts anticipate that Alphabet Inc. will post 5.41 earnings per share for the current year.

Alphabet Profile

(Free Report)

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.