Eagle Ridge Investment Management Has $2.67 Million Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Jul 1st, 2023

Eagle Ridge Investment Management reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 3.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 25,655 shares of the information services provider’s stock after selling 971 shares during the quarter. Eagle Ridge Investment Management’s holdings in Alphabet were worth $2,668,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. DC Investments Management LLC bought a new position in Alphabet during the 1st quarter worth $115,000. Guardian Wealth Management Inc. bought a new position in Alphabet during the 1st quarter worth $184,000. Turim 21 Investimentos Ltda. increased its position in Alphabet by 10.8% during the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock worth $229,000 after buying an additional 8 shares during the period. qPULA Trading Management LP bought a new position in shares of Alphabet in the first quarter worth $279,000. Finally, Wayfinding Financial LLC bought a new position in shares of Alphabet in the fourth quarter worth $294,000. 27.17% of the stock is currently owned by institutional investors and hedge funds.

Alphabet Trading Up 0.8 %

GOOG opened at $120.97 on Friday. The stock has a market cap of $1.54 trillion, a PE ratio of 26.94, a PEG ratio of 1.55 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. The business has a 50 day moving average of $118.76 and a 200-day moving average of $104.58. Alphabet Inc. has a 52 week low of $83.45 and a 52 week high of $129.55.

Alphabet (NASDAQ:GOOG – Free Report) 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 company had revenue of $69.79 billion during the quarter, compared to analyst estimates of $68.80 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The firm’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same quarter last year, the company earned $1.23 EPS. Equities research analysts predict that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling

In related 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 transaction of $25,130.00. Following the transaction, the director now directly owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the transaction, the senior vice president now owns 76,580 shares in the company, valued at $7,922,966.80. The disclosure for this sale can be found here. Insiders sold 848,978 shares of company stock valued at $27,492,109 over the last 90 days. Company insiders own 12.99% of the company’s stock.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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