Independent Wealth Network Inc. Raises Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Jul 2nd, 2023

Independent Wealth Network Inc. boosted its stake in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 14.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,684 shares of the information services provider’s stock after buying an additional 329 shares during the period. Independent Wealth Network Inc.’s holdings in Alphabet were worth $279,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Corrado Advisors LLC purchased a new stake in Alphabet in the fourth quarter worth about $27,000. Gould Capital LLC lifted its holdings in shares of 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 purchasing an additional 301 shares during the last quarter. Essex Investment Management Co. LLC lifted its holdings in shares of Alphabet by 1,900.0% during the third quarter. Essex Investment Management Co. LLC now owns 320 shares of the information services provider’s stock valued at $31,000 after purchasing an additional 304 shares during the last quarter. My Personal CFO LLC purchased a new position in shares of Alphabet during the fourth quarter valued at approximately $34,000. Finally, Milestone Wealth LLC lifted its holdings in shares of Alphabet by 1,900.0% during the third quarter. Milestone Wealth LLC now owns 380 shares of the information services provider’s stock valued at $37,000 after purchasing an additional 361 shares during the last quarter. 27.17% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

GOOG has been the subject of several recent research reports. Raymond James lifted their target price on shares of Alphabet from $119.00 to $130.00 in a report on Wednesday, April 26th. UBS Group lifted their target price on shares of Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Alphabet from $120.00 to $125.00 in a report on Wednesday, April 26th. Robert W. Baird lifted their target price on shares of Alphabet from $120.00 to $123.00 in a report on Wednesday, April 26th. Finally, Oppenheimer decreased their price objective on shares of Alphabet from $155.00 to $135.00 in a report on Monday, April 24th. One research analyst has rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $132.80.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the company’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $12.72, for a total value of $347,128.80. Following the completion of the transaction, the insider now owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the transaction, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the company’s stock in a transaction on Friday, May 12th. The stock was 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 disclosure for this sale can be found here. In the last quarter, insiders sold 848,978 shares of company stock valued at $27,492,109. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Up 0.8 %

Shares of GOOG stock opened at $120.97 on Friday. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $129.55. The firm has a fifty day moving average price of $118.76 and a 200-day moving average price of $104.64. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. The company has a market cap of $1.54 trillion, a price-to-earnings ratio of 26.94, a PEG ratio of 1.54 and a beta of 1.09.

Alphabet (NASDAQ:GOOG – Free Report) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (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 firm had revenue of $69.79 billion during the quarter, compared to the consensus estimate of $68.80 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, equities analysts predict that Alphabet Inc. will post 5.39 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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