Mount Vernon Associates Inc. MD Lowers Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Posted by on Jul 7th, 2023

Mount Vernon Associates Inc. MD reduced its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 1.7% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 44,025 shares of the information services provider’s stock after selling 750 shares during the period. Alphabet accounts for approximately 5.4% of Mount Vernon Associates Inc. MD’s portfolio, making the stock its 5th largest holding. Mount Vernon Associates Inc. MD’s holdings in Alphabet were worth $4,579,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in GOOG. Financial Advisors Network Inc. increased its position in shares of Alphabet by 4.5% during the first quarter. Financial Advisors Network Inc. now owns 161 shares of the information services provider’s stock valued at $450,000 after buying an additional 7 shares during the period. Turim 21 Investimentos Ltda. increased its position in shares of Alphabet by 10.8% during the first quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after buying an additional 8 shares during the period. West Michigan Advisors LLC increased its position in shares of Alphabet by 3.7% during the first quarter. West Michigan Advisors LLC now owns 252 shares of the information services provider’s stock valued at $704,000 after buying an additional 9 shares during the period. Somerville Kurt F increased its position in shares of Alphabet by 10.3% during the first quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock valued at $330,000 after buying an additional 11 shares during the period. Finally, Stonebridge Capital Advisors LLC increased its position in shares of Alphabet by 1.4% during the first quarter. Stonebridge Capital Advisors LLC now owns 1,182 shares of the information services provider’s stock valued at $3,301,000 after buying an additional 16 shares during the period. 27.17% of the stock is currently owned by institutional investors.

Alphabet Stock Performance

NASDAQ:GOOG opened at $120.93 on Friday. The business has a 50 day moving average price of $119.97 and a 200-day moving average price of $105.36. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $129.55. The firm has a market cap of $1.54 trillion, a PE ratio of 26.93, a price-to-earnings-growth ratio of 1.54 and a beta of 1.06. 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:GOOG – Free Report) last announced its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The company had revenue of $69.79 billion during the quarter, compared to analyst estimates of $68.80 billion. During the same quarter last year, the firm posted $1.23 earnings per share. The firm’s revenue was up 2.6% on a year-over-year basis. Equities research analysts predict that Alphabet Inc. will post 5.39 earnings per share for the current year.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the firm’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36. Following the completion of the sale, the insider now owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, Director John L. Hennessy sold 200 shares of the 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 transaction, the director now owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36. Following the completion of the transaction, the insider now owns 11,421,476 shares of the company’s stock, valued at approximately $161,385,455.88. The disclosure for this sale can be found here. Insiders sold 832,682 shares of company stock valued at $26,077,123 over the last quarter. 12.99% of the stock is owned by company insiders.

Alphabet Company 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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