Davis Rea LTD. Reduces Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jul 8th, 2023

Davis Rea LTD. decreased its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 11.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 91,989 shares of the information services provider’s stock after selling 12,060 shares during the period. Alphabet accounts for about 5.8% of Davis Rea LTD.’s investment portfolio, making the stock its 3rd largest holding. Davis Rea LTD.’s holdings in Alphabet were worth $9,542,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. VitalStone Financial LLC acquired a new position in Alphabet in the fourth quarter worth approximately $25,000. Live Oak Investment Partners acquired a new position in Alphabet in the fourth quarter worth approximately $26,000. McElhenny Sheffield Capital Management LLC acquired a new position in Alphabet in the fourth quarter worth approximately $33,000. Sanctuary Wealth Management L.L.C. acquired a new position in Alphabet in the fourth quarter worth approximately $34,000. Finally, Turim 21 Investimentos Ltda. purchased a new position in Alphabet during the 3rd quarter worth approximately $38,000. Institutional investors own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on GOOGL shares. Morgan Stanley lifted their price objective on shares of Alphabet from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 26th. 888 reiterated a “downgrade” rating on shares of Alphabet in a research report on Monday, June 26th. Credit Suisse Group lowered their price objective on shares of Alphabet from $136.00 to $135.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 26th. Piper Sandler lifted their price objective on shares of Alphabet from $128.00 to $140.00 in a research report on Wednesday. Finally, JMP Securities reiterated a “market outperform” rating and set a $132.00 price objective on shares of Alphabet in a research report on Thursday, March 16th. Seven investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $129.54.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 16,083 shares of the business’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the transaction, the senior vice president now owns 127,028 shares in the company, valued at approximately $15,282,738.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, SVP Prabhakar Raghavan sold 16,083 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $120.31, for a total value of $1,934,945.73. Following the sale, the senior vice president now owns 127,028 shares of the company’s stock, valued at $15,282,738.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the completion of the sale, the insider now directly owns 11,421,476 shares in the company, valued at approximately $161,385,455.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 810,248 shares of company stock worth $25,702,475. 0.88% of the stock is currently owned by company insiders.

Alphabet Stock Down 0.5 %

Alphabet stock opened at $119.48 on Friday. The firm has a fifty day moving average price of $119.54 and a two-hundred day moving average price of $104.94. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $129.04. 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 firm has a market cap of $1.52 trillion, a price-to-earnings ratio of 26.61, a P/E/G ratio of 1.56 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Free Report) last posted 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. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same quarter in the previous year, the firm posted $1.23 EPS. As a group, analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current year.

About Alphabet

(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.

Read More

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.