Conestoga Capital Advisors LLC Sells 100 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by on Jul 10th, 2023

Conestoga Capital Advisors LLC trimmed its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,600 shares of the information services provider’s stock after selling 100 shares during the quarter. Conestoga Capital Advisors LLC’s holdings in Alphabet were worth $374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

GOOG has been the topic of several research analyst reports. 92 Resources reissued a “downgrade” rating on shares of Alphabet in a research report on Monday, June 26th. Deutsche Bank Aktiengesellschaft boosted their price objective on Alphabet from $120.00 to $125.00 in a research report on Wednesday, April 26th. Raymond James boosted their target price on Alphabet from $119.00 to $130.00 in a research note on Wednesday, April 26th. Robert W. Baird boosted their target price on Alphabet from $120.00 to $123.00 in a research note on Wednesday, April 26th. Finally, UBS Group boosted their target price on Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research note on Thursday, April 6th. One analyst has rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $131.77.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $12.72, for a total value of $347,128.80. Following the transaction, the insider now directly owns 10,958,925 shares in the company, valued at approximately $139,397,526. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP Prabhakar Raghavan sold 16,083 shares of the company’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $120.31, for a total value of $1,934,945.73. Following the completion of the transaction, the senior vice president now directly owns 127,028 shares in the company, valued at approximately $15,282,738.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was 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 $139,397,526. The disclosure for this sale can be found here. Insiders have sold 832,682 shares of company stock worth $26,077,123 in the last ninety days. 12.99% of the stock is currently owned by insiders.

Alphabet Stock Performance

NASDAQ:GOOG opened at $120.14 on Monday. The firm has a market cap of $1.53 trillion, a price-to-earnings ratio of 26.76, a PEG 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. The business’s fifty day moving average is $120.21 and its 200 day moving average is $105.79. Alphabet Inc. has a 52-week low of $83.45 and a 52-week high of $129.55.

Alphabet (NASDAQ:GOOG – Free Report) last announced its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. The business had revenue of $69.79 billion for 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 company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.23 EPS. Research analysts predict that Alphabet Inc. will post 5.39 EPS 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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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