Acorn Financial Advisory Services Inc. ADV Lowers Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Jul 16th, 2023

Acorn Financial Advisory Services Inc. ADV lessened its holdings in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 8.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,780 shares of the information services provider’s stock after selling 256 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Alphabet were worth $289,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. Jmac Enterprises LLC lifted its position in Alphabet by 6.0% during the first quarter. Jmac Enterprises LLC now owns 17,707 shares of the information services provider’s stock valued at $1,842,000 after acquiring an additional 1,005 shares during the last quarter. Monarch Capital Management Inc. raised its holdings in shares of Alphabet by 4.0% in the fourth quarter. Monarch Capital Management Inc. now owns 40,712 shares of the information services provider’s stock worth $3,612,000 after buying an additional 1,562 shares during the last quarter. Matthew Goff Investment Advisor LLC raised its holdings in shares of Alphabet by 4.2% in the fourth quarter. Matthew Goff Investment Advisor LLC now owns 7,380 shares of the information services provider’s stock worth $655,000 after buying an additional 300 shares during the last quarter. Meyer Handelman Co. raised its holdings in shares of Alphabet by 7.4% in the first quarter. Meyer Handelman Co. now owns 264,040 shares of the information services provider’s stock worth $27,460,000 after buying an additional 18,210 shares during the last quarter. Finally, Galibier Capital Management Ltd. raised its holdings in shares of Alphabet by 54.9% in the fourth quarter. Galibier Capital Management Ltd. now owns 10,502 shares of the information services provider’s stock worth $932,000 after buying an additional 3,722 shares during the last quarter. Hedge funds and other institutional investors own 27.17% of the company’s stock.

Alphabet Stock Performance

NASDAQ:GOOG opened at $125.70 on Friday. The company’s 50-day moving average price is $121.68 and its 200-day moving average price is $106.79. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.60 trillion, a P/E ratio of 28.00, a P/E/G ratio of 1.60 and a beta of 1.06. Alphabet Inc. has a twelve month low of $83.45 and a twelve month high of $129.55.

Alphabet (NASDAQ:GOOG – Get Free Report) last posted its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.06 by $0.11. The firm had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $68.80 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company’s revenue for the quarter was up 2.6% on a year-over-year basis. During the same period last year, the firm posted $1.23 earnings per share. On average, sell-side analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of research analyst reports. Raymond James raised their price target on shares of Alphabet from $119.00 to $130.00 in a report on Wednesday, April 26th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Alphabet from $120.00 to $125.00 in a research note on Wednesday, April 26th. UBS Group increased their price objective on shares of Alphabet from $120.00 to $123.00 and gave the stock a “buy” rating in a research note on Thursday, April 6th. Oppenheimer cut their price objective on shares of Alphabet from $155.00 to $135.00 in a research note on Monday, April 24th. Finally, Robert W. Baird increased their price objective on shares of Alphabet from $120.00 to $123.00 in a research note on Wednesday, April 26th. One equities research analyst has rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $131.14.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of Alphabet stock in a transaction dated Friday, May 12th. The shares were sold at an average price of $12.72, for a total transaction of $347,128.80. Following the transaction, the insider now directly owns 10,958,925 shares of the company’s stock, valued at $139,397,526. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction that occurred on Tuesday, June 13th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of Alphabet stock in a transaction that occurred on Friday, May 12th. The shares were 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 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. Insiders have sold 864,122 shares of company stock valued at $29,751,580 over the last ninety days. Company insiders own 12.99% of the company’s stock.

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.

Acorn Financial Advisory Services Inc. ADV Lowers Stock Position in Alphabet Inc. (NASDAQ:GOOG)

Alphabet Stock Performance

Wall Street Analysts Forecast Growth

Insiders Place Their Bets

Alphabet Company Profile

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