First Trust Direct Indexing L.P. Sells 1,417 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Jul 17th, 2023

First Trust Direct Indexing L.P. lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 3.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 45,854 shares of the information services provider’s stock after selling 1,417 shares during the period. Alphabet accounts for about 0.6% of First Trust Direct Indexing L.P.’s portfolio, making the stock its 25th largest position. First Trust Direct Indexing L.P.’s holdings in Alphabet were worth $4,769,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in GOOG. Moneta Group Investment Advisors LLC boosted its holdings in Alphabet by 61,587.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock valued at $11,539,004,000 after acquiring an additional 129,835,437 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Alphabet by 1,807.4% in the third quarter. Bank of New York Mellon Corp now owns 57,069,444 shares of the information services provider’s stock valued at $5,487,226,000 after acquiring an additional 54,077,519 shares during the last quarter. Norges Bank bought a new position in Alphabet in the fourth quarter valued at about $3,059,614,000. Morgan Stanley boosted its holdings in Alphabet by 37.6% in the fourth quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock valued at $6,368,961,000 after acquiring an additional 19,612,974 shares during the last quarter. Finally, CIBC Private Wealth Group LLC boosted its holdings in Alphabet by 1,892.4% in the third quarter. CIBC Private Wealth Group LLC now owns 5,718,430 shares of the information services provider’s stock valued at $549,828,000 after acquiring an additional 5,431,413 shares during the last quarter. Institutional investors own 27.17% of the company’s stock.

Alphabet Stock Up 0.7 %

GOOG stock opened at $125.70 on Monday. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a twelve month low of $83.45 and a twelve month high of $129.55. The business has a 50 day moving average price of $121.68 and a two-hundred day moving average price of $106.94. The company has a market cap of $1.60 trillion, a price-to-earnings ratio of 28.00, a P/E/G ratio of 1.60 and a beta of 1.06.

Alphabet (NASDAQ:GOOG – Get Free Report) last posted 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 firm’s revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.23 EPS. Analysts anticipate that Alphabet Inc. will post 5.39 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction that occurred on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total transaction of $25,130.00. Following the transaction, the director now directly owns 5,740 shares of the company’s stock, valued at approximately $721,231. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, major shareholder 2021 Gp L.L.C. Gv acquired 309,931 shares of the firm’s stock in a transaction on Wednesday, May 3rd. The shares were purchased at an average cost of $28.34 per share, with a total value of $8,783,444.54. Following the acquisition, the insider now directly owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction 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 directly owns 5,740 shares in the company, valued at $721,231. The disclosure for this sale can be found here. In the last three months, insiders have sold 864,122 shares of company stock valued at $29,751,580. 12.99% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on GOOG. UBS Group raised their price target on Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Deutsche Bank Aktiengesellschaft increased their target price on Alphabet from $120.00 to $125.00 in a research note on Wednesday, April 26th. Raymond James increased their target price on Alphabet from $119.00 to $130.00 in a research note on Wednesday, April 26th. Robert W. Baird increased their target price on Alphabet from $120.00 to $123.00 in a research note on Wednesday, April 26th. Finally, Oppenheimer dropped their price target on Alphabet from $155.00 to $135.00 in a research report on Monday, April 24th. One investment analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $131.14.

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.