Chesapeake Wealth Management Has $3.28 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Jul 18th, 2023

Chesapeake Wealth Management boosted its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 31,648 shares of the information services provider’s stock after acquiring an additional 357 shares during the quarter. Alphabet makes up approximately 1.4% of Chesapeake Wealth Management’s investment portfolio, making the stock its 17th largest holding. Chesapeake Wealth Management’s holdings in Alphabet were worth $3,283,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares during the last quarter. State Street Corp increased its position in Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after acquiring an additional 206,300,042 shares during the period. Moneta Group Investment Advisors LLC raised its stake in Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock valued at $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Alphabet by 1,759.2% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares during the period. Finally, Norges Bank acquired a new stake in Alphabet in the 4th quarter worth $8,335,063,000. Institutional investors own 35.38% of the company’s stock.

Alphabet Trading Down 0.6 %

NASDAQ:GOOGL opened at $124.65 on Tuesday. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $129.04. The firm has a market capitalization of $1.58 trillion, a price-to-earnings ratio of 27.76, a PEG ratio of 1.60 and a beta of 1.06. The business’s 50-day moving average price is $121.37 and its two-hundred day moving average price is $106.57.

Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same period last year, the company posted $1.23 EPS. On average, equities analysts expect that Alphabet Inc. will post 5.39 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on GOOGL shares. Evercore ISI lifted their target price on Alphabet from $125.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. Robert W. Baird boosted their price objective on Alphabet from $120.00 to $123.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Tigress Financial raised their target price on Alphabet from $160.00 to $172.00 and gave the stock a “strong-buy” rating in a research report on Friday. Loop Capital lowered shares of Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price target on the stock. in a report on Monday, May 15th. Finally, Morgan Stanley raised their price objective on shares of Alphabet from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, April 26th. Seven analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $130.92.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the sale, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the completion of the sale, the chief accounting officer now directly owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of the business’s stock in a transaction on Wednesday, May 3rd. The stock was bought at an average cost of $28.34 per share, for a total transaction of $8,783,444.54. Following the purchase, the insider now owns 2,243,665 shares of the company’s stock, valued at approximately $63,585,466.10. The disclosure for this purchase can be found here. Insiders have sold a total of 841,688 shares of company stock valued at $29,376,932 over the last three months. 0.88% of the stock is currently owned by corporate insiders.

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:GOOGL)

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