Greatmark Investment Partners Inc. Buys 625 Shares of Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Jul 21st, 2023

Greatmark Investment Partners Inc. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 14.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,935 shares of the information services provider’s stock after buying an additional 625 shares during the quarter. Greatmark Investment Partners Inc.’s holdings in Alphabet were worth $513,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Totem Point Management LLC grew its holdings in shares of Alphabet by 22.0% in the first quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock worth $8,857,000 after purchasing an additional 571 shares during the last quarter. Somerville Kurt F grew its holdings in shares of 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. BCK Partners Inc. bought a new stake in shares of Alphabet in the first quarter worth about $2,564,000. Hall Capital Management Co. Inc. increased its holdings in Alphabet by 53.2% during the 1st quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock valued at $402,000 after purchasing an additional 50 shares during the period. Finally, Fairfield Bush & CO. raised its position in Alphabet by 6.8% during the 1st quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock valued at $9,412,000 after purchasing an additional 214 shares during the last quarter. 27.17% of the stock is owned by institutional investors.

Alphabet Price Performance

Shares of NASDAQ:GOOG opened at $119.53 on Friday. The firm has a market cap of $1.52 trillion, a price-to-earnings ratio of 26.62, a price-to-earnings-growth ratio of 1.60 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 has a 50-day simple moving average of $122.60 and a two-hundred day simple moving average of $107.63. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $129.55.

Alphabet (NASDAQ:GOOG – Get Free Report) last announced its 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. The business had revenue of $69.79 billion during the quarter, compared to analyst estimates of $68.80 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 EPS. On average, analysts expect that Alphabet Inc. will post 5.39 earnings per share for the current year.

Insider Activity

In related news, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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 link. In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 127,028 shares in the company, valued at $15,282,738.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction, the chief accounting officer now owns 25,937 shares in the company, valued at $2,788,486.87. The disclosure for this sale can be found here. Insiders sold 864,122 shares of company stock valued at $29,751,580 in the last quarter. 12.99% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GOOG shares. Deutsche Bank Aktiengesellschaft boosted their target price on Alphabet from $120.00 to $125.00 in a research note on Wednesday, April 26th. UBS Group boosted their price objective on shares of Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, April 6th. Robert W. Baird raised their target price on shares of Alphabet from $120.00 to $123.00 in a research report on Wednesday, April 26th. Raymond James boosted their price target on shares of Alphabet from $119.00 to $130.00 in a research report on Wednesday, April 26th. Finally, Oppenheimer lowered their price objective on shares of Alphabet from $155.00 to $135.00 in a report on Monday, April 24th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $130.70.

Alphabet 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.