WESPAC Advisors LLC Invests $1.65 Million in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 22nd, 2023

WESPAC Advisors LLC purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 15,884 shares of the information services provider’s stock, valued at approximately $1,648,000. Alphabet makes up approximately 1.6% of WESPAC Advisors LLC’s investment portfolio, making the stock its 19th biggest position.

Several other hedge funds have also made changes to their positions in the business. DC Investments Management LLC acquired a new stake in Alphabet in the first quarter valued at approximately $114,000. Bridgefront Capital LLC acquired a new stake in Alphabet in the first quarter valued at approximately $225,000. Worth Asset Management LLC acquired a new stake in Alphabet in the first quarter valued at approximately $206,000. Eudaimonia Advisors LLC raised its holdings in Alphabet by 15.1% in the first quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after acquiring an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC acquired a new stake in Alphabet in the first quarter valued at approximately $281,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The shares were 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 directly owns 25,937 shares of the company’s stock, valued at approximately $2,788,486.87. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, major shareholder 2021 Gp L.L.C. Gv acquired 309,931 shares of the business’s stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average price of $28.34 per share, with a total value of $8,783,444.54. Following the completion of the transaction, the insider now directly owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the firm’s 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 sale, the chief accounting officer now owns 25,937 shares in the company, valued at approximately $2,788,486.87. The disclosure for this sale can be found here. Insiders sold a total of 841,688 shares of company stock worth $29,376,932 over the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Alphabet Trading Up 0.7 %

Shares of Alphabet stock opened at $120.02 on Friday. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $129.04. 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 stock has a market cap of $1.52 trillion, a PE ratio of 26.73, a price-to-earnings-growth ratio of 1.59 and a beta of 1.06. The company has a 50-day moving average of $122.00 and a two-hundred day moving average of $107.23.

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 return on equity of 22.84% and a net margin of 20.58%. The business had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same quarter last year, the business posted $1.23 earnings per share. On average, research analysts anticipate that Alphabet Inc. will post 5.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on GOOGL shares. Raymond James raised their price target on Alphabet from $119.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. 51job restated a “downgrade” rating on shares of Alphabet in a research note on Tuesday, June 27th. Truist Financial raised their price target on Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Jefferies Financial Group raised their price objective on shares of Alphabet from $130.00 to $150.00 in a report on Tuesday, May 23rd. Finally, Royal Bank of Canada raised their price objective on shares of Alphabet from $130.00 to $132.00 in a report on Wednesday, April 26th. Six research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $132.21.

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.