Pinnacle Wealth Management Group Inc. Has $535,000 Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 23rd, 2023

Pinnacle Wealth Management Group Inc. trimmed its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 21.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,160 shares of the information services provider’s stock after selling 1,440 shares during the quarter. Pinnacle Wealth Management Group Inc.’s holdings in Alphabet were worth $535,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of GOOGL. Spreng Capital Management Inc. grew its holdings in shares of Alphabet by 4.0% in the 1st quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after purchasing an additional 5 shares during the last quarter. West Family Investments Inc. grew its holdings in shares of Alphabet by 0.3% in the 1st quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after purchasing an additional 6 shares during the last quarter. Maple Capital Management Inc. grew its holdings in shares of Alphabet by 2.1% in the 1st quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after purchasing an additional 6 shares during the last quarter. Private Advisory Group LLC lifted its position in Alphabet by 1.8% during the 1st quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after buying an additional 7 shares in the last quarter. Finally, Weik Capital Management lifted its position in Alphabet by 0.5% during the 1st quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after buying an additional 8 shares in the last quarter. 35.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 200 shares of the firm’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 of the company’s stock, valued at $721,231. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, Director Frances Arnold sold 240 shares of the firm’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $123.73, for a total transaction of $29,695.20. Following the completion of the sale, the director now owns 12,800 shares of the company’s stock, valued at approximately $1,583,744. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John L. Hennessy sold 200 shares of the firm’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 sale, the director now directly owns 5,740 shares of the company’s stock, valued at approximately $721,231. The disclosure for this sale can be found here. Over the last three months, insiders sold 841,688 shares of company stock valued at $29,376,932. 0.88% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on GOOGL. 51job reiterated a “downgrade” rating on shares of Alphabet in a research report on Tuesday, June 27th. Needham & Company LLC reiterated a “buy” rating and set a $115.00 price target on shares of Alphabet in a research report on Monday, April 3rd. Stifel Nicolaus upped their price target on shares of Alphabet from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday. Truist Financial upped their price target on shares of Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. Finally, Raymond James upped their target price on shares of Alphabet from $119.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Six research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $132.21.

Alphabet Price Performance

Shares of GOOGL opened at $120.02 on Friday. The stock has a market capitalization of $1.52 trillion, a P/E ratio of 26.73, a P/E/G ratio of 1.59 and a beta of 1.06. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $129.04. The company has a 50 day moving average of $122.00 and a 200-day moving average of $107.35. 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 (NASDAQ:GOOGL – Get Free Report) last released its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $57.19 billion. During the same period last year, the business earned $1.23 earnings per share. As a group, equities research analysts forecast that Alphabet Inc. will post 5.39 EPS for the current fiscal year.

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.