Rice Partnership LLC Has $7.95 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 23rd, 2023

Rice Partnership LLC cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 22.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 76,602 shares of the information services provider’s stock after selling 21,706 shares during the quarter. Alphabet comprises 2.4% of Rice Partnership LLC’s portfolio, making the stock its 13th biggest holding. Rice Partnership LLC’s holdings in Alphabet were worth $7,946,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in GOOGL. Vanguard Group Inc. boosted its stake in Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after purchasing an additional 453,413,389 shares during the period. State Street Corp boosted its stake in Alphabet by 1,900.6% in the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in Alphabet by 111,197.8% in 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 period. Price T Rowe Associates Inc. MD boosted its stake 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 bought a new stake in Alphabet in the 4th quarter valued at $8,335,063,000. 35.38% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of GOOGL opened at $120.02 on Friday. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. The company has a market capitalization of $1.52 trillion, a price-to-earnings ratio of 26.73, a price-to-earnings-growth ratio of 1.59 and a beta of 1.06. The business has a 50-day moving average of $122.00 and a 200-day moving average of $107.35.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping 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 company had revenue of $69.79 billion during the quarter, compared to the consensus estimate of $57.19 billion. During the same period last year, the company earned $1.23 earnings per share. As a group, equities research analysts anticipate that Alphabet Inc. will post 5.39 earnings per share for the current year.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the sale, the chief accounting officer now directly owns 25,937 shares in the company, valued at $2,788,486.87. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of Alphabet stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the sale, the chief accounting officer now directly owns 25,937 shares in the company, valued at $2,788,486.87. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of the sale, the senior vice president now directly owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 841,688 shares of company stock worth $29,376,932. 0.88% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on GOOGL. Bank of America boosted their price target on Alphabet from $128.00 to $142.00 and gave the company a “buy” rating in a research note on Thursday. Tigress Financial upped their target price on Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a research report on Friday, July 14th. Oppenheimer upped their target price on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Credit Suisse Group upped their target price on Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a research report on Monday, July 17th. Finally, The Goldman Sachs Group upped their target price on Alphabet from $132.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus 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.