Alphabet Inc. (NASDAQ:GOOGL) is Arizona State Retirement System’s 5th Largest Position

Posted by Defense World Staff on Jul 23rd, 2023

Arizona State Retirement System decreased its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,630,885 shares of the information services provider’s stock after selling 2,855 shares during the quarter. Alphabet makes up 1.5% of Arizona State Retirement System’s portfolio, making the stock its 5th biggest holding. Arizona State Retirement System’s holdings in Alphabet were worth $169,172,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. FourThought Financial Partners LLC purchased a new stake in shares of Alphabet during the fourth quarter worth about $5,415,000. Glenview Trust Co grew its position in shares of Alphabet by 10.7% during the fourth quarter. Glenview Trust Co now owns 458,830 shares of the information services provider’s stock worth $40,483,000 after purchasing an additional 44,278 shares in the last quarter. Bfsg LLC boosted its stake in Alphabet by 160.5% during the fourth quarter. Bfsg LLC now owns 8,075 shares of the information services provider’s stock valued at $712,000 after buying an additional 4,975 shares during the last quarter. Marcum Wealth LLC boosted its stake in Alphabet by 4.8% during the first quarter. Marcum Wealth LLC now owns 20,372 shares of the information services provider’s stock valued at $2,113,000 after buying an additional 927 shares during the last quarter. Finally, Ibex Investors LLC bought a new position in Alphabet during the fourth quarter valued at approximately $2,617,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Insider Transactions at Alphabet

In other Alphabet news, major shareholder 2021 Gp L.L.C. Gv acquired 309,931 shares of the stock in a transaction dated Wednesday, May 3rd. The stock was purchased at an average price of $28.34 per share, with a total value of $8,783,444.54. Following the transaction, the insider now directly owns 2,243,665 shares of the company’s stock, valued at $63,585,466.10. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of the stock in a transaction on Wednesday, May 3rd. The stock was bought at an average price of $28.34 per share, with a total value of $8,783,444.54. Following the transaction, the insider now owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 157,952 shares of Alphabet stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $12.74, for a total value of $2,012,308.48. Following the sale, the insider now directly owns 10,800,973 shares of the company’s stock, valued at approximately $137,604,396.02. The disclosure for this sale can be found here. Insiders sold 841,688 shares of company stock valued at $29,376,932 in the last quarter. 0.88% of the stock is currently owned by corporate insiders.

Alphabet Trading Up 0.7 %

Shares of NASDAQ:GOOGL 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 business’s fifty day simple moving average is $122.00 and its 200-day simple moving average is $107.35. The company has a market capitalization of $1.52 trillion, a PE ratio of 26.73, a P/E/G ratio of 1.59 and a beta of 1.06. 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 (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. The firm had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same quarter last year, the firm earned $1.23 EPS. As a group, equities research analysts predict that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GOOGL shares. Evercore ISI increased their price target on Alphabet from $125.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Royal Bank of Canada increased their price target on Alphabet from $130.00 to $132.00 in a research note on Wednesday, April 26th. UBS Group lowered Alphabet from a “buy” rating to a “neutral” rating and increased their price target for the company from $123.00 to $132.00 in a research note on Monday, June 26th. Wells Fargo & Company assumed coverage on Alphabet in a research note on Wednesday, June 7th. They issued an “equal weight” rating and a $117.00 price objective for the company. Finally, Robert W. Baird raised their price objective on Alphabet from $123.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday. Six investment 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.