Lutz Financial Services LLC Purchases New Stake in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Jul 24th, 2023

Lutz Financial Services LLC purchased a new stake in Alphabet Inc. (NASDAQ:GOOG – Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 2,404 shares of the information services provider’s stock, valued at approximately $250,000.

A number of other large investors have also added to or reduced their stakes in GOOG. Totem Point Management LLC increased its position in Alphabet by 22.0% during the 1st quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock worth $8,857,000 after buying an additional 571 shares during the period. Somerville Kurt F increased its position in Alphabet by 10.3% during the 1st quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock worth $330,000 after buying an additional 11 shares during the period. BCK Partners Inc. bought a new position in Alphabet during the 1st quarter worth $2,564,000. Hall Capital Management Co. Inc. increased its position 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 worth $402,000 after buying an additional 50 shares during the period. Finally, Fairfield Bush & CO. increased 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 worth $9,412,000 after buying an additional 214 shares during the period. Institutional investors own 27.17% of the company’s stock.

Insider Activity

In other news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of Alphabet stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the sale, the insider now directly owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Kavitark Ram Shriram sold 31,240 shares of the firm’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $116.82, for a total transaction of $3,649,456.80. Following the completion of the transaction, the director now directly owns 5,364 shares in the company, valued at $626,622.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the firm’s stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $14.13, for a total value of $1,423,908.36. Following the transaction, the insider now owns 11,421,476 shares of the company’s stock, valued at $161,385,455.88. The disclosure for this sale can be found here. Over the last three months, insiders have sold 864,122 shares of company stock valued at $29,751,580. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Performance

NASDAQ:GOOG opened at $120.31 on Monday. The stock’s 50-day simple moving average is $122.65 and its 200 day simple moving average is $108.11. The firm has a market capitalization of $1.53 trillion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 1.54 and a beta of 1.07. 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 Inc. has a twelve month low of $83.45 and a twelve month high of $129.55.

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

Wall Street Analysts Forecast Growth

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

Alphabet Company 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.