Sarasin & Partners LLP Decreases Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 24th, 2023

Sarasin & Partners LLP lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 94.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,098 shares of the information services provider’s stock after selling 674,713 shares during the period. Sarasin & Partners LLP’s holdings in Alphabet were worth $98,921,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. raised 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 last quarter. State Street Corp grew its holdings in shares of Alphabet by 1,900.6% during the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after buying an additional 206,300,042 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of Alphabet by 111,197.8% in the fourth 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 buying an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Alphabet by 1,759.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after buying an additional 109,870,525 shares in the last quarter. Finally, Norges Bank acquired a new position in Alphabet during the fourth quarter worth about $8,335,063,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. KeyCorp raised their target price on shares of Alphabet from $122.00 to $140.00 in a research note on Tuesday, July 18th. Sanford C. Bernstein cut Alphabet from an “outperform” rating to a “market perform” rating and set a $125.00 target price for the company. in a report on Tuesday, June 27th. Wolfe Research lifted their price target on Alphabet from $130.00 to $140.00 in a report on Monday, July 10th. The Goldman Sachs Group upped their price objective on shares of Alphabet from $132.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 17th. Finally, TD Cowen lifted their target price on shares of Alphabet from $130.00 to $140.00 and gave the stock an “outperform” rating in a research note on Thursday, July 13th. 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 company. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $132.21.

Insider Buying and Selling

In other Alphabet news, Director Kavitark Ram Shriram sold 31,240 shares of the firm’s stock in a transaction that occurred on Monday, July 10th. The shares were sold at an average price of $116.82, for a total transaction of $3,649,456.80. Following the sale, the director now owns 5,364 shares of the company’s stock, valued at $626,622.48. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total transaction of $68,483.87. Following the transaction, the chief accounting officer now owns 25,937 shares of the company’s stock, valued at $2,788,486.87. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Kavitark Ram Shriram sold 31,240 shares of the business’s stock in a transaction dated Monday, July 10th. The shares were sold at an average price of $116.82, for a total value of $3,649,456.80. Following the completion of the sale, the director now directly owns 5,364 shares of the company’s stock, valued at $626,622.48. 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 owned by insiders.

Alphabet Price Performance

Shares of GOOGL opened at $120.02 on Monday. The firm has a market capitalization of $1.52 trillion, a price-to-earnings ratio of 26.73, a PEG ratio of 1.53 and a beta of 1.06. The firm’s fifty day simple moving average is $122.00 and its 200-day simple moving average is $107.49. Alphabet Inc. has a twelve month low of $83.34 and a twelve 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.

Alphabet (NASDAQ:GOOGL – Get Free Report) last posted 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. The company had revenue of $69.79 billion for 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 period last year, the firm earned $1.23 earnings per share. Equities 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.