Latitude Advisors LLC Lowers Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 24th, 2023

Latitude Advisors LLC decreased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,492 shares of the information services provider’s stock after selling 236 shares during the period. Alphabet comprises about 0.8% of Latitude Advisors LLC’s holdings, making the stock its 27th largest position. Latitude Advisors LLC’s holdings in Alphabet were worth $1,088,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of the stock. Baker Chad R grew its position in Alphabet by 1.1% in the 1st quarter. Baker Chad R now owns 134,075 shares of the information services provider’s stock worth $13,908,000 after purchasing an additional 1,495 shares in the last quarter. Veritas Investment Partners UK Ltd. grew its holdings in shares of Alphabet by 24.9% in the first quarter. Veritas Investment Partners UK Ltd. now owns 647,194 shares of the information services provider’s stock valued at $67,101,000 after acquiring an additional 128,890 shares in the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC increased its position in shares of Alphabet by 0.9% during the first quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 94,073 shares of the information services provider’s stock valued at $9,758,000 after acquiring an additional 793 shares during the last quarter. PBMares Wealth Management LLC lifted its holdings in Alphabet by 4.0% during the first quarter. PBMares Wealth Management LLC now owns 4,731 shares of the information services provider’s stock worth $491,000 after acquiring an additional 181 shares during the period. Finally, Marietta Wealth Management LLC boosted its position in Alphabet by 2.2% in the first quarter. Marietta Wealth Management LLC now owns 82,982 shares of the information services provider’s stock worth $8,608,000 after purchasing an additional 1,795 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $120.02 on Monday. The stock’s 50-day moving average is $122.00 and its 200 day moving average is $107.49. The stock has a market cap of $1.52 trillion, a price-to-earnings ratio of 26.73, a P/E/G ratio of 1.53 and a beta of 1.06. Alphabet Inc. has a 1-year low of $83.34 and a 1-year 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 issued its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The business had revenue of $69.79 billion for the quarter, compared to analysts’ expectations of $57.19 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same period last year, the business earned $1.23 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 5.39 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GOOGL has been the topic of a number of recent analyst reports. Citigroup lifted their target price on Alphabet from $120.00 to $130.00 in a research note on Wednesday, April 26th. Bank of America lifted their price objective on shares of Alphabet from $128.00 to $142.00 and gave the stock a “buy” rating in a research report on Thursday. Stifel Nicolaus raised their price target on shares of Alphabet from $130.00 to $135.00 and gave the stock a “buy” rating in a research note on Friday. Oppenheimer upped their price objective on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Wednesday, April 26th. Finally, Credit Suisse Group raised their target price on Alphabet from $135.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday, July 17th. Six analysts have rated the stock with a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $132.21.

Insider Buying and Selling

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the business’s stock in a transaction on Friday, May 12th. The shares were sold at an average price of $12.72, for a total value of $347,128.80. Following the completion of the sale, the insider now directly owns 10,958,925 shares of the company’s stock, valued at $139,397,526. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet 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 sale, the director now owns 5,740 shares of the company’s stock, valued at approximately $721,231. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $12.72, for a total transaction of $347,128.80. Following the completion of the sale, the insider now directly owns 10,958,925 shares in the company, valued at approximately $139,397,526. The disclosure for this sale can be found here. Insiders have sold a total of 841,688 shares of company stock worth $29,376,932 in the last 90 days. 0.88% of the stock is owned by company insiders.

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.