Strategic Investment Advisors MI Boosts Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 24th, 2023

Strategic Investment Advisors MI increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 12.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 61,874 shares of the information services provider’s stock after buying an additional 6,842 shares during the quarter. Alphabet comprises approximately 1.2% of Strategic Investment Advisors MI’s investment portfolio, making the stock its 20th biggest holding. Strategic Investment Advisors MI’s holdings in Alphabet were worth $6,418,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Baker Chad R increased its holdings 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 buying an additional 1,495 shares during the period. Veritas Investment Partners UK Ltd. boosted its holdings in shares of Alphabet by 24.9% in the 1st 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 during the last quarter. Schwarz Dygos Wheeler Investment Advisors LLC increased its stake in shares of Alphabet by 0.9% in the first quarter. Schwarz Dygos Wheeler Investment Advisors LLC now owns 94,073 shares of the information services provider’s stock worth $9,758,000 after acquiring an additional 793 shares during the period. PBMares Wealth Management LLC raised its holdings in shares of 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 purchasing an additional 181 shares during the last quarter. Finally, Marietta Wealth Management LLC lifted its position in Alphabet by 2.2% during the first quarter. Marietta Wealth Management LLC now owns 82,982 shares of the information services provider’s stock valued at $8,608,000 after purchasing an additional 1,795 shares during the period. 35.38% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Alphabet stock opened at $120.02 on Monday. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. The company has a 50-day moving average price of $122.00 and a 200 day moving average price of $107.49. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $129.04. The stock has a market cap of $1.52 trillion, a P/E ratio of 26.73, a PEG ratio of 1.53 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings results 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 net margin of 20.58% and a return on equity of 22.84%. The business had revenue of $69.79 billion during the quarter, compared to the consensus estimate of $57.19 billion. During the same quarter last year, the firm earned $1.23 EPS. Sell-side analysts anticipate that Alphabet Inc. will post 5.39 earnings per share for the current year.

Insider Buying and Selling at Alphabet

In related news, 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 sale, the director now directly owns 5,364 shares in the company, valued at approximately $626,622.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction on Tuesday, June 13th. The stock was 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 in the company, valued at approximately $721,231. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kavitark Ram Shriram sold 31,240 shares of the firm’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 transaction, the director now owns 5,364 shares of the company’s stock, valued at $626,622.48. The disclosure for this sale can be found here. Insiders have sold 841,688 shares of company stock worth $29,376,932 over the last quarter. 0.88% of the stock is currently owned by company insiders.

Analyst Ratings Changes

GOOGL has been the topic of several analyst reports. Tigress Financial increased their price target on Alphabet from $160.00 to $172.00 and gave the stock a “strong-buy” rating in a research report on Friday, July 14th. Stifel Nicolaus lifted their price target on Alphabet from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday. Truist Financial upped their price objective on Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a research report on Wednesday, April 26th. 888 reaffirmed a “downgrade” rating on shares of Alphabet in a report on Monday, June 26th. Finally, Credit Suisse Group increased their price target on shares of Alphabet from $135.00 to $150.00 and gave the stock an “outperform” rating in a 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 assigned a strong buy rating to the company. Based on data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $132.21.

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.