Flputnam Investment Management Co. Purchases 10,363 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 24th, 2023

Flputnam Investment Management Co. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 537,571 shares of the information services provider’s stock after buying an additional 10,363 shares during the quarter. Alphabet makes up 1.8% of Flputnam Investment Management Co.’s holdings, making the stock its 9th biggest position. Flputnam Investment Management Co.’s holdings in Alphabet were worth $55,762,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hazlett Burt & Watson Inc. increased its stake in shares of Alphabet by 1.5% during the first quarter. Hazlett Burt & Watson Inc. now owns 7,650 shares of the information services provider’s stock worth $791,000 after purchasing an additional 110 shares in the last quarter. Benjamin Edwards Inc. increased its stake in shares of Alphabet by 17.0% during the first quarter. Benjamin Edwards Inc. now owns 36,439 shares of the information services provider’s stock worth $3,780,000 after purchasing an additional 5,290 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its stake in shares of Alphabet by 21.4% during the first quarter. Benjamin F. Edwards & Company Inc. now owns 69,272 shares of the information services provider’s stock worth $7,186,000 after purchasing an additional 12,226 shares in the last quarter. Matisse Capital increased its stake in shares of Alphabet by 58.3% during the first quarter. Matisse Capital now owns 16,720 shares of the information services provider’s stock worth $1,734,000 after purchasing an additional 6,160 shares in the last quarter. Finally, Sunesis Advisors LLC purchased a new stake in shares of Alphabet during the first quarter worth about $369,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Alphabet Trading Up 0.7 %

Shares of Alphabet stock opened at $120.02 on Monday. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $129.04. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.32 and a current ratio of 2.35. The company has a market capitalization of $1.52 trillion, a P/E ratio of 26.73, a PEG ratio of 1.53 and a beta of 1.06. The company’s fifty day moving average is $122.00 and its two-hundred day moving average is $107.49.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same period last year, the firm posted $1.23 EPS. Analysts forecast that Alphabet Inc. will post 5.39 earnings per share for the current year.

Insider Transactions at Alphabet

In other news, Director Kavitark Ram Shriram sold 31,240 shares of the firm’s stock in a transaction on 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 owns 5,364 shares in the company, valued at approximately $626,622.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $107.51, for a total value of $68,483.87. Following the completion of the sale, the chief accounting officer now owns 25,937 shares in the company, valued at $2,788,486.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 transaction of $3,649,456.80. Following the completion of the sale, the director now owns 5,364 shares of the company’s stock, valued at approximately $626,622.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 841,688 shares of company stock worth $29,376,932. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Truist Financial upped their price objective on shares of Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. TD Cowen upped their price objective on shares of Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a research note on Thursday, July 13th. 51job reiterated a “downgrade” rating on shares of Alphabet in a report on Tuesday, June 27th. Morgan Stanley increased their target price on shares of Alphabet from $135.00 to $140.00 and gave the stock an “overweight” rating in a report on Wednesday, April 26th. Finally, Robert W. Baird increased their target price on shares of Alphabet from $123.00 to $130.00 and gave the stock an “outperform” rating in a report on Friday. Six research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price 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.