Veritas Investment Partners UK Ltd. Acquires 128,890 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 24th, 2023

Veritas Investment Partners UK Ltd. lifted its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 24.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 647,194 shares of the information services provider’s stock after purchasing an additional 128,890 shares during the period. Alphabet comprises about 1.9% of Veritas Investment Partners UK Ltd.’s investment portfolio, making the stock its 24th largest position. Veritas Investment Partners UK Ltd.’s holdings in Alphabet were worth $67,101,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. Bornite Capital Management LP bought a new stake in Alphabet during the 1st quarter valued at $16,688,000. Markel Corp lifted its stake in shares of Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after purchasing an additional 2,250 shares during the last quarter. United Bank lifted its stake in shares of Alphabet by 5.9% during the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after purchasing an additional 113 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management grew its stake in Alphabet by 20.4% in the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after purchasing an additional 1,570 shares during the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Wolfe Research raised their price target on shares of Alphabet from $130.00 to $140.00 in a report on Monday, July 10th. Credit Suisse Group lifted 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. Evercore ISI increased their price objective on Alphabet from $125.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. UBS Group cut Alphabet from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $123.00 to $132.00 in a research report on Monday, June 26th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $115.00 price target on shares of Alphabet in a research note on Monday, April 3rd. Six equities research analysts have rated the stock with a hold rating, thirty-two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $132.21.

Alphabet Price Performance

Shares of Alphabet stock opened at $120.02 on Monday. The firm has a market cap of $1.52 trillion, a PE ratio of 26.73, a P/E/G ratio of 1.53 and a beta of 1.06. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $129.04. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. The business has a 50-day moving average price of $122.00 and a 200 day moving average price of $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 EPS for the quarter, beating the consensus estimate of $1.06 by $0.11. The company had revenue of $69.79 billion for the quarter, compared to analyst estimates 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 company earned $1.23 earnings per share. Sell-side analysts predict that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the company’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the completion of the transaction, the insider now owns 11,421,476 shares in the company, valued at approximately $161,385,455.88. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, major shareholder 2021 Gp L.L.C. Gv purchased 7,286 shares of the stock in a transaction dated Friday, May 5th. The shares were purchased at an average cost of $26.98 per share, with a total value of $196,576.28. Following the completion of the purchase, the insider now directly owns 2,647,312 shares of the company’s stock, valued at approximately $71,424,477.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the stock in a transaction on Monday, May 8th. The shares were sold at an average price of $14.13, for a total value of $1,423,908.36. Following the completion of the transaction, the insider now directly 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. In the last quarter, insiders sold 841,688 shares of company stock valued at $29,376,932. 0.88% of the stock is owned by corporate insiders.

About Alphabet

(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.