Bridges Investment Management Inc. Acquires 5,150 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 25th, 2023

Bridges Investment Management Inc. grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 818,423 shares of the information services provider’s stock after purchasing an additional 5,150 shares during the quarter. Alphabet makes up 3.0% of Bridges Investment Management Inc.’s holdings, making the stock its 10th biggest holding. Bridges Investment Management Inc.’s holdings in Alphabet were worth $84,895,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. VitalStone Financial LLC bought a new stake in shares of Alphabet in the fourth quarter worth $25,000. Live Oak Investment Partners bought a new stake in shares of Alphabet in the fourth quarter worth $26,000. Sanctuary Wealth Management L.L.C. bought a new stake in shares of Alphabet in the fourth quarter worth $34,000. Turim 21 Investimentos Ltda. bought a new stake in shares of Alphabet in the third quarter worth $38,000. Finally, IAG Wealth Partners LLC grew its stake in shares of Alphabet by 100.0% in the first quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock worth $41,000 after purchasing an additional 200 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $121.53 on Tuesday. The company’s 50-day moving average is $122.10 and its 200 day moving average is $107.74. 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 $1.54 trillion, a P/E ratio of 27.07, a price-to-earnings-growth ratio of 1.53 and a beta of 1.06. Alphabet Inc. has a fifty-two week low of $83.34 and a fifty-two week high of $129.04.

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

Insiders Place Their Bets

In related news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the company’s stock in a transaction dated Friday, May 12th. The stock was sold at an average price of $12.72, for a total transaction of $347,128.80. Following the sale, the insider now directly owns 10,958,925 shares in the company, valued at $139,397,526. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the completion of the transaction, the senior vice president now owns 127,028 shares of the company’s stock, valued at $15,282,738.68. The disclosure for this sale can be found here. Insiders 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

Several analysts recently weighed in on GOOGL shares. Oppenheimer boosted their price objective on shares of Alphabet from $135.00 to $145.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 26th. Jefferies Financial Group upped their price target on shares of Alphabet from $130.00 to $150.00 in a research report on Tuesday, May 23rd. TD Cowen upped their price target on shares of Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, July 13th. Royal Bank of Canada upped their price target on shares of Alphabet from $130.00 to $132.00 in a research report on Wednesday, April 26th. Finally, Sanford C. Bernstein cut shares of Alphabet from an “outperform” rating to a “market perform” rating and set a $125.00 price target on the stock. in a research report on Tuesday, June 27th. Six equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.