Allen Capital Group LLC Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 25th, 2023

Allen Capital Group LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 710.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 37,350 shares of the information services provider’s stock after buying an additional 32,743 shares during the period. Allen Capital Group LLC’s holdings in Alphabet were worth $3,874,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GOOGL. VitalStone Financial LLC purchased a new position in shares of Alphabet during the 4th quarter valued at $25,000. Live Oak Investment Partners purchased a new position in shares of Alphabet during the 4th quarter valued at $26,000. Sanctuary Wealth Management L.L.C. purchased a new position in shares of Alphabet during the 4th quarter valued at $34,000. Turim 21 Investimentos Ltda. purchased a new position in shares of Alphabet during the 3rd quarter valued at $38,000. Finally, IAG Wealth Partners LLC raised its stake in shares of Alphabet by 100.0% during the 1st quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 200 shares during the period. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Robert W. Baird boosted their price objective on Alphabet from $123.00 to $130.00 and gave the company an “outperform” rating in a research note on Friday. Bank of America boosted their price objective on Alphabet from $128.00 to $142.00 and gave the company a “buy” rating in a research note on Thursday, July 20th. Truist Financial boosted their price objective on Alphabet from $120.00 to $122.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Wolfe Research upped their target price on Alphabet from $130.00 to $140.00 in a research note on Monday, July 10th. Finally, Credit Suisse Group upped their target price on Alphabet from $135.00 to $150.00 and gave the stock an “outperform” rating in a research note on Monday, July 17th. Six equities research analysts have rated the stock with a hold rating, thirty-two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and a consensus target price of $132.21.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction that occurred on Monday, July 3rd. The stock was 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 approximately $15,282,738.68. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Alphabet news, SVP Prabhakar Raghavan sold 16,083 shares of Alphabet stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $120.31, for a total value of $1,934,945.73. Following the completion of the sale, the senior vice president now owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv bought 309,931 shares of Alphabet stock in a transaction on Wednesday, May 3rd. The stock was acquired at an average cost of $28.34 per share, with a total value of $8,783,444.54. Following the acquisition, the insider now owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The disclosure for this purchase can be found here. Insiders sold a total of 841,688 shares of company stock valued at $29,376,932 in the last 90 days. Corporate insiders own 0.88% of the company’s stock.

Alphabet Stock Up 1.3 %

GOOGL stock opened at $121.53 on Tuesday. 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 firm has a market cap of $1.54 trillion, a PE ratio of 27.07, a price-to-earnings-growth ratio of 1.53 and a beta of 1.06. The business has a 50 day moving average of $122.10 and a 200 day moving average of $107.74.

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

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.