Herbst Group LLC Sells 1,554 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 27th, 2023

Herbst Group LLC lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 3.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 40,463 shares of the information services provider’s stock after selling 1,554 shares during the quarter. Alphabet accounts for approximately 3.0% of Herbst Group LLC’s holdings, making the stock its 7th largest holding. Herbst Group LLC’s holdings in Alphabet were worth $4,197,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. FourThought Financial Partners LLC acquired a new stake in shares of Alphabet in the 4th quarter valued at about $5,415,000. Glenview Trust Co increased its position in shares of Alphabet by 10.7% in the fourth quarter. Glenview Trust Co now owns 458,830 shares of the information services provider’s stock valued at $40,483,000 after acquiring an additional 44,278 shares during the last quarter. Bfsg LLC increased its position in shares of Alphabet by 160.5% in the fourth quarter. Bfsg LLC now owns 8,075 shares of the information services provider’s stock valued at $712,000 after acquiring an additional 4,975 shares during the last quarter. Marcum Wealth LLC increased its position in shares of Alphabet by 4.8% in the first quarter. Marcum Wealth LLC now owns 20,372 shares of the information services provider’s stock valued at $2,113,000 after acquiring an additional 927 shares during the last quarter. Finally, Ibex Investors LLC acquired a new stake in shares of Alphabet in the fourth quarter valued at about $2,617,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $129.27 on Thursday. 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 stock has a market capitalization of $1.64 trillion, a P/E ratio of 28.79, a price-to-earnings-growth ratio of 1.55 and a beta of 1.06. The firm’s fifty day simple moving average is $122.10 and its two-hundred day simple moving average is $107.74. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $130.98.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $74.60 billion for the quarter, compared to analysts’ expectations of $60.24 billion. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. During the same quarter in the prior year, the firm posted $1.21 earnings per share. As a group, analysts predict that Alphabet Inc. will post 5.39 EPS for the current year.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction dated 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 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Kavitark Ram Shriram sold 37,500 shares of the company’s stock in a transaction dated Friday, May 5th. The shares were sold at an average price of $105.04, for a total value of $3,939,000.00. Following the sale, the director now owns 107,240 shares in the company, valued at approximately $11,264,489.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction dated 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 sale, the senior vice president now owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The disclosure for this sale can be found here. Insiders have sold 841,688 shares of company stock valued at $29,376,932 in the last 90 days. 0.88% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on GOOGL shares. StockNews.com started coverage on Alphabet in a research report on Thursday, May 18th. They issued a “buy” rating on the stock. 51job reiterated a “downgrade” rating on shares of Alphabet in a report on Tuesday, June 27th. Jefferies Financial Group lifted their price target on Alphabet from $150.00 to $165.00 in a report on Wednesday. Wolfe Research lifted their price target on Alphabet from $130.00 to $140.00 in a report on Monday, July 10th. Finally, Barclays lifted their price target on Alphabet from $160.00 to $200.00 in a report on Wednesday. Four investment 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’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $141.86.

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.