Alphabet Inc. (NASDAQ:GOOGL) Stake Cut by Pictet & Cie Europe SA

Posted by Defense World Staff on Jul 28th, 2023

Pictet & Cie Europe SA lessened its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,489,854 shares of the information services provider’s stock after selling 4,133 shares during the period. Alphabet makes up about 6.4% of Pictet & Cie Europe SA’s portfolio, making the stock its 3rd biggest holding. Pictet & Cie Europe SA’s holdings in Alphabet were worth $154,543,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its stake in shares of Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares during the period. State Street Corp increased its stake in shares of Alphabet by 1,900.6% in the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after acquiring an additional 206,300,042 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in Alphabet by 111,197.8% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock valued at $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Alphabet by 1,759.2% during the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after acquiring an additional 109,870,525 shares during the period. Finally, Norges Bank purchased a new position in Alphabet during the fourth quarter valued at approximately $8,335,063,000. Institutional investors and hedge funds own 35.38% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL stock opened at $129.40 on Friday. The company has a market cap of $1.64 trillion, a P/E ratio of 27.42, a PEG ratio of 1.56 and a beta of 1.06. The firm has a fifty day moving average price of $122.33 and a 200 day moving average price of $108.13. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $133.24.

Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $74.60 billion during the quarter, compared to analysts’ expectations of $60.24 billion. Alphabet had a return on equity of 23.73% and a net margin of 21.05%. During the same period in the prior year, the firm posted $1.21 EPS. Sell-side analysts predict that Alphabet Inc. will post 5.39 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several recent analyst reports. Barclays increased their target price on shares of Alphabet from $160.00 to $200.00 in a research note on Wednesday. Tigress Financial raised their price target on shares of Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a research note on Friday, July 14th. Jefferies Financial Group raised their price objective on Alphabet from $150.00 to $165.00 in a report on Wednesday. Needham & Company LLC increased their price objective on shares of Alphabet from $115.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday. Finally, 888 restated a “downgrade” rating on shares of Alphabet in a research report on Monday, June 26th. Four analysts have rated the stock with a hold rating, thirty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $142.19.

Insider Buying and Selling at Alphabet

In other news, CAO Amie Thuener O’toole sold 637 shares of the company’s stock in a transaction on 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 transaction, the chief accounting officer now owns 25,937 shares in the company, valued at approximately $2,788,486.87. The sale was disclosed in a document filed with the SEC, which is available at this link. In related 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 value of $347,128.80. Following the completion of the sale, the insider now directly owns 10,958,925 shares of the company’s stock, valued at approximately $139,397,526. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction that occurred on Tuesday, May 2nd. The stock was sold at an average price of $107.51, for a total value of $68,483.87. Following the transaction, the chief accounting officer now owns 25,937 shares in the company, valued at approximately $2,788,486.87. The disclosure for this sale can be found here. Insiders have sold 841,908 shares of company stock worth $29,403,717 over the last three months. Insiders own 0.88% of the company’s stock.

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.