Lutz Financial Services LLC Buys New Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Jul 30th, 2023

Lutz Financial Services LLC bought a new stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,452 shares of the information services provider’s stock, valued at approximately $254,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised 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 acquiring an additional 453,413,389 shares in the last quarter. State Street Corp raised its stake in shares of Alphabet by 1,900.6% during 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 in the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of Alphabet by 111,197.8% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after acquiring an additional 170,267,122 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of 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 in the last quarter. Finally, Norges Bank purchased a new position in shares of Alphabet during the fourth quarter worth approximately $8,335,063,000. 35.38% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Royal Bank of Canada raised their target price on shares of Alphabet from $145.00 to $155.00 in a report on Wednesday. TD Cowen raised their target price on shares of Alphabet from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. Jefferies Financial Group raised their target price on shares of Alphabet from $150.00 to $165.00 in a report on Wednesday. 888 restated a “downgrade” rating on shares of Alphabet in a report on Monday, June 26th. Finally, Morgan Stanley raised their target price on shares of Alphabet from $150.00 to $155.00 in a report on Wednesday. Four research analysts have rated the stock with a hold rating, thirty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $142.19.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the business’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 transaction, the insider now 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 is available through this link. In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the business’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 transaction, the insider now 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 is available through this link. Also, SVP Prabhakar Raghavan sold 16,083 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president now directly 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. In the last 90 days, insiders sold 842,138 shares of company stock valued at $29,433,836. 0.88% of the stock is owned by insiders.

Alphabet Price Performance

GOOGL opened at $132.58 on Friday. The stock has a 50-day moving average price of $122.65 and a 200-day moving average price of $108.73. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.32. The firm has a market cap of $1.68 trillion, a PE ratio of 28.09, a P/E/G ratio of 1.55 and a beta of 1.06. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $133.74.

Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. During the same quarter in the previous year, the firm earned $1.21 EPS. Sell-side analysts predict that Alphabet Inc. will post 5.61 earnings per share for the current fiscal year.

Alphabet 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.