Prime Capital Investment Advisors LLC Sells 52,968 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 12th, 2023

Prime Capital Investment Advisors LLC reduced its holdings in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 29.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 124,952 shares of the information services provider’s stock after selling 52,968 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Alphabet were worth $12,961,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of GOOGL. Live Oak Investment Partners acquired a new position in shares of Alphabet during the fourth quarter worth about $26,000. Sanctuary Wealth Management L.L.C. acquired a new position in shares of Alphabet during the fourth quarter worth about $34,000. Turim 21 Investimentos Ltda. acquired a new position in shares of Alphabet during the third quarter worth about $38,000. IAG Wealth Partners LLC boosted its position in Alphabet by 100.0% during the first 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 last quarter. Finally, AM Squared Ltd acquired a new position in Alphabet during the fourth quarter valued at approximately $44,000. 35.38% of the stock is currently owned by institutional investors.

Alphabet Price Performance

Alphabet stock opened at $129.56 on Friday. The stock’s fifty day moving average price is $123.85 and its two-hundred day moving average price is $110.97. Alphabet Inc. has a one year low of $83.34 and a one year high of $133.74. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. The firm has a market cap of $1.63 trillion, a PE ratio of 27.45, a price-to-earnings-growth ratio of 1.50 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The firm had revenue of $74.60 billion for the quarter, compared to analyst estimates of $60.24 billion. During the same quarter last year, the company earned $1.21 EPS. As a group, research analysts expect that Alphabet Inc. will post 5.64 EPS for the current fiscal year.

Insider Activity

In other news, major shareholder 2019 Gp L.L.C. Gv sold 157,952 shares of Alphabet stock in a transaction on Monday, May 15th. The stock was sold at an average price of $12.74, for a total value of $2,012,308.48. Following the transaction, the insider now owns 10,800,973 shares in the company, valued at approximately $137,604,396.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Ann Mather sold 9,540 shares of the firm’s stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $125.33, for a total transaction of $1,195,648.20. Following the sale, the director now owns 2,800 shares of the company’s stock, valued at approximately $350,924. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 157,952 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were sold at an average price of $12.74, for a total value of $2,012,308.48. Following the sale, the insider now directly owns 10,800,973 shares in the company, valued at approximately $137,604,396.02. The disclosure for this sale can be found here. In the last quarter, insiders have sold 588,742 shares of company stock worth $22,455,363. Insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of several recent research reports. Sanford C. Bernstein increased their price target on Alphabet from $130.00 to $135.00 in a research report on Wednesday, July 26th. Jefferies Financial Group increased their price target on Alphabet from $150.00 to $165.00 in a research report on Wednesday, July 26th. UBS Group cut Alphabet from a “buy” rating to a “neutral” rating and increased their price target for the company from $123.00 to $132.00 in a research report on Monday, June 26th. The Goldman Sachs Group increased their price target on Alphabet from $132.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 17th. Finally, TD Cowen raised their price objective on Alphabet from $130.00 to $140.00 and gave the company an “outperform” rating in a research report on Thursday, July 13th. Four equities research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and a consensus target price of $142.19.

Check Out Our Latest Stock Analysis on Alphabet

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.