Artemis Investment Management LLP Decreases Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 12th, 2023

Artemis Investment Management LLP trimmed its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 28.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 439,639 shares of the information services provider’s stock after selling 171,509 shares during the quarter. Artemis Investment Management LLP’s holdings in Alphabet were worth $46,589,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of GOOGL. Vanguard Group Inc. raised its stake in shares of Alphabet by 1,919.4% in 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 purchasing an additional 453,413,389 shares during the last quarter. State Street Corp raised 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 purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC raised its stake in shares of 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 worth $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Alphabet by 1,759.2% in 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 purchasing an additional 109,870,525 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Alphabet in the fourth quarter worth about $8,335,063,000. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Alphabet

In related news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $131.14, for a total value of $26,228.00. Following the sale, the director now owns 5,340 shares in the company, valued at approximately $700,287.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $131.14, for a total value of $26,228.00. Following the sale, the director now owns 5,340 shares in the company, valued at approximately $700,287.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 230 shares of the business’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $130.95, for a total value of $30,118.50. Following the completion of the sale, the director now owns 13,329 shares in the company, valued at approximately $1,745,432.55. The disclosure for this sale can be found here. Insiders have sold 588,742 shares of company stock worth $22,455,363 over the last quarter. 0.88% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on GOOGL. 888 reaffirmed a “downgrade” rating on shares of Alphabet in a report on Monday, June 26th. UBS Group lowered Alphabet from a “buy” rating to a “neutral” rating and raised their target price for the stock from $123.00 to $132.00 in a report on Monday, June 26th. Bank of America raised their target price on Alphabet from $142.00 to $146.00 in a report on Wednesday, July 26th. KeyCorp raised their target price on Alphabet from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Wednesday, July 26th. Finally, Sanford C. Bernstein raised their price objective on Alphabet from $130.00 to $135.00 in a report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $142.19.

Check Out Our Latest Stock Report on Alphabet

Alphabet Stock Performance

Shares of Alphabet stock opened at $129.56 on Friday. Alphabet Inc. has a one year low of $83.34 and a one year high of $133.74. The company has a market cap of $1.63 trillion, a price-to-earnings ratio of 27.45, a PEG ratio of 1.50 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. The business’s 50 day moving average price is $123.85 and its 200 day moving average price is $110.97.

Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its 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. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The company had revenue of $74.60 billion for the quarter, compared to the consensus estimate of $60.24 billion. During the same quarter in the previous year, the business earned $1.21 earnings per share. On average, research analysts predict that Alphabet Inc. will post 5.64 EPS for the current 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.