VELA Investment Management LLC Raises Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 16th, 2023

VELA Investment Management LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 7.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 49,745 shares of the information services provider’s stock after purchasing an additional 3,586 shares during the quarter. Alphabet comprises about 2.3% of VELA Investment Management LLC’s portfolio, making the stock its 7th biggest holding. VELA Investment Management LLC’s holdings in Alphabet were worth $5,160,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GOOGL. Modera Wealth Management LLC boosted its position in shares of Alphabet by 11.4% during the 1st quarter. Modera Wealth Management LLC now owns 43,230 shares of the information services provider’s stock valued at $4,484,000 after purchasing an additional 4,420 shares in the last quarter. FourThought Financial Partners LLC acquired a new position in Alphabet in the fourth quarter worth approximately $5,415,000. Glenview Trust Co grew its position in Alphabet by 10.7% in the fourth quarter. Glenview Trust Co now owns 458,830 shares of the information services provider’s stock worth $40,483,000 after buying an additional 44,278 shares during the last quarter. Hallmark Capital Management Inc. increased its holdings in shares of Alphabet by 8.9% in the first quarter. Hallmark Capital Management Inc. now owns 167,148 shares of the information services provider’s stock valued at $17,338,000 after buying an additional 13,605 shares in the last quarter. Finally, Bfsg LLC lifted its position in shares of Alphabet by 160.5% during the 4th 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. Institutional investors own 35.38% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on GOOGL shares. Oppenheimer upped their target price on Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, April 26th. Royal Bank of Canada raised their target price on shares of Alphabet from $145.00 to $155.00 in a report on Wednesday, July 26th. Bank of America boosted their price target on shares of Alphabet from $142.00 to $146.00 in a report on Wednesday, July 26th. 51job reaffirmed a “downgrade” rating on shares of Alphabet in a research note on Tuesday, June 27th. Finally, Credit Suisse Group boosted their target price on shares of Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, July 17th. Four equities 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. According to MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and a consensus target price of $142.19.

Check Out Our Latest Analysis on Alphabet

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $131.14, for a total transaction of $26,228.00. Following the sale, the director now owns 5,340 shares of the company’s stock, valued at approximately $700,287.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John L. Hennessy sold 200 shares of the stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 5,340 shares of the company’s stock, valued at approximately $700,287.60. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder 2019 Gp L.L.C. Gv sold 16,633 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $13.65, for a total value of $227,040.45. The disclosure for this sale can be found here. Insiders sold a total of 340,790 shares of company stock valued at $11,250,754 in the last quarter. Corporate insiders own 0.88% of the company’s stock.

Alphabet Price Performance

NASDAQ:GOOGL opened at $129.78 on Wednesday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. Alphabet Inc. has a one year low of $83.34 and a one year high of $133.74. The company has a fifty day moving average price of $124.11 and a 200 day moving average price of $111.84. The stock has a market cap of $1.64 trillion, a P/E ratio of 27.50, a PEG ratio of 1.49 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings data 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 net margin of 21.05% and a return on equity of 23.49%. The business had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. During the same quarter in the prior year, the business earned $1.21 earnings per share. Analysts anticipate that Alphabet Inc. will post 5.67 earnings per share for the current year.

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.