Shira Ridge Wealth Management Reduces Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 18th, 2023

Shira Ridge Wealth Management lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 17.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,264 shares of the information services provider’s stock after selling 1,075 shares during the period. Shira Ridge Wealth Management’s holdings in Alphabet were worth $546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of GOOGL. Vanguard Group Inc. boosted its holdings 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 valued at $45,628,484,000 after acquiring an additional 453,413,389 shares during the period. State Street Corp raised its holdings in 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 purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of Alphabet by 111,197.8% during the 4th 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. Geode Capital Management LLC raised its stake in Alphabet by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 117,077,511 shares of the information services provider’s stock valued at $10,310,795,000 after purchasing an additional 1,923,667 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position 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 purchasing an additional 109,870,525 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, major shareholder 2019 Gp L.L.C. Gv sold 16,633 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $13.65, for a total transaction of $227,040.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, major shareholder 2019 Gp L.L.C. Gv sold 16,633 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $13.65, for a total transaction of $227,040.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frances Arnold sold 950 shares of the company’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $125.25, for a total value of $118,987.50. Following the completion of the sale, the director now owns 13,040 shares of the company’s stock, valued at $1,633,260. The disclosure for this sale can be found here. Over the last three months, insiders have sold 276,778 shares of company stock valued at $10,273,372. Insiders own 0.88% of the company’s stock.

Alphabet Price Performance

Alphabet stock opened at $129.92 on Friday. The firm has a market cap of $1.64 trillion, a P/E ratio of 27.53, a P/E/G ratio of 1.49 and a beta of 1.06. 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 stock’s 50 day moving average is $124.39 and its 200 day moving average is $112.08.

Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, beating the consensus estimate 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 analysts’ expectations of $60.24 billion. During the same period in the prior year, the firm earned $1.21 EPS. As a group, research analysts expect that Alphabet Inc. will post 5.67 EPS for the current year.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research reports. KeyCorp raised their target price on shares of Alphabet from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, July 26th. Evercore ISI boosted their price target on shares of Alphabet from $130.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, July 26th. Wolfe Research boosted their target price on Alphabet from $130.00 to $140.00 in a report on Monday, July 10th. Mizuho increased their price objective on Alphabet from $135.00 to $155.00 in a research report on Wednesday, July 26th. Finally, UBS Group cut 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 research report on Monday, June 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 stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $142.19.

Check Out Our Latest Research Report on GOOGL

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.