Purus Wealth Management LLC Increases Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 25th, 2023

Purus Wealth Management LLC raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 0.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 26,484 shares of the information services provider’s stock after purchasing an additional 92 shares during the quarter. Alphabet accounts for 2.2% of Purus Wealth Management LLC’s investment portfolio, making the stock its 14th biggest holding. Purus Wealth Management LLC’s holdings in Alphabet were worth $2,747,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Modera Wealth Management LLC grew its stake in shares of Alphabet by 11.4% in 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 during the last quarter. FourThought Financial Partners LLC acquired a new stake in shares of Alphabet in the 4th quarter valued at approximately $5,415,000. Glenview Trust Co lifted its holdings in shares of Alphabet by 10.7% in the 4th quarter. Glenview Trust Co now owns 458,830 shares of the information services provider’s stock valued at $40,483,000 after buying an additional 44,278 shares during the period. Hallmark Capital Management Inc. lifted its holdings in shares of Alphabet by 8.9% in the 1st 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 during the period. Finally, Marcum Wealth LLC lifted its holdings in shares of Alphabet by 4.8% in the 1st quarter. Marcum Wealth LLC now owns 20,372 shares of the information services provider’s stock valued at $2,113,000 after buying an additional 927 shares during the period. 35.38% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Price Performance

GOOGL stock opened at $129.78 on Friday. The stock has a 50-day moving average price of $124.96 and a two-hundred day moving average price of $113.04. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $134.25. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.64 trillion, a PE ratio of 27.50, a price-to-earnings-growth ratio of 1.49 and a beta of 1.06.

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, 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 firm had revenue of $74.60 billion during 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. As a group, research analysts predict that Alphabet Inc. will post 5.67 EPS for the current year.

Insider Buying and Selling at Alphabet

In other Alphabet news, 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 transaction of $1,934,945.73. Following the completion of the sale, the senior vice president now owns 127,028 shares of the company’s stock, valued at $15,282,738.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction dated 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 sale, the director now owns 5,340 shares of the company’s stock, valued at $700,287.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Prabhakar Raghavan sold 16,083 shares of the company’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 sale, 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. Over the last 90 days, insiders sold 180,006 shares of company stock valued at $8,804,132. Company insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on GOOGL shares. Rosenblatt Securities raised their price target on Alphabet from $132.00 to $163.00 and gave the company a “buy” rating in a report on Wednesday, July 26th. Loop Capital raised their price target on Alphabet from $125.00 to $140.00 and gave the company a “hold” rating in a report on Friday, August 18th. UBS Group cut Alphabet from a “buy” rating to a “neutral” rating and raised their price target for the company from $123.00 to $132.00 in a report on Monday, June 26th. Jefferies Financial Group raised their price target on Alphabet from $150.00 to $165.00 in a report on Wednesday, July 26th. Finally, Truist Financial lifted their price objective on Alphabet from $122.00 to $160.00 in a report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $143.08.

View Our Latest Stock Report 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.