Birinyi Associates Inc. Sells 11,700 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 26th, 2023

Birinyi Associates Inc. lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 6.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 167,020 shares of the information services provider’s stock after selling 11,700 shares during the quarter. Alphabet makes up about 7.2% of Birinyi Associates Inc.’s holdings, making the stock its 4th biggest position. Birinyi Associates Inc.’s holdings in Alphabet were worth $17,325,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOGL. Bornite Capital Management LP acquired a new stake in Alphabet during the first quarter worth approximately $16,688,000. Markel Corp raised its holdings in Alphabet by 17.0% during the first quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock worth $43,110,000 after purchasing an additional 2,250 shares in the last quarter. United Bank raised its holdings in Alphabet by 5.9% during the first quarter. United Bank now owns 2,033 shares of the information services provider’s stock worth $5,654,000 after purchasing an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Alphabet by 23.4% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock worth $900,929,000 after purchasing an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management raised its holdings in Alphabet by 20.4% during the first quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock worth $25,806,000 after purchasing an additional 1,570 shares in the last quarter. Institutional investors and hedge funds own 35.38% of the company’s stock.

Alphabet Trading Up 0.1 %

Shares of GOOGL stock opened at $129.88 on Friday. The firm has a 50-day moving average price of $125.09 and a 200 day moving average price of $113.23. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $134.25. The company has a market capitalization of $1.64 trillion, a price-to-earnings ratio of 27.52, a PEG ratio of 1.52 and a beta of 1.06. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its 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 net margin of 21.05% and a return on equity of 23.49%. 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 company posted $1.21 EPS. Research analysts forecast that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 16,083 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the completion of the transaction, the senior vice president now owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The transaction was disclosed in a filing with the SEC, which is available at 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 shares were sold at an average price of $131.14, for a total transaction of $26,228.00. Following the completion of the transaction, the director now owns 5,340 shares of the company’s stock, valued at approximately $700,287.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Prabhakar Raghavan sold 16,083 shares of the company’s stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the transaction, 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. Insiders sold a total of 180,006 shares of company stock valued at $8,804,132 in the last 90 days. 0.88% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GOOGL. 888 restated a “downgrade” rating on shares of Alphabet in a research report on Monday, June 26th. Evercore ISI raised their target price on shares of Alphabet from $130.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 26th. Mizuho raised their target price on shares of Alphabet from $135.00 to $155.00 in a research report on Wednesday, July 26th. StockNews.com began coverage on shares of Alphabet in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Finally, Wells Fargo & Company raised their target price on shares of Alphabet from $116.00 to $121.00 in a research report on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $143.08.

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About Alphabet

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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.