Bank of Hawaii Cuts Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Aug 27th, 2023

Bank of Hawaii lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 13.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,853 shares of the information services provider’s stock after selling 8,602 shares during the period. Bank of Hawaii’s holdings in Alphabet were worth $5,897,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Baron Wealth Management LLC raised its stake in Alphabet by 21.2% during the first quarter. Baron Wealth Management LLC now owns 7,037 shares of the information services provider’s stock worth $730,000 after purchasing an additional 1,231 shares during the period. Landaas & Co. WI ADV raised its stake in Alphabet by 25.6% during the first quarter. Landaas & Co. WI ADV now owns 2,940 shares of the information services provider’s stock worth $305,000 after purchasing an additional 600 shares during the period. ICW Investment Advisors LLC increased its position in shares of Alphabet by 8.4% in the first quarter. ICW Investment Advisors LLC now owns 10,580 shares of the information services provider’s stock worth $1,098,000 after acquiring an additional 821 shares in the last quarter. Freemont Management S.A. increased its position in shares of Alphabet by 140.8% in the first quarter. Freemont Management S.A. now owns 324,900 shares of the information services provider’s stock worth $33,702,000 after acquiring an additional 190,000 shares in the last quarter. Finally, LPL Financial LLC increased its position in shares of Alphabet by 1.4% in the first quarter. LPL Financial LLC now owns 3,909,516 shares of the information services provider’s stock worth $405,534,000 after acquiring an additional 55,433 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Alphabet Trading Up 0.1 %

Alphabet stock opened at $129.88 on Friday. The company has a market cap of $1.64 trillion, a P/E ratio of 27.52, a PEG ratio of 1.49 and a beta of 1.06. The firm’s 50-day moving average is $125.09 and its 200-day moving average is $113.27. Alphabet Inc. has a 1 year low of $83.34 and a 1 year high of $134.25. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings data 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. The firm had revenue of $74.60 billion for the quarter, compared to the consensus estimate of $60.24 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. During the same period last year, the firm posted $1.21 EPS. On average, equities analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current year.

Analysts Set New Price Targets

GOOGL has been the subject of several recent research reports. 888 reissued a “downgrade” rating on shares of Alphabet in a research report on Monday, June 26th. Wolfe Research increased their price objective on shares of Alphabet from $130.00 to $140.00 in a research report on Monday, July 10th. Jefferies Financial Group increased their price objective on shares of Alphabet from $150.00 to $165.00 in a research report on Wednesday, July 26th. KeyCorp increased their price objective on shares of Alphabet from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 26th. Finally, Tigress Financial raised their price target on shares of Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a report on Friday, July 14th. Four equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $143.08.

Get Our Latest Analysis on GOOGL

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now directly owns 5,740 shares in the company, valued at approximately $721,231. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Alphabet news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Tuesday, June 13th. The shares were sold at an average price of $125.65, for a total transaction of $25,130.00. Following the transaction, the director now owns 5,740 shares of the company’s stock, valued at approximately $721,231. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Frances Arnold sold 240 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $123.73, for a total transaction of $29,695.20. Following the transaction, the director now directly owns 12,800 shares in the company, valued at approximately $1,583,744. The disclosure for this sale can be found here. Insiders have sold a total of 180,006 shares of company stock worth $8,804,132 in the last ninety days. 0.88% of the stock is owned by insiders.

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.