Kensington Investment Counsel LLC Trims Stake in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Sep 3rd, 2023

Kensington Investment Counsel LLC lowered its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 13,210 shares of the information services provider’s stock after selling 174 shares during the quarter. Kensington Investment Counsel LLC’s holdings in Alphabet were worth $1,370,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Spreng Capital Management Inc. boosted its position in Alphabet by 4.0% in the 1st quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock valued at $364,000 after buying an additional 5 shares during the last quarter. West Family Investments Inc. boosted its position in Alphabet by 0.3% in the 1st quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock valued at $4,878,000 after buying an additional 6 shares during the last quarter. Maple Capital Management Inc. boosted its position in Alphabet by 2.1% in the 1st quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock valued at $823,000 after buying an additional 6 shares during the last quarter. Private Advisory Group LLC boosted its position in Alphabet by 1.8% in the 1st quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock valued at $1,115,000 after buying an additional 7 shares during the last quarter. Finally, Weik Capital Management boosted its position in Alphabet by 0.5% in the 1st quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock valued at $4,264,000 after buying an additional 8 shares during the last quarter. Hedge funds and other institutional investors own 35.08% of the company’s stock.

Alphabet Price Performance

Shares of Alphabet stock opened at $135.66 on Friday. 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’s 50-day moving average price is $126.30 and its two-hundred day moving average price is $114.63. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $138.00. The stock has a market cap of $1.71 trillion, a PE ratio of 28.74, a price-to-earnings-growth ratio of 1.51 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $60.24 billion. During the same period in the previous year, the business earned $1.21 earnings per share. As a group, sell-side analysts anticipate that Alphabet Inc. will post 5.68 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 16,031 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $14.98, for a total transaction of $240,144.38. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 16,031 shares of the business’s stock in a transaction dated Monday, June 12th. The stock was sold at an average price of $14.98, for a total transaction of $240,144.38. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kavitark Ram Shriram sold 31,240 shares of the business’s stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $116.82, for a total value of $3,649,456.80. Following the sale, the director now owns 5,364 shares in the company, valued at approximately $626,622.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 154,043 shares of company stock worth $7,411,558. 0.88% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Credit Suisse Group increased their price target on shares of Alphabet from $135.00 to $150.00 and gave the stock an “outperform” rating in a research report on Monday, July 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $140.00 target price on shares of Alphabet in a report on Friday, August 11th. Stifel Nicolaus lifted their target price on Alphabet from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Loop Capital upped their price target on Alphabet from $125.00 to $140.00 and gave the company a “hold” rating in a research report on Friday, August 18th. Finally, StockNews.com initiated coverage on shares of Alphabet in a report on Thursday, August 17th. They issued a “buy” rating for the company. Four research 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $143.89.

View Our Latest Research Report on Alphabet

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.