Eagle Ridge Investment Management Increases Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on Oct 1st, 2023

Eagle Ridge Investment Management increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 1.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 232,806 shares of the information services provider’s stock after purchasing an additional 2,328 shares during the period. Alphabet accounts for about 2.9% of Eagle Ridge Investment Management’s investment portfolio, making the stock its 9th largest holding. Eagle Ridge Investment Management’s holdings in Alphabet were worth $27,867,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. Spreng Capital Management Inc. grew its position in Alphabet by 4.0% in the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock valued at $364,000 after purchasing an additional 5 shares in the last quarter. West Family Investments Inc. raised its stake 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 worth $4,878,000 after purchasing an additional 6 shares in the last quarter. Maple Capital Management Inc. raised its stake in Alphabet by 2.1% in the 1st quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after purchasing an additional 6 shares in the last quarter. Private Advisory Group LLC raised its position in shares of 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 in the last quarter. Finally, Weik Capital Management raised its position in shares of 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 in the last quarter. Institutional investors own 35.08% of the company’s stock.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the transaction, the director now directly owns 7,584 shares of the company’s stock, valued at $1,041,283.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider John Kent Walker sold 42,900 shares of the firm’s stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $136.51, for a total value of $5,856,279.00. Following the completion of the sale, the insider now directly owns 10,383 shares in the company, valued at $1,417,383.33. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the sale, the director now owns 7,584 shares of the company’s stock, valued at $1,041,283.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 131,731 shares of company stock valued at $16,880,398. 0.88% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on GOOGL. Royal Bank of Canada boosted their target price on shares of Alphabet from $145.00 to $155.00 in a report on Wednesday, July 26th. Bank of America upped their price objective on shares of Alphabet from $142.00 to $146.00 and gave the company a “buy” rating in a research note on Wednesday, August 30th. TD Cowen raised their price target on shares of Alphabet from $130.00 to $140.00 and gave the stock an “outperform” rating in a report on Thursday, July 13th. Credit Suisse Group raised their price objective on shares of Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a research note on Monday, July 17th. Finally, Sanford C. Bernstein raised their price objective on shares of Alphabet from $130.00 to $135.00 in a research note on Wednesday, July 26th. 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. According to MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $143.89.

View Our Latest Research Report on Alphabet

Alphabet Trading Down 1.1 %

Alphabet stock opened at $130.86 on Friday. The firm has a 50 day moving average of $131.84 and a 200 day moving average of $120.46. The firm has a market capitalization of $1.65 trillion, a price-to-earnings ratio of 27.72, a P/E/G ratio of 1.52 and a beta of 1.06. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $139.16. 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 quarterly earnings data 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 net margin of 21.05% and a return on equity of 23.49%. The business had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. During the same period last year, the firm posted $1.21 EPS. As a group, research analysts predict that Alphabet Inc. will post 5.68 earnings per share for the current year.

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.