Smithbridge Asset Management Inc. DE Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Posted by on Oct 8th, 2023

Smithbridge Asset Management Inc. DE increased its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 10.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,366 shares of the information services provider’s stock after purchasing an additional 3,330 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Alphabet were worth $4,353,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GOOGL. Live Oak Investment Partners acquired a new stake in Alphabet in the 4th quarter worth about $26,000. Armor Investment Advisors LLC acquired a new position in shares of Alphabet in the 2nd quarter valued at about $28,000. Sanctuary Wealth Management L.L.C. acquired a new position in shares of Alphabet in the 4th quarter valued at about $34,000. Turim 21 Investimentos Ltda. acquired a new position in shares of Alphabet in the 3rd quarter valued at about $38,000. Finally, IAG Wealth Partners LLC lifted its stake in shares of Alphabet by 100.0% in the 1st quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 200 shares in the last quarter. Hedge funds and other institutional investors own 35.08% of the company’s stock.

Insiders Place Their Bets

In other news, Director Kavitark Ram Shriram sold 31,240 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 5,364 shares of the company’s stock, valued at $626,622.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Kavitark Ram Shriram sold 31,240 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 5,364 shares of the company’s stock, valued at $626,622.48. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 3,749 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the completion of the transaction, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at approximately $3,484,407.04. The disclosure for this sale can be found here. Insiders have sold 132,331 shares of company stock valued at $17,176,933 over the last three months. Company insiders own 0.88% of the company’s stock.

Analyst Ratings Changes

GOOGL has been the topic of several research analyst reports. Sanford C. Bernstein lifted their price objective on Alphabet from $130.00 to $135.00 in a research note on Wednesday, July 26th. Mizuho lifted their price objective on Alphabet from $135.00 to $155.00 in a research note on Wednesday, July 26th. Tigress Financial lifted their price objective on Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a research note on Friday, July 14th. Rosenblatt Securities lifted their price objective on Alphabet from $132.00 to $163.00 and gave the company a “buy” rating in a research note on Wednesday, July 26th. Finally, Wolfe Research raised their target price on Alphabet from $130.00 to $140.00 in a report on Monday, July 10th. Four investment 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 company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $143.86.

View Our Latest Analysis on Alphabet

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $137.58 on Friday. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $139.16. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. The business’s fifty day moving average price is $132.63 and its two-hundred day moving average price is $121.66. The firm has a market capitalization of $1.73 trillion, a PE ratio of 29.15, a P/E/G ratio of 1.55 and a beta of 1.06.

Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $60.24 billion. During the same period last year, the company earned $1.21 earnings per share. On average, research analysts expect that Alphabet Inc. will post 5.68 EPS for the current year.

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.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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