Brave Asset Management Inc. Raises Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Posted by Defense World Staff on Oct 9th, 2023

Brave Asset Management Inc. lifted its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 0.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 66,499 shares of the information services provider’s stock after buying an additional 478 shares during the period. Alphabet accounts for approximately 2.4% of Brave Asset Management Inc.’s portfolio, making the stock its 12th largest holding. Brave Asset Management Inc.’s holdings in Alphabet were worth $8,044,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Alphabet by 0.3% during the first quarter. BlackRock Inc. now owns 365,927,668 shares of the information services provider’s stock worth $38,056,478,000 after purchasing an additional 1,230,697 shares during the period. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Alphabet by 94,153.5% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 200,558,295 shares of the information services provider’s stock worth $24,261,537,000 after purchasing an additional 200,345,509 shares during the period. Moneta Group Investment Advisors LLC raised its holdings in shares of Alphabet by 61,587.1% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock worth $11,539,004,000 after purchasing an additional 129,835,437 shares during the period. Morgan Stanley raised its holdings in shares of Alphabet by 37.6% in the 4th quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock worth $6,368,961,000 after purchasing an additional 19,612,974 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Alphabet by 2.9% in the 1st quarter. JPMorgan Chase & Co. now owns 71,490,715 shares of the information services provider’s stock worth $7,435,034,000 after purchasing an additional 2,041,609 shares during the period. 27.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The stock was sold at an average price of $133.82, for a total value of $2,152,227.06. Following the sale, the senior vice president now directly owns 75,621 shares in the company, valued at approximately $10,119,602.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Alphabet news, Director Ann Mather sold 220 shares of the firm’s stock in a transaction dated Tuesday, July 25th. The shares were sold at an average price of $121.75, for a total transaction of $26,785.00. Following the transaction, the director now owns 4,759 shares of the company’s stock, valued at approximately $579,408.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $133.82, for a total transaction of $2,152,227.06. Following the transaction, the senior vice president now directly owns 75,621 shares in the company, valued at approximately $10,119,602.22. The disclosure for this sale can be found here. Insiders have sold a total of 101,091 shares of company stock worth $13,527,476 in the last three months. 12.99% of the stock is owned by company insiders.

Analyst Ratings Changes

GOOG has been the topic of a number of research reports. Robert W. Baird raised their price objective on Alphabet from $123.00 to $140.00 in a report on Wednesday, July 26th. Susquehanna raised their target price on Alphabet from $120.00 to $150.00 in a report on Wednesday, July 26th. Wedbush assumed coverage on shares of Alphabet in a research note on Monday, August 21st. They set an “outperform” rating on the stock. Finally, Oppenheimer boosted their target price on shares of Alphabet from $145.00 to $160.00 in a research report on Wednesday, July 26th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $130.94.

Read Our Latest Analysis on GOOG

Alphabet Stock Up 2.0 %

GOOG stock opened at $138.73 on Monday. The company has a quick ratio of 2.14, a current ratio of 2.17 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $139.93. The firm’s 50-day simple moving average is $133.39 and its 200 day simple moving average is $122.45. The stock has a market cap of $1.75 trillion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06.

Alphabet (NASDAQ:GOOG – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping 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 for the quarter, compared to analysts’ expectations of $72.85 billion. During the same quarter last year, the company earned $1.21 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. As a group, sell-side analysts predict that Alphabet Inc. will post 5.68 EPS for the current year.

Alphabet Company 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.