Alphabet Inc. (NASDAQ:GOOGL) Shares Sold by Bank of Nova Scotia Trust Co.

Posted by Defense World Staff on May 21st, 2023

Bank of Nova Scotia Trust Co. lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 134,004 shares of the information services provider’s stock after selling 876 shares during the quarter. Alphabet accounts for 1.3% of Bank of Nova Scotia Trust Co.’s investment portfolio, making the stock its 28th biggest position. Bank of Nova Scotia Trust Co.’s holdings in Alphabet were worth $11,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of GOOGL. Vanguard Group Inc. lifted its stake in shares of Alphabet by 1,919.4% during the third quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp increased its holdings in Alphabet by 1,900.6% in the third quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after buying an additional 206,300,042 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Alphabet by 1,759.2% in the third quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after buying an additional 109,870,525 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Alphabet by 1,955.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock valued at $5,847,474,000 after purchasing an additional 58,159,150 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Alphabet by 1,896.9% during the third quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock valued at $5,553,529,000 after purchasing an additional 55,153,448 shares during the last quarter. Institutional investors and hedge funds own 34.06% of the company’s stock.

Insider Activity

In related news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $90.05, for a total value of $34,219.00. Following the completion of the transaction, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,017,565. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 100,772 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were sold at an average price of $14.13, for a total transaction of $1,423,908.36. Following the sale, the insider now directly owns 11,421,476 shares of the company’s stock, valued at approximately $161,385,455.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Ann Mather sold 380 shares of the stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $90.05, for a total transaction of $34,219.00. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at $1,017,565. The disclosure for this sale can be found here. In the last quarter, insiders bought 732,217 shares of company stock valued at $21,135,371 and sold 601,450 shares valued at $28,354,856. 0.88% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on GOOGL. Barclays boosted their price objective on Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Oppenheimer upped their target price on Alphabet from $135.00 to $145.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 26th. JMP Securities restated a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research report on Thursday, March 16th. Piper Sandler upped their target price on Alphabet from $117.00 to $128.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 26th. Finally, Sanford C. Bernstein cut their price objective on Alphabet from $130.00 to $125.00 and set an “outperform” rating for the company in a research report on Thursday, April 20th. Four equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $130.06.

Alphabet Stock Down 0.1 %

NASDAQ GOOGL opened at $122.76 on Friday. The company has a current ratio of 2.35, a quick ratio of 2.32 and a debt-to-equity ratio of 0.05. The stock’s 50 day moving average is $106.43 and its two-hundred day moving average is $98.18. The company has a market capitalization of $1.56 trillion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.57 and a beta of 1.10. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $125.97.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The company had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same quarter in the previous year, the company posted $1.23 earnings per share. Equities analysts forecast that Alphabet Inc. will post 5.41 earnings per share for the current fiscal year.

About Alphabet

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.