Bank of Nova Scotia Purchases 385,773 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Posted by Defense World Staff on May 22nd, 2023

Bank of Nova Scotia grew its position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 32.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,581,965 shares of the information services provider’s stock after acquiring an additional 385,773 shares during the quarter. Bank of Nova Scotia’s holdings in Alphabet were worth $139,588,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of GOOGL. Vanguard Group Inc. raised its holdings in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after buying an additional 453,413,389 shares in the last quarter. State Street Corp increased its holdings in Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Alphabet by 1,759.2% during the 3rd 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 purchasing an additional 109,870,525 shares in the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Alphabet by 1,955.0% during the 3rd 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 in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Alphabet by 1,896.9% during the 3rd 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 in the last quarter. 34.06% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $122.76 on Monday. The business’s 50 day moving average price is $106.43 and its two-hundred day moving average price is $98.26. The company has a market cap of $1.56 trillion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 1.56 and a beta of 1.10. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $125.97.

Alphabet (NASDAQ:GOOGL – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. The firm had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same quarter in the previous year, the business earned $1.23 earnings per share. On average, analysts predict that Alphabet Inc. will post 5.41 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GOOGL shares. Morgan Stanley raised their price target on Alphabet from $135.00 to $140.00 and gave the company an “overweight” rating in a report on Wednesday, April 26th. Roth Mkm raised their price target on Alphabet from $126.00 to $134.00 and gave the company a “buy” rating in a report on Wednesday, April 26th. BNP Paribas raised Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 price target for the company in a report on Friday, March 17th. JMP Securities reaffirmed a “market outperform” rating and set a $132.00 price target on shares of Alphabet in a report on Thursday, March 16th. Finally, Loop Capital lowered Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a research report on Monday, May 15th. Four research analysts have rated the stock with a hold rating, thirty-four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $130.06.

Insider Transactions at Alphabet

In other news, Director Ann Mather sold 380 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $90.05, for a total transaction of $34,219.00. Following the completion of the sale, the director now owns 11,300 shares in the company, valued at $1,017,565. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Ann Mather sold 380 shares of the business’s stock in a transaction that occurred on Monday, February 27th. The stock was sold at an average price of $90.05, for a total value of $34,219.00. Following the completion of the sale, the director now directly owns 11,300 shares in the company, valued at $1,017,565. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Prabhakar Raghavan sold 32,379 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the completion of the sale, the senior vice president now owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The disclosure for this sale can be found here. Over the last quarter, insiders bought 732,217 shares of company stock worth $21,135,371 and sold 601,450 shares worth $28,354,856. Corporate insiders own 0.88% of the company’s stock.

About Alphabet

(Get Rating)

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.