Alphabet Inc. (NASDAQ:GOOG) Stock Holdings Cut by abrdn plc

abrdn plc lowered its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 5.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,793,937 shares of the information services provider’s stock after selling 278,843 shares during the quarter. Alphabet makes up 1.5% of abrdn plc’s holdings, making the stock its 6th largest position. abrdn plc’s holdings in Alphabet were worth $675,610,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. DC Investments Management LLC acquired a new stake in shares of Alphabet in the first quarter valued at approximately $115,000. Guardian Wealth Management Inc. acquired a new stake in shares of Alphabet in the first quarter valued at $184,000. Turim 21 Investimentos Ltda. grew its stake in shares of Alphabet by 10.8% in the first quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after buying an additional 8 shares in the last quarter. qPULA Trading Management LP acquired a new stake in shares of Alphabet in the first quarter valued at $279,000. Finally, Dynamic Technology Lab Private Ltd boosted its holdings in Alphabet by 29.2% in the first quarter. Dynamic Technology Lab Private Ltd now owns 115 shares of the information services provider’s stock valued at $321,000 after purchasing an additional 26 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Susquehanna lifted their price target on Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a report on Wednesday, January 31st. Morgan Stanley restated an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Raymond James boosted their target price on Alphabet from $150.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 24th. Oppenheimer boosted their price target on Alphabet from $172.00 to $185.00 and gave the stock an “outperform” rating in a research note on Monday, April 8th. Finally, Stifel Nicolaus boosted their price target on Alphabet from $154.00 to $174.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Alphabet has a consensus rating of “Buy” and an average target price of $159.86.

Alphabet Price Performance

GOOG stock opened at $155.72 on Monday. Alphabet Inc. has a 1 year low of $103.27 and a 1 year high of $161.70. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. The stock’s 50 day moving average price is $147.46 and its 200 day moving average price is $141.97. The firm has a market cap of $1.94 trillion, a P/E ratio of 26.85, a PEG ratio of 1.44 and a beta of 1.05.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The company had revenue of $86.31 billion for the quarter, compared to analyst estimates of $85.28 billion. During the same quarter in the prior year, the company posted $1.05 EPS. The business’s revenue for the quarter was up 13.5% compared to the same quarter last year. On average, sell-side analysts expect that Alphabet Inc. will post 6.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, Director Frances Arnold sold 230 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total transaction of $35,433.80. Following the transaction, the director now owns 15,104 shares of the company’s stock, valued at approximately $2,326,922.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now directly owns 1,777,106 shares in the company, valued at approximately $243,854,485.32. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 230 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the sale, the director now owns 15,104 shares of the company’s stock, valued at $2,326,922.24. The disclosure for this sale can be found here. Insiders have sold a total of 251,339 shares of company stock valued at $36,377,482 in the last quarter. 12.99% of the stock is currently owned by company insiders.

Alphabet Company Profile

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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.