Alphabet Inc. $GOOGL is Lmcg Investments LLC's 5th Largest Position

Key Points

• Lmcg Investments LLC has reduced its stake in Alphabet Inc. by 3.9%, making it the firm's 5th largest position, valued at approximately $41.69 million.
• Several institutional investors have increased their stakes in Alphabet, with Guardian Wealth Management Inc. raising its holding by 242.9% in Q1 2023.
• Analysts have shown confidence in Alphabet's performance, with multiple firms elevating their price targets, including Needham & Company, which raised its target to $260.00.

Lmcg Investments LLC lowered its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 236,563 shares of the information services provider's stock after selling 9,625 shares during the quarter. Alphabet comprises 2.6% of Lmcg Investments LLC's holdings, making the stock its 5th largest holding. Lmcg Investments LLC's holdings in Alphabet were worth $41,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in GOOGL. Guardian Wealth Management Inc. grew its holdings in Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the last quarter. IMA Advisory Services Inc. purchased a new stake in shares of Alphabet during the 1st quarter valued at $28,000. von Borstel & Associates Inc. acquired a new stake in shares of Alphabet in the 1st quarter worth $28,000. NBZ Investment Advisors LLC grew its stake in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after buying an additional 90 shares during the last quarter. Finally, CarsonAllaria Wealth Management Ltd. grew its stake in Alphabet by 36.4% during the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider's stock worth $44,000 after buying an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wedbush increased their price target on Alphabet from $225.00 to $245.00 and gave the company an "outperform" rating in a research note on Wednesday, September 3rd. Needham & Company LLC boosted their price objective on shares of Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. HSBC began coverage on Alphabet in a research report on Tuesday, October 7th. They issued a "buy" rating and a $285.00 target price on the stock. Jefferies Financial Group raised their target price on Alphabet from $230.00 to $285.00 and gave the stock a "buy" rating in a research note on Thursday, October 2nd. Finally, BMO Capital Markets set a $294.00 price target on Alphabet and gave the company an "outperform" rating in a research note on Thursday, October 9th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $255.86.

Alphabet Stock Performance

GOOGL opened at $256.55 on Tuesday. The firm has a fifty day moving average price of $232.66 and a 200 day moving average price of $192.92. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $257.33. The stock has a market cap of $3.10 trillion, a P/E ratio of 27.32, a P/E/G ratio of 1.71 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90.

Alphabet (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the company's stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the completion of the transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. This represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 in the last 90 days. Corporate insiders own 11.55% of the company's stock.

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.

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