Alphabet Inc. $GOOGL Stock Position Trimmed by Synergy Asset Management LLC

Key Points

• Synergy Asset Management LLC reduced its stake in Alphabet Inc. by 1.4%, now holding 171,024 shares valued at approximately $30.1 million, making it the 7th largest holding for the firm.
• Several institutional investors, including Guardian Wealth Management Inc. and NBZ Investment Advisors LLC, significantly increased their positions in Alphabet during the 1st quarter of 2023.
• Alphabet's stock price has led to optimistic analyst forecasts, with target prices raised by firms like Oppenheimer and Needham & Company LLC, suggesting continued investor interest and confidence in the company's growth potential.

Synergy Asset Management LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 1.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 171,024 shares of the information services provider's stock after selling 2,371 shares during the period. Alphabet makes up approximately 3.4% of Synergy Asset Management LLC's holdings, making the stock its 7th largest holding. Synergy Asset Management LLC's holdings in Alphabet were worth $30,140,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of GOOGL. Guardian Wealth Management Inc. raised its holdings in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares during the period. von Borstel & Associates Inc. purchased a new stake in Alphabet during the 1st quarter valued at $28,000. IMA Advisory Services Inc. purchased a new stake in Alphabet during the 1st quarter valued at $28,000. NBZ Investment Advisors LLC raised its holdings in Alphabet by 85.7% during the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new stake in Alphabet during the 1st quarter valued at $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insiders Place Their Bets

In other Alphabet news, Director Kavitark Ram Shriram sold 18,566 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the completion of the sale, the director owned 243,400 shares of the company's stock, valued at approximately $45,213,984. This trade represents a 7.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm'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 sale, the insider directly 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 276,738 shares of company stock worth $59,135,475. 11.64% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Oppenheimer reiterated an "outperform" rating and issued a $270.00 target price (up previously from $235.00) on shares of Alphabet in a research note on Tuesday, September 2nd. Wedbush increased their target price on Alphabet from $225.00 to $245.00 and gave the stock an "outperform" rating in a research note on Wednesday, September 3rd. Cantor Fitzgerald reiterated a "neutral" rating and issued a $201.00 target price on shares of Alphabet in a research note on Wednesday, September 24th. Needham & Company LLC increased their target price on Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Finally, Roth Capital increased their target price on Alphabet from $205.00 to $210.00 and gave the stock a "buy" rating in a research note on Thursday, July 24th. Four analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $245.88.

Alphabet Stock Performance

Shares of Alphabet stock opened at $236.57 on Friday. The company has a market capitalization of $2.86 trillion, a PE ratio of 25.19, a P/E/G ratio of 1.63 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The company has a 50-day simple moving average of $226.31 and a two-hundred day simple moving average of $188.49. Alphabet Inc. has a one year low of $140.53 and a one year high of $256.00.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts expect that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were issued a $0.21 dividend. The ex-dividend date was Monday, September 8th. This represents a $0.84 dividend on an annualized basis and a yield of 0.4%. Alphabet's payout ratio is currently 8.95%.

Alphabet 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.