MFG Investments LLC Acquires 4,429 Shares of Alphabet Inc. $GOOGL

Key Points

• MFG Investments LLC opened a new Alphabet position in the third quarter, purchasing 4,429 shares valued at about $1.524 million. The stock represents 1.7% of its portfolio.
• Analysts maintain a consensus Buy rating and an average price target of $412.51, although several firms recently lowered their targets.
• Alphabet’s latest quarterly results fell short of expectations: earnings were $2.12 per share versus a $3.02 consensus, while revenue was $127.58 billion against estimates of $127.96 billion.

MFG Investments LLC bought a new position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 4,429 shares of the information services provider's stock, valued at approximately $1,524,000. Alphabet makes up about 1.7% of MFG Investments LLC's investment portfolio, making the stock its 21st biggest position.

A number of other hedge funds also recently modified their holdings of GOOGL. Strategic Wealth Advisors LLC increased its position in Alphabet by 6.0% during the 1st quarter. Strategic Wealth Advisors LLC now owns 477 shares of the information services provider's stock worth $137,000 after purchasing an additional 27 shares in the last quarter. Rockbridge Investment Management LCC grew its stake in shares of Alphabet by 0.5% during the first quarter. Rockbridge Investment Management LCC now owns 5,460 shares of the information services provider's stock worth $1,570,000 after buying an additional 27 shares during the last quarter. Ruggaard & Associates LLC increased its holdings in shares of Alphabet by 0.9% during the first quarter. Ruggaard & Associates LLC now owns 2,921 shares of the information services provider's stock worth $840,000 after buying an additional 27 shares in the last quarter. Cadia Private Client LLC increased its holdings in shares of Alphabet by 1.1% during the first quarter. Cadia Private Client LLC now owns 2,589 shares of the information services provider's stock worth $744,000 after buying an additional 28 shares in the last quarter. Finally, Evansbrook LLC increased its holdings in shares of Alphabet by 0.3% during the first quarter. Evansbrook LLC now owns 9,522 shares of the information services provider's stock worth $2,738,000 after buying an additional 28 shares in the last quarter. Institutional investors own 40.03% of the company's stock.

Analysts Set New Price Targets

GOOGL has been the topic of several recent research reports. Truist Financial cut their price objective on Alphabet from $420.00 to $410.00 and set a "buy" rating on the stock in a report on Thursday, October 29th. Morgan Stanley reiterated an "overweight" rating and issued a $375.00 target price (down from $400.00) on shares of Alphabet in a research report on Thursday, October 29th. Wells Fargo & Company dropped their target price on Alphabet from $417.00 to $371.00 and set an "overweight" rating for the company in a research report on Friday, October 30th. Roth Capital reissued a "buy" rating and set a $440.00 price target (up from $435.00) on shares of Alphabet in a research note on Thursday, July 23rd. Finally, DA Davidson reduced their price target on Alphabet from $350.00 to $300.00 and set a "neutral" rating on the stock in a report on Thursday, October 29th. Five research analysts have rated the stock with a Strong Buy rating, forty-five have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $412.51.

Key Headlines Impacting Alphabet

Investors following GOOGL have been watching these headlines:

• Positive Sentiment: Nvidia CEO Jensen Huang’s reported departure has put a spotlight on alternatives to Nvidia. Alphabet’s expanding TPU business could help it compete for AI workloads and gain market share, while its Google Cloud infrastructure also uses AMD processors. Why Alphabet Stock Was Moving Higher Today
• Positive Sentiment: An economist cited Alphabet’s search distribution, advertising business and ability to generate cash as reasons it may be well-positioned despite the AI sell-off. The view supports the case that established customer reach can help the company monetize AI. Is It Too Late to Buy the Dip? 3 Corners of the Market Still Offering Real Value
• Neutral Sentiment: Alphabet is reportedly planning its first Hong Kong- and Singapore-dollar bond sale. The deal could diversify its funding, though investors may also watch how borrowing fits with already elevated AI infrastructure spending. Alphabet Eyes Bond Sales

Alphabet Stock Performance

NASDAQ:GOOGL opened at $298.70 on Friday. The company has a market capitalization of $3.67 trillion, a PE ratio of 15.59, a P/E/G ratio of 0.88 and a beta of 1.23. The company has a 50 day simple moving average of $329.12 and a two-hundred day simple moving average of $338.21. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.69 and a current ratio of 2.79. Alphabet Inc. has a fifty-two week low of $270.70 and a fifty-two week high of $408.61.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, October 28th. The information services provider reported $2.12 EPS for the quarter, missing analysts' consensus estimates of $3.02 by ($0.90). Alphabet had a net margin of 50.03% and a return on equity of 43.33%. The firm had revenue of $127.58 billion for the quarter, compared to the consensus estimate of $127.96 billion. Research analysts anticipate that Alphabet Inc. will post 19.81 earnings per share for the current year.

Alphabet Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 14th. Shareholders of record on Monday, December 7th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Monday, December 7th. This represents a $0.88 annualized dividend and a yield of 0.3%. Alphabet's payout ratio is 4.59%.

Insider Activity

In other news, Director Frances Arnold sold 83 shares of the firm's stock in a transaction that occurred on Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total transaction of $28,257.35. Following the completion of the sale, the director owned 19,076 shares of the company's stock, valued at $6,494,424.20. This trade represents a 0.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In the last quarter, insiders sold 247 shares of company stock worth $79,238. 11.61% of the stock is currently owned by corporate insiders.

About Alphabet

Alphabet Inc. is a technology holding company whose largest business is Google. Founded in 1998 by Larry Page and Sergey Brin, Google became part of Alphabet when the company reorganized its businesses under the holding-company structure in 2015. Google's products and services include Search, YouTube, Android, Chrome, Google Maps, Google Play and Google Cloud. The company also generates revenue from digital advertising and offers devices, subscriptions and artificial intelligence products and services.

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