Alphabet Inc. $GOOG Stock: Ramsay Stattman Vela & Price Inc. Decreases Position

Ramsay Stattman Vela & Price Inc. cut its holdings in Alphabet Inc. (NASDAQ:GOOG) by 2.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 80,584 shares of the information services provider’s stock after selling 1,781 shares during the quarter. Alphabet accounts for 4.8% of Ramsay Stattman Vela & Price Inc.’s portfolio, making the stock its 4th biggest holding. Ramsay Stattman Vela & Price Inc.’s holdings in Alphabet were worth $27,458,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. BlackRock Inc. lifted its holdings in Alphabet by 1.4% in the second quarter. BlackRock Inc. now owns 369,922,502 shares of the information services provider’s stock valued at $130,704,718,000 after acquiring an additional 5,164,200 shares during the period. State Street Corp boosted its position in shares of Alphabet by 2.8% during the 2nd quarter. State Street Corp now owns 190,923,442 shares of the information services provider’s stock worth $67,458,980,000 after purchasing an additional 5,208,690 shares in the last quarter. Amundi boosted its position in shares of Alphabet by 22.9% during the 1st quarter. Amundi now owns 21,922,379 shares of the information services provider’s stock worth $6,288,654,000 after purchasing an additional 4,083,758 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Alphabet by 5.6% during the 2nd quarter. Deutsche Bank AG now owns 17,313,729 shares of the information services provider’s stock worth $6,117,460,000 after purchasing an additional 913,666 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Alphabet by 24.9% during the 2nd quarter. Wellington Management Group LLP now owns 17,209,454 shares of the information services provider’s stock worth $6,080,616,000 after purchasing an additional 3,432,287 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Alphabet Stock Performance

Shares of GOOG stock opened at $330.91 on Thursday. The stock has a fifty day moving average price of $340.41 and a 200 day moving average price of $350.26. The company has a debt-to-equity ratio of 0.16, a quick ratio of 2.64 and a current ratio of 2.72. The stock has a market cap of $4.05 trillion, a PE ratio of 16.62, a P/E/G ratio of 0.97 and a beta of 1.19. Alphabet Inc. has a 1 year low of $250.45 and a 1 year high of $404.47.

Alphabet (NASDAQ:GOOG) last posted its earnings results on Thursday, July 23rd. The information services provider reported $9.11 earnings per share for the quarter, beating the consensus estimate of $2.87 by $6.24. The company had revenue of $119.80 billion for the quarter, compared to analyst estimates of $116.53 billion. Alphabet had a return on equity of 51.32% and a net margin of 54.77%. Alphabet’s revenue was up 24.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.31 earnings per share. Sell-side analysts forecast that Alphabet Inc. will post 20.60 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Piper Sandler increased their price target on shares of Alphabet from $395.00 to $400.00 and gave the company an “overweight” rating in a report on Monday, September 28th. Wolfe Research reiterated an “outperform” rating on shares of Alphabet in a research note on Thursday, August 27th. Oppenheimer reiterated an “outperform” rating and issued a $400.00 price objective (down from $445.00) on shares of Alphabet in a research note on Thursday, July 23rd. TD Cowen reissued a “buy” rating and set a $485.00 price objective (up from $475.00) on shares of Alphabet in a report on Thursday, October 8th. Finally, Truist Financial decreased their price objective on shares of Alphabet from $430.00 to $420.00 and set a “buy” rating on the stock in a report on Thursday, July 23rd. Six analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $421.85.

Alphabet News Summary

Here are the key news stories impacting Alphabet this week:

• Positive Sentiment: Alphabet reached an agreement to make OpenAI’s latest models and Codex coding agent available through Google Cloud. The deal could increase cloud demand, improve infrastructure utilization and strengthen Google’s position in enterprise AI. OpenAI to sell its top models on Google Cloud
• Positive Sentiment: Analysts and investors continue to point to accelerating Google Cloud growth, rising demand for Alphabet’s custom AI chips and resilient Search revenue as potential catalysts for the upcoming earnings report. Bank of America expects a modest third-quarter beat, while several analysts maintain bullish long-term targets. Alphabet set for earnings beat
• Positive Sentiment: Waymo expanded its autonomous ride-hailing service to Las Vegas airport and plans further international and fleet expansion, providing Alphabet with a potential long-term growth avenue beyond advertising and cloud. Waymo starts offering rides at the Las Vegas airport

Insider Activity

In related news, Director Frances Arnold sold 83 shares of the business’s stock in a transaction dated Wednesday, September 30th. The shares were sold at an average price of $340.45, for a total value of $28,257.35. Following the sale, the director directly owned 19,076 shares in the company, valued at $6,494,424.20. The trade was a 0.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 196,931 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $19.46, for a total transaction of $3,832,277.26. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 339,182 shares of company stock worth $6,740,093 over the last 90 days. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Profile

Alphabet Inc is a technology holding company best known as the parent organization of Google. Founded in 2015 through a corporate restructuring, Alphabet oversees Google and a collection of businesses focused on technology, online services, communications, artificial intelligence, and other emerging areas.

Google’s principal products and services include its internet search engine, digital advertising platforms, YouTube, Android, Chrome, Google Maps, Google Play, and Google Workspace. The company also provides cloud computing, data storage, cybersecurity, productivity, and artificial intelligence services through Google Cloud.