Independence Bank of Kentucky Raises Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Posted by Joseph Griffin on Mar 19th, 2023

Independence Bank of Kentucky raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 7.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 50,740 shares of the information services provider’s stock after acquiring an additional 3,635 shares during the quarter. Alphabet comprises 2.0% of Independence Bank of Kentucky’s investment portfolio, making the stock its 6th biggest holding. Independence Bank of Kentucky’s holdings in Alphabet were worth $4,477,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of Alphabet by 1,919.4% during the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares in the last quarter. State Street Corp boosted its position in shares of Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Alphabet by 1,955.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock worth $5,847,474,000 after purchasing an additional 58,159,150 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Alphabet by 1,896.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock worth $5,553,529,000 after purchasing an additional 55,153,448 shares in the last quarter. Institutional investors own 34.06% of the company’s stock.

Alphabet Stock Up 1.3 %

GOOGL opened at $101.62 on Friday. The company has a 50 day moving average of $95.08 and a 200 day moving average of $96.18. The company has a market cap of $1.30 trillion, a PE ratio of 22.33, a price-to-earnings-growth ratio of 1.33 and a beta of 1.09. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $143.79. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.14 by ($0.09). The business had revenue of $76.05 billion during the quarter, compared to the consensus estimate of $63.15 billion. Alphabet had a return on equity of 23.54% and a net margin of 21.20%. During the same period last year, the business posted $1.53 earnings per share. On average, sell-side analysts expect that Alphabet Inc. will post 5.12 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on GOOGL shares. Mizuho cut their price objective on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating on the stock in a research report on Wednesday, November 30th. Bank of America upped their target price on shares of Alphabet from $116.00 to $119.00 and gave the stock a “buy” rating in a report on Tuesday, January 31st. Evercore ISI lowered their target price on shares of Alphabet from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, December 21st. Credit Suisse Group lowered their target price on shares of Alphabet from $145.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, February 3rd. Finally, Rosenblatt Securities lowered their target price on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. Four analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $132.44.

Insider Buying and Selling at Alphabet

In other Alphabet news, Director Ann Mather sold 380 shares of the firm’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,008,412. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, Director Ann Mather sold 380 shares of the firm’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total value of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares of the company’s stock, valued at approximately $1,008,412. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 415,000 shares of the business’s stock in a transaction on Monday, March 13th. The stock was purchased at an average cost of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the acquisition, the insider now owns 1,709,527 shares in the company, valued at $50,072,045.83. The disclosure for this purchase can be found here. Insiders sold a total of 74,245 shares of company stock valued at $7,174,078 in the last three months. Company insiders own 11.44% of the company’s stock.

Alphabet Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.