NewEdge Wealth LLC Has $75.42 Million Position in Alphabet Inc. (NASDAQ:GOOGL)

NewEdge Wealth LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 34.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 539,934 shares of the information services provider’s stock after purchasing an additional 138,885 shares during the period. Alphabet makes up 1.9% of NewEdge Wealth LLC’s portfolio, making the stock its 4th biggest holding. NewEdge Wealth LLC’s holdings in Alphabet were worth $75,423,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. DC Investments Management LLC purchased a new position in Alphabet in the 1st quarter worth approximately $114,000. Bridgefront Capital LLC bought a new stake in shares of Alphabet during the 1st quarter worth $225,000. Worth Asset Management LLC purchased a new position in Alphabet in the first quarter worth $206,000. Eudaimonia Advisors LLC increased its stake in Alphabet by 15.1% in the first quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock valued at $275,000 after acquiring an additional 13 shares during the last quarter. Finally, Aspire Capital Advisors LLC purchased a new stake in Alphabet during the first quarter valued at about $281,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Stock Down 1.2 %

NASDAQ:GOOGL opened at $154.09 on Friday. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.10 and a quick ratio of 2.10. The firm’s 50-day moving average price is $146.26 and its 200-day moving average price is $140.54. The company has a market capitalization of $1.92 trillion, a PE ratio of 26.57, a P/E/G ratio of 1.43 and a beta of 1.05. Alphabet Inc. has a 1-year low of $102.63 and a 1-year high of $160.22.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The business had revenue of $86.31 billion for the quarter, compared to analysts’ expectations of $70.77 billion. During the same quarter in the prior year, the company earned $1.05 earnings per share. On average, equities analysts predict that Alphabet Inc. will post 6.78 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on GOOGL shares. UBS Group increased their price objective on Alphabet from $150.00 to $166.00 and gave the company a “neutral” rating in a research report on Tuesday. Mizuho boosted their price objective on shares of Alphabet from $155.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, January 17th. Roth Mkm reduced their target price on shares of Alphabet from $166.00 to $164.00 and set a “buy” rating on the stock in a report on Wednesday, January 31st. Wolfe Research upped their price target on shares of Alphabet from $170.00 to $180.00 and gave the company an “outperform” rating in a research report on Wednesday, January 31st. Finally, Barclays decreased their price objective on Alphabet from $180.00 to $173.00 and set an “overweight” rating on the stock in a report on Wednesday, January 31st. Five research analysts have rated the stock with a hold rating, twenty-eight have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $158.41.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $155.97, for a total value of $508,150.26. Following the transaction, the senior vice president now owns 144,685 shares in the company, valued at approximately $22,566,519.45. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $155.97, for a total value of $508,150.26. Following the transaction, the senior vice president now directly owns 144,685 shares of the company’s stock, valued at approximately $22,566,519.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Kent Walker sold 48,076 shares of the stock in a transaction on Tuesday, February 20th. The shares were sold at an average price of $142.20, for a total value of $6,836,407.20. Following the sale, the insider now owns 12,725 shares in the company, valued at $1,809,495. The disclosure for this sale can be found here. Insiders sold a total of 251,339 shares of company stock valued at $36,377,482 in the last 90 days. Corporate insiders own 0.88% 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.