Shelton Wealth Management LLC has reduced its investment in Alphabet Inc. (NASDAQ: GOOGL) by 11.9% during the third quarter of this year, as reflected in their latest SEC filing. After selling 1,618 shares, the firm now holds 11,946 shares, which constitute approximately 1.3% of their total portfolio, making Alphabet their 17th largest investment, valued at about $2.9 million as of the quarter’s end.
Other institutional investors have also adjusted their stakes in Alphabet. IVC Wealth Advisors LLC increased its holdings by 21.4%, now owning 2,040 shares valued at $496,000 after acquiring an additional 360 shares. Kessler Investment Group LLC raised its position by 1.2%, owning 64,683 shares worth $15.7 million after adding 770 shares. Additionally, ACT Advisors LLC enhanced its stake by 7%, while Zevenbergen Capital Investments LLC made a significant move by increasing its holdings by 4,695.2%, now possessing 197,564 shares worth $48 million. Legacy Solutions LLC also boosted its investment in Alphabet by 5%. Overall, institutional and hedge funds collectively hold 40.03% of Alphabet’s shares.
In executive transactions, CAO Amie Thuener O’toole sold 2,778 shares on October 15, leading to a 16.06% decrease in their ownership. Similarly, insider John Kent Walker sold 17,816 shares on September 29, marking a 29.30% reduction in his position. Insiders have sold a total of 226,128 shares worth over $63 million in the past 90 days, representing 11.55% of the company’s stock.
Analyzing Alphabet’s market performance, shares opened at $314.35, showing a 50-day moving average of $291.88 and a 200-day moving average of $236.72. Over the past year, the stock reached a low of $140.53 and a high of $328.83. With a market capitalization of $3.79 trillion, Alphabet exhibits robust financial metrics, including a debt-to-equity ratio of 0.06, a current ratio of 1.75, and a price-to-earnings ratio of 31.00.
Recently, Alphabet reported strong quarterly earnings on October 29, with an EPS of $2.87, surpassing analysts’ expectations of $2.29. The firm generated $102.35 billion in revenue, exceeding the forecast of $99.90 billion, while maintaining a return on equity of 35% and a net margin of 32.23%. Analysts predict that Alphabet is set to post earnings of 8.9 per share for the current fiscal year.
In a positive development, Alphabet has announced the acquisition of Intersect for $4.75 billion, which is aimed at bolstering its data-center projects and clean energy capabilities. This strategic move is intended to circumvent grid bottlenecks and enhance its artificial intelligence computing capacity, thereby supporting growth expectations for Google Cloud.
Market analysts have displayed optimism in Alphabet’s prospects, with several raising their price targets. HSBC Global Research upgraded the company’s rating to “strong-buy.” Financial strength is highlighted by a consensus price target of $315.90 among analysts recommending a “Moderate Buy” on the stock.
In spite of recent challenges, including legal disputes over AI training and regulatory scrutiny, the overall sentiment surrounding Alphabet remains resilient. Many analysts view the current dip in stock price as an opportunity to invest. With its strong fundamentals and strategic initiatives, Alphabet continues to position itself as a leader in its domain, leaving room for hopeful growth in the future.