The Vanguard Group, Inc. recently announced the acquisition of new stake in Alphabet Inc. (NASDAQ:GOOGL). The institutional investor has increased its shareholding in the Communication Services company by 1.05% to 452.47 million shares with purchase of 4.69 million shares. This fresh investment now brings its stake to 7.58% valued currently at $42.76 billion. In addition, Fidelity Management & Research Co raised its holdings by 1.1 million to 219.39 million shares. And SSgA Funds Management, Inc. has lifted its position by 0.03% or 69026.0 shares – to 217.15 million shares.
With over 28.2 million Alphabet Inc. (GOOGL) shares trading Friday and a closing price of $97.43 on the day, the dollar volume was approximately $2.75 billion. The shares have shown a negative half year performance of -10.54% and its price on 11/18/22 lost nearly -0.95%. Currently, there are 6.86B common shares owned by the public and among those 5.90B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 48 analysts who have offered their price forecasts for GOOGL have a consensus price objective of $125.97. The analysts have set the share’s price value over the next 12 months at a high of $165.00 and a low of $93.00. The average price target is 24.44% above its recent price level and a downside to the estimated low will see the stock lose -4.76% over that period. But an upside of 40.95% will see the stock hit the forecast high price target while median target price for the stock is $124.00.
Insiders at the company have transacted a total of 611 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 11 of these insider trades were purchases, accounting for 112,444 shares. Insider sales of the common stock occurred on 600 occasions, with total insider shares sold totaling 144,151 shares.
The top 3 mutual fund holders in Alphabet Inc. are Vanguard Total Stock Market Index, Vanguard 500 Index Fund, and SPDR S&P 500 ETF Trust. Vanguard Total Stock Market Index owns 179.94 million shares of the company’s stock, all valued at over $17.01 billion. The company bought an additional 0.77 million shares recently to bring their total holdings to about 3.01% of the shares outstanding. Vanguard 500 Index Fund bought 1.33 million shares to see its total holdings expand to 137.18 million shares valued at over $12.96 billion and representing 2.30% of the shares outstanding. SPDR S&P 500 ETF Trust sold -0.69 million shares to bring its total holdings to over 67.5 million shares at a value of $6.38 billion. SPDR S&P 500 ETF Trust now owns shares totaling to 1.13% of the shares outstanding.
Shares of Alphabet Inc. (NASDAQ: GOOGL) opened at $98.77, up $0.41 from a prior closing price of $98.36. However, the script later moved the day high at 98.89, down -0.95%. The company’s stock has a 5-day price change of 1.06% and -14.71% over the past three months. GOOGL shares are trading -32.74% year to date (YTD), with the 12-month market performance down to -34.98% lower. It has a 12-month low price of $83.34 and touched a high of $151.55 over the same period. GOOGL has an average intraday trading volume of 31.48 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 3.65%, -0.54%, and -15.58% respectively.
Institutional ownership of Alphabet Inc. (NASDAQ: GOOGL) shares accounts for 78.60% of the company’s 6.86B shares outstanding. Mutual fund holders own 36.96%, while other institutional holders and individual stakeholders account for 41.53% and 0.03% respectively.
It has a market capitalization of $1273.93B and a beta (3y monthly) value of 1.06. The stock’s trailing 12-month PE ratio is 19.97, while the earnings-per-share (ttm) stands at $4.88. The company has a PEG of 2.23 and a Quick Ratio of 2.50 with the debt-to-equity ratio at 0.06. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.64% over the week and 3.29% over the month.
Analysts forecast that Alphabet Inc. (GOOGL) will achieve an EPS of $1.22 for the current quarter, $1.18 for the next quarter and $5.44 for 2023. The lowest estimate earnings-per-share for the quarter is $0.95 while analysts give the company a high EPS estimate of $1.47. Comparatively, EPS for the current quarter was $1.53 a year ago. Earnings per share for the fiscal year are expected to increase by 91.40%, and 11.49% over the next financial year. EPS should shrink at an annualized rate of 8.95% over the next five years, compared to 32.10% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 48 brokerage firm advisors rate Alphabet Inc. (GOOGL) as a “Strong Buy” at a consensus score of 1.80. Specifically, 36 Wall Street analysts polled rate the stock as a buy, while 4 of the 48 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GOOGL, a number of firms have released research notes about the stock. Wells Fargo stated their Overweight rating for the stock in a research note on July 27, 2022, with the firm’s price target at $170-$160. UBS coverage for the Alphabet Inc. (GOOGL) stock in a research note released on July 27, 2022 offered a Buy rating with a price target of $132. Truist was of a view on July 27, 2022 that the stock is Buy, while Susquehanna gave the stock Positive rating on July 27, 2022, issuing a price target of $187.50- $150. Rosenblatt on their part issued Buy rating on July 27, 2022.