Aletheian Wealth Advisors LLC Cuts Position in Alphabet Inc. (NASDAQ:GOOGL)

Aletheian Wealth Advisors LLC has lowered its stake in Alphabet Inc. (NASDAQ:GOOGL) by 3.6% during the first quarter. The fund sold 351,068 shares, leaving it with 9,266,506 shares of the technology company’s stock worth $1.08 billion at the end of the period. During the last quarter, Aletheian Wealth Advisors LLC decreased its holdings in the company by 10.2%.

Alphabet Inc. (NASDAQ:GOOGL) Stock Performance

Shares of Alphabet Inc. have traded between $89.94 and $143.41 over the past 52 weeks. The company has a market capitalization of $1.14 trillion and a PE ratio of 19.94. Alphabet Inc. (NASDAQ:GOOGL) reported $75.3 billion in revenue for the quarter ending March 31, 2023, exceeding the consensus estimate by $2.3 billion. Earnings per share were $24.62, beating expectations by $3.04.

Analyst Commentary

Several analysts recently issued reports on Alphabet Inc. (NASDAQ:GOOGL). In a report released on May 5, 2023, Barclays raised its price objective for Alphabet Inc. (NASDAQ:GOOGL) from $145.00 to $160.00. Royal Bank of Canada reiterated a “buy” rating on the stock and set a price target of $150.00.

Institutional Ownership Changes

Institutional investors have recently made changes to their positions in Alphabet Inc. (NASDAQ:GOOGL). Dimensional Fund Advisors LP acquired an additional 2.2% stake in the company during the first quarter, bringing its total ownership to 23.7%. Vanguard Group, Inc. increased its holdings in the company by 3.1% during the first quarter, bringing its total stake to 7.8%. BlackRock Fund Advisors reduced its holdings in the company by 6.0% during the first quarter, bringing its ownership to 4.9%.

Conclusion

Aletheian Wealth Advisors LLC’s recent sale of Alphabet Inc. (NASDAQ:GOOGL) shares may reflect concerns about the company’s growth prospects or the overall market environment. However, analysts remain positive on the stock, and the company’s strong financial performance indicates continued growth potential..