Armstrong Advisory Group Inc. raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 20.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,605 shares of the information services provider’s stock after acquiring an additional 768 shares during the quarter. Armstrong Advisory Group Inc.’s holdings in Alphabet were worth $478,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in GOOGL. Sanders Morris Harris LLC acquired a new position in Alphabet in the first quarter valued at $496,000. Keystone Wealth Services LLC increased its stake in Alphabet by 1.9% in the first quarter. Keystone Wealth Services LLC now owns 8,598 shares of the information services provider’s stock valued at $892,000 after purchasing an additional 158 shares during the last quarter. Thrive Wealth Management LLC increased its stake in Alphabet by 18.5% in the first quarter. Thrive Wealth Management LLC now owns 9,793 shares of the information services provider’s stock valued at $1,016,000 after purchasing an additional 1,527 shares during the last quarter. Omega Financial Group LLC acquired a new position in Alphabet in the first quarter valued at $222,000. Finally, Cypress Wealth Services LLC increased its stake in Alphabet by 43.7% in the first quarter. Cypress Wealth Services LLC now owns 22,386 shares of the information services provider’s stock valued at $2,322,000 after purchasing an additional 6,810 shares during the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
GOOGL has been the subject of several analyst reports. JMP Securities reiterated a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research note on Thursday, March 16th. 1-800-FLOWERS.COM restated a “downgrade” rating on shares of Alphabet in a research note on Monday, May 15th. Citigroup upped their price target on Alphabet from $120.00 to $130.00 in a research note on Wednesday, April 26th. Royal Bank of Canada upped their price target on Alphabet from $130.00 to $132.00 in a research note on Wednesday, April 26th. Finally, Truist Financial upped their price target on Alphabet from $120.00 to $122.00 and gave the stock a “buy” rating in a research note on Wednesday, April 26th. Five equities research analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $129.67.
Alphabet Stock Performance
Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.11. The firm had revenue of $69.79 billion during the quarter, compared to analyst estimates of $57.19 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. During the same period last year, the company posted $1.23 EPS. Research analysts forecast that Alphabet Inc. will post 5.41 EPS for the current fiscal year.
Insider Buying and Selling at Alphabet
In other news, insider John Kent Walker sold 29,006 shares of the firm’s stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the completion of the sale, the insider now directly owns 24,277 shares of the company’s stock, valued at approximately $2,472,369.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, insider John Kent Walker sold 29,006 shares of the firm’s stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total transaction of $2,953,971.04. Following the completion of the sale, the insider now directly owns 24,277 shares of the company’s stock, valued at approximately $2,472,369.68. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 6,532 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $15.02, for a total value of $98,110.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 817,525 shares of company stock valued at $29,433,168. 0.88% of the stock is owned by corporate insiders.
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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
See Also
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