Archvest Wealth Advisors Inc. raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 13.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,240 shares of the information services provider’s stock after purchasing an additional 633 shares during the period. Alphabet comprises 0.5% of Archvest Wealth Advisors Inc.’s investment portfolio, making the stock its 28th biggest position. Archvest Wealth Advisors Inc.’s holdings in Alphabet were worth $544,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of GOOGL. Vanguard Group Inc. increased its holdings in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after acquiring an additional 453,413,389 shares during the last quarter. State Street Corp grew its stake in Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after buying an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC grew its stake in Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock worth $15,036,178,000 after buying an additional 170,267,122 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after buying an additional 109,870,525 shares during the last quarter. Finally, Norges Bank purchased a new position in Alphabet during the 4th quarter worth approximately $8,335,063,000. Institutional investors and hedge funds own 35.38% of the company’s stock.
Insider Transactions at Alphabet
In related news, major shareholder 2021 Gp L.L.C. Gv acquired 309,931 shares of Alphabet stock in a transaction dated Wednesday, May 3rd. The stock was acquired at an average cost of $28.34 per share, with a total value of $8,783,444.54. Following the purchase, the insider now directly owns 2,243,665 shares in the company, valued at approximately $63,585,466.10. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the transaction, the director now owns 5,740 shares in the company, valued at $721,231. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder 2021 Gp L.L.C. Gv purchased 309,931 shares of Alphabet stock in a transaction on Wednesday, May 3rd. The stock was bought at an average cost of $28.34 per share, with a total value of $8,783,444.54. Following the transaction, the insider now directly owns 2,243,665 shares of the company’s stock, valued at $63,585,466.10. The disclosure for this purchase can be found here. Insiders sold a total of 841,501 shares of company stock valued at $29,365,352 in the last three months. 0.88% of the stock is currently owned by corporate insiders.
Alphabet Stock Up 0.1 %
Alphabet (NASDAQ:GOOGL – Get Free Report) last issued its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.12. The company had revenue of $74.60 billion for the quarter, compared to analysts’ expectations of $60.24 billion. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. During the same period last year, the firm earned $1.21 EPS. Equities analysts expect that Alphabet Inc. will post 5.62 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on GOOGL shares. UBS Group downgraded Alphabet from a “buy” rating to a “neutral” rating and lifted their target price for the company from $123.00 to $132.00 in a research note on Monday, June 26th. Bank of America lifted their target price on Alphabet from $142.00 to $146.00 in a research note on Wednesday, July 26th. Jefferies Financial Group lifted their price target on Alphabet from $150.00 to $165.00 in a research note on Wednesday, July 26th. Roth Mkm lifted their price target on Alphabet from $126.00 to $134.00 and gave the company a “buy” rating in a research note on Wednesday, April 26th. Finally, JPMorgan Chase & Co. lifted their price target on Alphabet from $121.00 to $150.00 in a research note on Wednesday, July 26th. Four research analysts have rated the stock with a hold rating, thirty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $142.19.
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.
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