Palumbo Wealth Management LLC purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 13,169 shares of the information services provider’s stock, valued at approximately $1,366,000. Alphabet makes up about 0.9% of Palumbo Wealth Management LLC’s investment portfolio, making the stock its 22nd biggest position.
A number of other hedge funds also recently bought and sold shares of GOOGL. Live Oak Investment Partners purchased a new position in shares of Alphabet in the 4th quarter valued at approximately $26,000. Sanctuary Wealth Management L.L.C. purchased a new position in shares of Alphabet in the 4th quarter valued at approximately $34,000. Turim 21 Investimentos Ltda. purchased a new position in shares of Alphabet in the 3rd quarter valued at approximately $38,000. IAG Wealth Partners LLC raised its position in shares of Alphabet by 100.0% in the 1st quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 200 shares during the last quarter. Finally, AM Squared Ltd purchased a new position in shares of Alphabet in the 4th quarter valued at approximately $44,000. Hedge funds and other institutional investors own 35.38% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts recently commented on GOOGL shares. Robert W. Baird increased their price objective on shares of Alphabet from $123.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, July 21st. Wolfe Research raised their price target on shares of Alphabet from $130.00 to $140.00 in a research report on Monday, July 10th. Stifel Nicolaus raised their price target on shares of Alphabet from $130.00 to $135.00 and gave the stock a “buy” rating in a research report on Friday, July 21st. Sanford C. Bernstein raised their price target on shares of Alphabet from $130.00 to $135.00 in a research report on Wednesday, July 26th. Finally, Wells Fargo & Company raised their price target on shares of Alphabet from $116.00 to $121.00 in a research report on Wednesday, July 26th. Four investment analysts have rated the stock with a hold rating, thirty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and a consensus price target of $142.19.
Insider Activity at Alphabet
In other news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the stock in a transaction that occurred on Friday, May 12th. The stock was sold at an average price of $12.72, for a total value of $347,128.80. Following the completion of the sale, the insider now directly owns 10,958,925 shares of the company’s stock, valued at $139,397,526. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, major shareholder 2019 Gp L.L.C. Gv sold 27,290 shares of the firm’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $12.72, for a total value of $347,128.80. Following the completion of the transaction, the insider now owns 10,958,925 shares in the company, valued at $139,397,526. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Frances Arnold sold 230 shares of the firm’s stock in a transaction on Friday, July 28th. The shares were sold at an average price of $130.95, for a total value of $30,118.50. Following the completion of the transaction, the director now owns 13,329 shares of the company’s stock, valued at approximately $1,745,432.55. The disclosure for this sale can be found here. Insiders sold 615,832 shares of company stock valued at $22,776,264 over the last three months. 0.88% of the stock is owned by corporate insiders.
Alphabet Stock Performance
Shares of Alphabet stock opened at $129.66 on Thursday. Alphabet Inc. has a one year low of $83.34 and a one year high of $133.74. The company has a market cap of $1.63 trillion, a PE ratio of 27.47, a P/E/G ratio of 1.52 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.14 and a current ratio of 2.17. The business has a 50-day simple moving average of $123.73 and a 200-day simple moving average of $110.84.
Alphabet (NASDAQ:GOOGL – Get Free Report) last announced its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $74.60 billion during the quarter, compared to the consensus estimate of $60.24 billion. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. During the same period in the previous year, the company posted $1.21 earnings per share. On average, equities research analysts forecast that Alphabet Inc. will post 5.64 EPS for the current fiscal year.
About Alphabet
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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