Cambridge Advisors Inc. lessened its position in Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 9,658 shares of the information services provider’s stock after selling 224 shares during the period. Cambridge Advisors Inc.’s holdings in Alphabet were worth $1,156,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in GOOGL. Modera Wealth Management LLC raised its stake in shares of Alphabet by 11.4% in the first quarter. Modera Wealth Management LLC now owns 43,230 shares of the information services provider’s stock valued at $4,484,000 after buying an additional 4,420 shares during the period. Atria Investments Inc lifted its stake in Alphabet by 7.4% during the first quarter. Atria Investments Inc now owns 316,800 shares of the information services provider’s stock worth $32,918,000 after purchasing an additional 21,907 shares during the last quarter. Hallmark Capital Management Inc. boosted its holdings in Alphabet by 8.9% during the 1st quarter. Hallmark Capital Management Inc. now owns 167,148 shares of the information services provider’s stock valued at $17,338,000 after acquiring an additional 13,605 shares during the period. Marcum Wealth LLC boosted its holdings in Alphabet by 4.8% during the 1st quarter. Marcum Wealth LLC now owns 20,372 shares of the information services provider’s stock valued at $2,113,000 after acquiring an additional 927 shares during the period. Finally, Soltis Investment Advisors LLC boosted its holdings in Alphabet by 17.1% during the 1st quarter. Soltis Investment Advisors LLC now owns 46,675 shares of the information services provider’s stock valued at $4,842,000 after acquiring an additional 6,825 shares during the period. Institutional investors and hedge funds own 35.08% of the company’s stock.
Analyst Upgrades and Downgrades
Several brokerages recently weighed in on GOOGL. UBS Group cut Alphabet from a “buy” rating to a “neutral” rating and increased their target price for the company from $123.00 to $132.00 in a report on Monday, June 26th. Credit Suisse Group increased their price objective on Alphabet from $135.00 to $150.00 and gave the stock an “outperform” rating in a report on Monday, July 17th. Jefferies Financial Group increased their price objective on Alphabet from $150.00 to $165.00 in a report on Wednesday, July 26th. StockNews.com started coverage on Alphabet in a research report on Thursday, August 17th. They issued a “buy” rating for the company. Finally, Wolfe Research increased their target price on Alphabet from $130.00 to $140.00 in a research report on Monday, July 10th. Four research analysts have rated the stock with a hold rating, thirty-one have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $143.89.
Insiders Place Their Bets
In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction on Monday, September 11th. The stock was sold at an average price of $137.30, for a total transaction of $27,460.00. Following the transaction, the director now directly owns 7,584 shares of the company’s stock, valued at $1,041,283.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, SVP Prabhakar Raghavan sold 16,083 shares of the stock in a transaction dated Monday, July 3rd. The shares were sold at an average price of $120.31, for a total transaction of $1,934,945.73. Following the sale, the senior vice president now directly owns 127,028 shares of the company’s stock, valued at approximately $15,282,738.68. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction dated Monday, September 11th. The shares were sold at an average price of $137.30, for a total transaction of $27,460.00. Following the completion of the transaction, the director now directly owns 7,584 shares in the company, valued at $1,041,283.20. The disclosure for this sale can be found here. Insiders sold a total of 95,712 shares of company stock worth $12,175,801 over the last 90 days. Company insiders own 0.88% of the company’s stock.
Alphabet Stock Down 0.1 %
Shares of NASDAQ GOOGL opened at $130.25 on Monday. 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 firm has a market capitalization of $1.64 trillion, a price-to-earnings ratio of 27.60, a PEG ratio of 1.50 and a beta of 1.06. The stock has a 50 day moving average price of $130.97 and a 200 day moving average price of $119.13. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $139.16.
Alphabet (NASDAQ:GOOGL – Get Free Report) last posted its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The company had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. During the same quarter in the prior year, the business earned $1.21 earnings per share. Sell-side analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current year.
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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