D.B. Root & Company LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 3.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,694 shares of the information services provider’s stock after buying an additional 400 shares during the period. D.B. Root & Company LLC’s holdings in Alphabet were worth $1,519,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Spreng Capital Management Inc. boosted its position in shares of Alphabet by 4.0% during the first quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock worth $364,000 after buying an additional 5 shares during the period. West Family Investments Inc. boosted its position in shares of Alphabet by 0.3% during the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock worth $4,878,000 after buying an additional 6 shares during the period. Maple Capital Management Inc. boosted its position in shares of Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock worth $823,000 after buying an additional 6 shares during the period. Private Advisory Group LLC boosted its position in shares of Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after buying an additional 7 shares during the period. Finally, Weik Capital Management boosted its position in shares of Alphabet by 0.5% during the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after buying an additional 8 shares during the period. Institutional investors and hedge funds own 35.08% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently issued reports on the company. Bank of America boosted their price objective on Alphabet from $142.00 to $146.00 and gave the stock a “buy” rating in a research report on Wednesday, August 30th. Truist Financial increased their target price on Alphabet from $122.00 to $160.00 in a report on Wednesday, July 26th. Piper Sandler cut their price objective on Alphabet from $148.00 to $147.00 and set an “overweight” rating for the company in a report on Tuesday. Morgan Stanley increased their price objective on Alphabet from $150.00 to $155.00 in a report on Wednesday, July 26th. Finally, Credit Suisse Group raised their target price on Alphabet from $135.00 to $150.00 and gave the company an “outperform” rating in a report on Monday, July 17th. Four investment analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and an average target price of $143.86.
Alphabet Stock Performance
GOOGL opened at $132.43 on Wednesday. The stock has a market cap of $1.67 trillion, a price-to-earnings ratio of 28.06, a PEG ratio of 1.51 and a beta of 1.06. The business has a 50 day moving average of $132.30 and a 200-day moving average of $121.09. The company has a quick ratio of 2.14, a current ratio of 2.17 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $139.16.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.12. The business had revenue of $74.60 billion during 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 posted $1.21 EPS. On average, equities research analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current year.
Insider Activity
In other Alphabet news, Director Kavitark Ram Shriram sold 31,240 shares of Alphabet stock in a transaction dated Monday, July 10th. The stock was sold at an average price of $116.82, for a total transaction of $3,649,456.80. Following the transaction, the director now directly owns 5,364 shares of the company’s stock, valued at approximately $626,622.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Amie Thuener O’toole sold 3,749 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the transaction, the chief accounting officer now owns 25,568 shares in the company, valued at $3,484,407.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kavitark Ram Shriram sold 31,240 shares of the stock in a transaction on Monday, July 10th. The stock was sold at an average price of $116.82, for a total value of $3,649,456.80. Following the sale, the director now owns 5,364 shares in the company, valued at approximately $626,622.48. The disclosure for this sale can be found here. In the last quarter, insiders have sold 116,248 shares of company stock worth $15,024,706. Insiders own 0.88% of the company’s stock.
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.
Featured Articles
- Five stocks we like better than Alphabet
- ETF Screener: Uses and Step-by-Step Guide
- Why Ralph Lauren Should Be On Your Holiday Wishlist
- Investing in the High PE Growth Stocks
- MarketBeat Stock of the Week, Amazon Goes Big on AI
- How to Invest in Artificial Intelligence
- Inflation is Why a Soft Landing is Bad for the Economy
Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL – Free Report).
Receive News & Ratings for Alphabet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alphabet and related companies with MarketBeat.com's FREE daily email newsletter.
