Institute for Wealth Management LLC. Grows Stake in Alphabet Inc (NASDAQ:GOOG)

Institute for Wealth Management LLC. raised its stake in Alphabet Inc (NASDAQ:GOOG) by 11.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,006 shares of the information services provider’s stock after purchasing an additional 101 shares during the quarter. Institute for Wealth Management LLC.’s holdings in Alphabet were worth $1,422,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Engrave Wealth Partners LLC grew its stake in shares of Alphabet by 15.9% during the second quarter. Engrave Wealth Partners LLC now owns 51 shares of the information services provider’s stock valued at $72,000 after acquiring an additional 7 shares in the last quarter. Charles Schwab Trust Co grew its stake in shares of Alphabet by 2.2% during the second quarter. Charles Schwab Trust Co now owns 325 shares of the information services provider’s stock valued at $459,000 after acquiring an additional 7 shares in the last quarter. JGP Wealth Management LLC grew its stake in shares of Alphabet by 4.8% during the first quarter. JGP Wealth Management LLC now owns 173 shares of the information services provider’s stock valued at $209,000 after acquiring an additional 8 shares in the last quarter. Harvest Group Wealth Management LLC grew its stake in shares of Alphabet by 7.0% during the first quarter. Harvest Group Wealth Management LLC now owns 122 shares of the information services provider’s stock valued at $141,000 after acquiring an additional 8 shares in the last quarter. Finally, Legacy Bridge LLC grew its stake in shares of Alphabet by 1.1% during the first quarter. Legacy Bridge LLC now owns 735 shares of the information services provider’s stock valued at $855,000 after acquiring an additional 8 shares in the last quarter. 32.91% of the stock is currently owned by institutional investors.

Shares of GOOG traded down $48.49 during mid-day trading on Friday, reaching $1,482.96. 3,429,036 shares of the company’s stock traded hands, compared to its average volume of 1,408,813. The business’s 50-day moving average price is $1,474.19 and its 200-day moving average price is $1,377.20. The stock has a market capitalization of $1,012.30 billion, a P/E ratio of 32.61, a price-to-earnings-growth ratio of 2.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.64 and a current ratio of 3.66. Alphabet Inc has a 12 month low of $1,013.54 and a 12 month high of $1,586.99.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Thursday, July 30th. The information services provider reported $10.13 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $8.43 by $1.70. Alphabet had a return on equity of 15.77% and a net margin of 18.99%. The firm had revenue of $31.60 billion for the quarter, compared to analysts’ expectations of $30.58 billion. Equities research analysts anticipate that Alphabet Inc will post 42.07 EPS for the current year.

Several analysts have recently weighed in on GOOG shares. UBS Group raised their target price on Alphabet from $1,530.00 to $1,600.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Barclays raised their target price on Alphabet from $1,600.00 to $1,800.00 and gave the company an “overweight” rating in a research note on Friday. Oppenheimer lifted their price target on Alphabet from $1,445.00 to $1,685.00 and gave the stock an “outperform” rating in a research note on Friday. Royal Bank of Canada reiterated a “buy” rating on shares of Alphabet in a research note on Friday. Finally, Zacks Investment Research upgraded Alphabet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 15th. Four research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $1,671.00.

In related news, Director Ann Mather sold 32 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $1,418.39, for a total transaction of $45,388.48. Following the sale, the director now owns 1,119 shares of the company’s stock, valued at $1,587,178.41. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 60 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $1,363.61, for a total value of $81,816.60. Following the sale, the director now directly owns 592 shares in the company, valued at approximately $807,257.12. The disclosure for this sale can be found here. In the last three months, insiders have sold 212 shares of company stock worth $303,047. 12.99% of the stock is owned by corporate insiders.

Alphabet Profile

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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