Archer Investment Corp lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL – Free Report) by 2.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,997 shares of the information services provider’s stock after purchasing an additional 652 shares during the quarter. Alphabet accounts for 1.0% of Archer Investment Corp’s portfolio, making the stock its 20th largest position. Archer Investment Corp’s holdings in Alphabet were worth $2,753,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Live Oak Investment Partners bought a new stake in shares of Alphabet during the fourth quarter worth $26,000. Armor Investment Advisors LLC acquired a new position in Alphabet in the 2nd quarter worth $28,000. CarsonAllaria Wealth Management Ltd. increased its holdings in Alphabet by 136.7% during the 2nd quarter. CarsonAllaria Wealth Management Ltd. now owns 284 shares of the information services provider’s stock worth $34,000 after purchasing an additional 164 shares in the last quarter. Sanctuary Wealth Management L.L.C. acquired a new stake in shares of Alphabet in the 4th quarter valued at about $34,000. Finally, Turim 21 Investimentos Ltda. bought a new stake in shares of Alphabet in the third quarter valued at about $38,000. Institutional investors and hedge funds own 35.08% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on the company. Evercore ISI lifted their target price on Alphabet from $130.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, July 26th. Wells Fargo & Company lifted their price objective on shares of Alphabet from $126.00 to $129.00 and gave the company an “equal weight” rating in a report on Thursday. Citigroup increased their target price on shares of Alphabet from $130.00 to $153.00 in a report on Wednesday, July 26th. Roth Mkm lifted their price target on shares of Alphabet from $146.00 to $152.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Monness Crespi & Hardt downgraded shares of Alphabet from a “buy” rating to a “neutral” rating in a research note on Wednesday, October 25th. Five research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average target price of $147.00.
Alphabet Stock Down 1.2 %
NASDAQ GOOGL opened at $135.31 on Monday. The company has a current ratio of 2.04, a quick ratio of 2.01 and a debt-to-equity ratio of 0.05. The company has a market cap of $1.69 trillion, a price-to-earnings ratio of 25.97, a PEG ratio of 1.51 and a beta of 1.05. The company has a 50 day moving average of $133.44 and a 200-day moving average of $127.65. Alphabet Inc. has a 1-year low of $84.86 and a 1-year high of $141.22.
Alphabet (NASDAQ:GOOGL – Get Free Report) last released its earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.10. Alphabet had a return on equity of 25.24% and a net margin of 22.46%. The firm had revenue of $64.05 billion during the quarter, compared to the consensus estimate of $63.13 billion. On average, equities research analysts expect that Alphabet Inc. will post 5.74 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the transaction, the director now directly owns 7,584 shares in the company, valued at approximately $1,041,283.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Alphabet news, Director Kavitark Ram Shriram sold 75,000 shares of the business’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $131.09, for a total transaction of $9,831,750.00. Following the completion of the transaction, the director now owns 104,364 shares of the company’s stock, valued at $13,681,076.76. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction that occurred on 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 sale, the director now owns 7,584 shares in the company, valued at $1,041,283.20. The disclosure for this sale can be found here. Insiders have sold 176,576 shares of company stock worth $23,425,367 over the last ninety days. Corporate insiders own 0.88% of the company’s stock.
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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