Hobart Private Capital LLC Purchases 1,824 Shares of Alphabet Inc. $GOOGL

Hobart Private Capital LLC boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 141.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 3,118 shares of the information services provider’s stock after acquiring an additional 1,824 shares during the period. Hobart Private Capital LLC’s holdings in Alphabet were worth $549,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GOOGL. Nuveen LLC bought a new position in Alphabet during the first quarter valued at approximately $4,317,606,000. Vanguard Group Inc. lifted its stake in shares of Alphabet by 2.9% in the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Alphabet by 11.4% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the last quarter. Amundi lifted its stake in shares of Alphabet by 11.8% in the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock valued at $5,034,992,000 after purchasing an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. lifted its stake in shares of Alphabet by 178.3% in the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock valued at $619,163,000 after purchasing an additional 2,565,400 shares during the last quarter. 40.03% of the stock is owned by institutional investors.

Analyst Ratings Changes

GOOGL has been the subject of several analyst reports. Citigroup reaffirmed a “buy” rating and issued a $343.00 price objective (up from $280.00) on shares of Alphabet in a research note on Thursday, October 30th. Truist Financial upped their price target on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday, October 30th. Melius Research upped their price target on shares of Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. Citic Securities upped their price target on shares of Alphabet from $230.00 to $310.00 and gave the company a “buy” rating in a report on Monday. Finally, Wells Fargo & Company raised their price target on Alphabet from $236.00 to $268.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $303.09.

Insider Transactions at Alphabet

In related news, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the transaction, the chief executive officer directly owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This trade represents a 1.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 190,896 shares of company stock worth $45,092,175. Insiders own 11.64% of the company’s stock.

Alphabet Trading Down 2.2%

GOOGL opened at $277.54 on Wednesday. The stock’s fifty day moving average is $246.91 and its two-hundred day moving average is $202.13. The company has a market capitalization of $3.36 trillion, a P/E ratio of 27.37, a PEG ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $291.59. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet 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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.