Drive Wealth Management LLC reduced its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 0.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,998 shares of the information services provider’s stock after selling 97 shares during the quarter. Alphabet comprises 0.8% of Drive Wealth Management LLC’s portfolio, making the stock its 21st biggest position. Drive Wealth Management LLC’s holdings in Alphabet were worth $3,428,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Legacy Financial Group LLC bought a new stake in shares of Alphabet in the 4th quarter valued at $273,000. Bryant Woods Investment Advisors LLC bought a new stake in shares of Alphabet in the fourth quarter worth about $249,000. TI Trust Inc. raised its position in shares of Alphabet by 1.4% during the fourth quarter. TI Trust Inc. now owns 4,305 shares of the information services provider’s stock worth $820,000 after purchasing an additional 60 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its holdings in shares of Alphabet by 5.2% during the 4th quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 100,229 shares of the information services provider’s stock valued at $19,088,000 after purchasing an additional 4,991 shares in the last quarter. Finally, OLIO Financial Planning acquired a new position in shares of Alphabet in the 4th quarter valued at approximately $562,000. 27.26% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
GOOG has been the topic of a number of research reports. Oppenheimer lifted their price target on shares of Alphabet from $185.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Barclays upped their target price on shares of Alphabet from $200.00 to $220.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Canaccord Genuity Group boosted their price target on Alphabet from $220.00 to $225.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Scotiabank lifted their price objective on shares of Alphabet from $212.00 to $240.00 and gave the company a “sector outperform” rating in a report on Friday, January 24th. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average price target of $205.13.
Alphabet Stock Performance
NASDAQ:GOOG opened at $197.18 on Thursday. The stock has a 50 day simple moving average of $188.64 and a 200 day simple moving average of $175.20. The stock has a market cap of $2.41 trillion, a P/E ratio of 26.15, a PEG ratio of 1.27 and a beta of 0.99. Alphabet Inc. has a 1-year low of $131.55 and a 1-year high of $203.84. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.
Alphabet (NASDAQ:GOOG – Get Free Report) last announced its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The company had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $86.39 billion. During the same quarter in the previous year, the business posted $1.55 earnings per share. Alphabet’s quarterly revenue was up 15.1% on a year-over-year basis. Research analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.
Insider Buying and Selling at Alphabet
In other news, Director Kavitark Ram Shriram sold 37,134 shares of the stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the sale, the director now directly owns 282,832 shares of the company’s stock, valued at approximately $52,329,576.64. This represents a 11.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,834 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $194.32, for a total value of $550,702.88. Following the completion of the transaction, the chief accounting officer now owns 17,847 shares in the company, valued at $3,468,029.04. The trade was a 13.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 122,887 shares of company stock valued at $22,470,464 in the last quarter. Company insiders own 12.99% of the company’s stock.
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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.
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