Wedmont Private Capital Boosts Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Wedmont Private Capital raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 28.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,325 shares of the information services provider’s stock after purchasing an additional 294 shares during the period. Alphabet accounts for 0.6% of Wedmont Private Capital’s holdings, making the stock its 28th biggest position. Wedmont Private Capital’s holdings in Alphabet were worth $2,888,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GOOGL. Dravo Bay LLC purchased a new position in shares of Alphabet in the first quarter worth about $28,000. Financial Enhancement Group LLC purchased a new position in shares of Alphabet in the first quarter worth about $31,000. Wealthgate Family Office LLC purchased a new position in shares of Alphabet in the fourth quarter worth about $32,000. Verity Asset Management Inc. lifted its stake in shares of Alphabet by 536,206.4% in the first quarter. Verity Asset Management Inc. now owns 589,937 shares of the information services provider’s stock worth $39,000 after buying an additional 589,827 shares in the last quarter. Finally, Advocacy Wealth Management Services LLC lifted its stake in shares of Alphabet by 72.7% in the second quarter. Advocacy Wealth Management Services LLC now owns 19 shares of the information services provider’s stock worth $41,000 after buying an additional 8 shares in the last quarter. 1.88% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

GOOGL has been the topic of several research reports. MKM Partners decreased their price target on shares of Alphabet from $165.00 to $140.00 and set a “buy” rating on the stock in a research note on Monday, July 18th. KeyCorp cut their price objective on shares of Alphabet from $153.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, July 26th. Jefferies Financial Group cut their price objective on shares of Alphabet from $155.00 to $130.00 and set a “buy” rating for the company in a research report on Wednesday, July 27th. Piper Sandler cut their price objective on shares of Alphabet from $139.00 to $135.00 and set an “overweight” rating for the company in a research report on Wednesday, July 27th. Finally, Itau BBA Securities initiated coverage on shares of Alphabet in a research report on Tuesday, July 26th. They set a “market perform” rating and a $113.00 price objective for the company. Five research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $147.41.

Alphabet Stock Down 1.9 %

Shares of Alphabet stock opened at $101.14 on Wednesday. Alphabet Inc. has a 52-week low of $100.52 and a 52-week high of $151.55. The company has a 50 day moving average of $112.60 and a 200 day moving average of $118.51. The company has a quick ratio of 2.78, a current ratio of 2.81 and a debt-to-equity ratio of 0.06. The company has a market capitalization of $1.32 trillion, a P/E ratio of 18.82, a P/E/G ratio of 1.66 and a beta of 1.09.

Alphabet (NASDAQ:GOOGLGet Rating) last issued its quarterly earnings results on Tuesday, July 26th. The information services provider reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Alphabet had a return on equity of 28.65% and a net margin of 25.89%. The firm had revenue of $57.47 billion during the quarter, compared to analysts’ expectations of $57.55 billion. During the same quarter in the prior year, the firm earned $27.26 EPS. As a group, research analysts forecast that Alphabet Inc. will post 5.21 EPS for the current fiscal year.

Insider Transactions at Alphabet

In other news, Director Ann Mather sold 20 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The shares were sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the completion of the sale, the director now owns 565 shares in the company, valued at approximately $1,346,575.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Amie Thuener O’toole sold 42 shares of the business’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $2,166.74, for a total transaction of $91,003.08. Following the completion of the sale, the chief accounting officer now owns 1,192 shares in the company, valued at approximately $2,582,754.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ann Mather sold 20 shares of the business’s stock in a transaction that occurred on Monday, June 27th. The stock was sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the sale, the director now owns 565 shares of the company’s stock, valued at approximately $1,346,575.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,536 shares of company stock worth $15,729,998. 11.44% of the stock is currently owned by insiders.

Alphabet Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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