Commonwealth Equity Services LLC Acquires 2,219,036 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Commonwealth Equity Services LLC raised its stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,944.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,333,133 shares of the information services provider’s stock after buying an additional 2,219,036 shares during the quarter. Alphabet comprises approximately 0.6% of Commonwealth Equity Services LLC’s investment portfolio, making the stock its 21st biggest holding. Commonwealth Equity Services LLC’s holdings in Alphabet were worth $223,164,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. IAG Wealth Partners LLC lifted its position in Alphabet by 3,275.0% during the 3rd quarter. IAG Wealth Partners LLC now owns 270 shares of the information services provider’s stock worth $26,000 after buying an additional 262 shares in the last quarter. Artemis Wealth Advisors LLC raised its holdings in Alphabet by 1,900.0% during the third quarter. Artemis Wealth Advisors LLC now owns 280 shares of the information services provider’s stock worth $27,000 after acquiring an additional 266 shares in the last quarter. Laurel Wealth Planning LLC boosted its position in Alphabet by 1,900.0% during the third quarter. Laurel Wealth Planning LLC now owns 300 shares of the information services provider’s stock valued at $29,000 after purchasing an additional 285 shares during the last quarter. Coston McIsaac & Partners grew its stake in Alphabet by 1,900.0% in the third quarter. Coston McIsaac & Partners now owns 320 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 304 shares in the last quarter. Finally, Horizons Wealth Management bought a new stake in shares of Alphabet during the 2nd quarter worth approximately $33,000. Institutional investors and hedge funds own 34.06% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of a number of recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Alphabet in a research report on Friday, February 10th. Wells Fargo & Company raised their target price on shares of Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a research note on Friday, February 3rd. Truist Financial decreased their target price on Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Friday, February 3rd. Barclays lifted their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “overweight” rating in a research report on Friday, February 3rd. Finally, Mizuho decreased their target price on shares of Alphabet from $140.00 to $135.00 and set a “buy” rating on the stock in a report on Wednesday, November 30th. Five investment analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $132.32.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction that occurred on Wednesday, March 1st. The shares were sold at an average price of $90.15, for a total transaction of $57,425.55. Following the completion of the transaction, the chief accounting officer now directly owns 25,442 shares of the company’s stock, valued at approximately $2,293,596.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider John Kent Walker sold 11,313 shares of the stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $100.00, for a total value of $1,131,300.00. Following the completion of the sale, the insider now owns 41,970 shares of the company’s stock, valued at $4,197,000. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction on Wednesday, March 1st. The stock was sold at an average price of $90.15, for a total value of $57,425.55. Following the transaction, the chief accounting officer now owns 25,442 shares of the company’s stock, valued at $2,293,596.30. The disclosure for this sale can be found here. Insiders sold 36,745 shares of company stock worth $3,424,078 in the last three months. Corporate insiders own 11.44% of the company’s stock.

Alphabet Stock Up 0.5 %

Shares of NASDAQ GOOGL opened at $91.11 on Tuesday. The stock has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 20.02, a P/E/G ratio of 1.25 and a beta of 1.09. The firm’s 50-day moving average price is $94.25 and its 200-day moving average price is $96.41. Alphabet Inc. has a 12-month low of $83.34 and a 12-month high of $143.79. The company has a current ratio of 2.38, a quick ratio of 2.34 and a debt-to-equity ratio of 0.06.

Alphabet (NASDAQ:GOOGL – Get Rating) last issued its quarterly earnings data on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.09). The business had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $63.15 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. During the same period in the previous year, the business earned $1.53 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 5.12 EPS for the current fiscal year.

Alphabet Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.