Drive Wealth Management LLC Purchases Shares of 12,790 Alphabet Inc. (NASDAQ:GOOGL)

Drive Wealth Management LLC purchased a new stake in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) in the third quarter, HoldingsChannel reports. The fund purchased 12,790 shares of the information services provider’s stock, valued at approximately $1,223,000. Alphabet accounts for 1.2% of Drive Wealth Management LLC’s portfolio, making the stock its 12th largest holding.

Other hedge funds have also recently bought and sold shares of the company. Willow Creek Wealth Management Inc. lifted its holdings in shares of Alphabet by 1,926.9% during the 3rd quarter. Willow Creek Wealth Management Inc. now owns 18,546 shares of the information services provider’s stock worth $1,774,000 after acquiring an additional 17,631 shares during the period. Louisiana State Employees Retirement System bought a new position in shares of Alphabet during the 3rd quarter worth about $55,305,000. Griffin Asset Management Inc. lifted its holdings in shares of Alphabet by 1,900.0% during the 3rd quarter. Griffin Asset Management Inc. now owns 52,240 shares of the information services provider’s stock worth $4,997,000 after acquiring an additional 49,628 shares during the period. Bridgewater Advisors Inc. lifted its holdings in shares of Alphabet by 3,005.0% during the 3rd quarter. Bridgewater Advisors Inc. now owns 67,503 shares of the information services provider’s stock worth $6,457,000 after acquiring an additional 65,329 shares during the period. Finally, Adell Harriman & Carpenter Inc. lifted its holdings in shares of Alphabet by 1,915.2% during the 3rd quarter. Adell Harriman & Carpenter Inc. now owns 129,797 shares of the information services provider’s stock worth $12,415,000 after acquiring an additional 123,356 shares during the period. 34.06% of the stock is owned by institutional investors.

Alphabet Stock Up 3.1 %

Shares of NASDAQ:GOOGL opened at $93.97 on Wednesday. The company has a 50 day moving average of $94.35 and a 200-day moving average of $96.30. Alphabet Inc. has a one year low of $83.34 and a one year high of $143.79. The stock has a market cap of $1.20 trillion, a price-to-earnings ratio of 20.65, a P/E/G ratio of 1.25 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34.

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

Insider Buying and Selling

In related news, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the transaction, the senior vice president now owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of Alphabet stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total value of $77,933.25. Following the transaction, the chief accounting officer now owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction that occurred on Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the transaction, the senior vice president now directly owns 76,579 shares in the company, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. Insiders have sold 36,745 shares of company stock valued at $3,424,078 in the last 90 days. 11.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of analyst reports. MKM Partners raised their price objective on shares of Alphabet from $120.00 to $126.00 in a report on Friday, February 3rd. Tigress Financial dropped their target price on shares of Alphabet from $186.00 to $160.00 and set a “strong-buy” rating for the company in a research report on Friday, January 6th. Truist Financial dropped their target price on shares of Alphabet from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. Loop Capital increased their target price on shares of Alphabet from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, February 8th. Finally, Wells Fargo & Company increased their target price on shares of Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, February 3rd. Five equities research analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $132.32.

About Alphabet

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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.