Abacus Wealth Partners LLC Takes $329,000 Position in Alphabet Inc. (NASDAQ:GOOGL)

Abacus Wealth Partners LLC acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOGL) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,113 shares of the information services provider’s stock, valued at approximately $329,000.

Other large investors have also added to or reduced their stakes in the company. Live Oak Investment Partners bought a new stake in Alphabet during the fourth quarter valued at $26,000. Sanctuary Wealth Management L.L.C. bought a new stake in shares of Alphabet during the 4th quarter valued at about $34,000. Turim 21 Investimentos Ltda. purchased a new position in shares of Alphabet during the third quarter worth about $38,000. IAG Wealth Partners LLC increased its position in shares of Alphabet by 100.0% in the first quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock worth $41,000 after purchasing an additional 200 shares during the last quarter. Finally, AM Squared Ltd purchased a new stake in Alphabet in the fourth quarter valued at approximately $44,000. Institutional investors own 35.08% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $135.34 on Wednesday. The company has a market cap of $1.71 trillion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 1.56 and a beta of 1.06. The business’s fifty day simple moving average is $128.59 and its two-hundred day simple moving average is $116.88. Alphabet Inc. has a 12 month low of $83.34 and a 12 month high of $138.00. The company has a current ratio of 2.17, a quick ratio of 2.14 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. The business had revenue of $74.60 billion for the quarter, compared to analysts’ expectations of $60.24 billion. During the same quarter in the prior year, the business earned $1.21 EPS. Research analysts anticipate that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder 2019 Gp L.L.C. Gv sold 6,532 shares of the firm’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $15.02, for a total value of $98,110.64. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Ann Mather sold 380 shares of Alphabet stock in a transaction on Monday, June 26th. The stock was sold at an average price of $121.42, for a total transaction of $46,139.60. Following the transaction, the director now directly owns 4,700 shares in the company, valued at $570,674. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 6,532 shares of the company’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $15.02, for a total value of $98,110.64. The disclosure for this sale can be found here. Over the last three months, insiders have sold 140,029 shares of company stock valued at $12,883,371. Insiders own 0.88% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Robert W. Baird raised their price target on Alphabet from $123.00 to $130.00 and gave the company an “outperform” rating in a research report on Friday, July 21st. Piper Sandler boosted their target price on Alphabet from $140.00 to $148.00 in a research report on Wednesday, July 26th. Stifel Nicolaus increased their price target on shares of Alphabet from $130.00 to $135.00 and gave the company a “buy” rating in a research report on Friday, July 21st. Mizuho boosted their price objective on shares of Alphabet from $135.00 to $155.00 in a report on Wednesday, July 26th. Finally, JPMorgan Chase & Co. upped their price target on shares of Alphabet from $121.00 to $150.00 in a research report on Wednesday, July 26th. Four equities research analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $143.89.

About Alphabet

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.