Glassy Mountain Advisors Inc. Buys New Stake in Alphabet Inc. (NASDAQ:GOOGL)

Glassy Mountain Advisors Inc. purchased a new position in Alphabet Inc. (NASDAQ:GOOGL) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 25,319 shares of the information services provider’s stock, valued at approximately $3,031,000. Alphabet comprises 1.4% of Glassy Mountain Advisors Inc.’s investment portfolio, making the stock its 28th largest position.

Several other hedge funds and other institutional investors also recently bought and sold shares of GOOGL. Bornite Capital Management LP acquired a new stake in Alphabet in the 1st quarter worth $16,688,000. Markel Corp boosted its position in shares of Alphabet by 17.0% during the 1st quarter. Markel Corp now owns 15,500 shares of the information services provider’s stock valued at $43,110,000 after acquiring an additional 2,250 shares in the last quarter. United Bank boosted its position in shares of Alphabet by 5.9% during the 1st quarter. United Bank now owns 2,033 shares of the information services provider’s stock valued at $5,654,000 after acquiring an additional 113 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Alphabet by 23.4% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 323,918 shares of the information services provider’s stock valued at $900,929,000 after acquiring an additional 61,427 shares in the last quarter. Finally, Dakota Wealth Management boosted its position in shares of Alphabet by 20.4% during the 1st quarter. Dakota Wealth Management now owns 9,279 shares of the information services provider’s stock valued at $25,806,000 after acquiring an additional 1,570 shares in the last quarter. 35.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several recent research reports. Citigroup lifted their target price on shares of Alphabet from $130.00 to $153.00 in a research report on Wednesday, July 26th. Barclays lifted their price target on shares of Alphabet from $160.00 to $200.00 in a report on Wednesday, July 26th. Tigress Financial lifted their price target on shares of Alphabet from $160.00 to $172.00 and gave the company a “strong-buy” rating in a report on Friday, July 14th. Robert W. Baird lifted their price target on shares of Alphabet from $123.00 to $130.00 and gave the company an “outperform” rating in a report on Friday, July 21st. Finally, Loop Capital lifted their price target on shares of Alphabet from $125.00 to $140.00 and gave the company a “hold” rating in a report on Friday, August 18th. Four equities research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $143.89.

Insider Transactions at Alphabet

In other Alphabet news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $131.14, for a total transaction of $26,228.00. Following the sale, the director now directly owns 5,340 shares of the company’s stock, valued at $700,287.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Alphabet news, insider John Kent Walker sold 42,900 shares of the company’s stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $136.51, for a total transaction of $5,856,279.00. Following the sale, the insider now directly owns 10,383 shares of the company’s stock, valued at $1,417,383.33. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction on Thursday, August 10th. The stock was sold at an average price of $131.14, for a total transaction of $26,228.00. Following the sale, the director now directly owns 5,340 shares in the company, valued at $700,287.60. The disclosure for this sale can be found here. Insiders have sold a total of 133,497 shares of company stock valued at $12,785,260 over the last 90 days. 0.88% of the stock is owned by corporate insiders.

Alphabet Stock Down 0.5 %

Alphabet stock opened at $137.40 on Friday. The stock has a market capitalization of $1.73 trillion, a PE ratio of 29.11, a price-to-earnings-growth ratio of 1.57 and a beta of 1.06. Alphabet Inc. has a twelve month low of $83.34 and a twelve month high of $138.70. The company has a quick ratio of 2.14, a current ratio of 2.17 and a debt-to-equity ratio of 0.05. The company has a 50 day moving average of $129.24 and a 200-day moving average of $117.17.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Tuesday, July 25th. The information services provider reported $1.44 EPS for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $74.60 billion for the quarter, compared to analyst estimates of $60.24 billion. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. During the same quarter in the previous year, the firm posted $1.21 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 5.68 EPS for the current fiscal year.

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.