Archer Investment Corp Sells 3,815 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Archer Investment Corp reduced its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 16.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 19,318 shares of the information services provider’s stock after selling 3,815 shares during the quarter. Alphabet makes up approximately 0.9% of Archer Investment Corp’s holdings, making the stock its 25th biggest position. Archer Investment Corp’s holdings in Alphabet were worth $2,699,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. FMR LLC lifted its holdings in Alphabet by 5.6% during the 3rd quarter. FMR LLC now owns 227,317,469 shares of the information services provider’s stock valued at $29,746,764,000 after purchasing an additional 12,070,681 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of Alphabet by 3.7% during the third quarter. Northern Trust Corp now owns 67,684,197 shares of the information services provider’s stock worth $8,857,154,000 after buying an additional 2,416,328 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Alphabet by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 34,035,275 shares of the information services provider’s stock worth $4,453,856,000 after buying an additional 335,219 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Alphabet by 7.8% during the third quarter. American Century Companies Inc. now owns 25,064,614 shares of the information services provider’s stock worth $3,279,955,000 after buying an additional 1,809,910 shares in the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Alphabet by 9.3% during the third quarter. Jennison Associates LLC now owns 24,145,417 shares of the information services provider’s stock worth $3,159,669,000 after buying an additional 2,058,221 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Activity

In other news, CFO Ruth Porat sold 48,077 shares of the business’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now owns 1,777,106 shares in the company, valued at $243,854,485.32. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now owns 1,777,106 shares in the company, valued at $243,854,485.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Frances Arnold sold 230 shares of the company’s stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the sale, the director now owns 15,104 shares of the company’s stock, valued at approximately $2,326,922.24. The disclosure for this sale can be found here. Insiders sold a total of 251,339 shares of company stock worth $36,377,482 over the last quarter. 0.88% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Canaccord Genuity Group lifted their target price on Alphabet from $180.00 to $190.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. KeyCorp raised their price target on Alphabet from $165.00 to $175.00 and gave the stock an “overweight” rating in a research report on Monday. Roth Mkm decreased their target price on Alphabet from $166.00 to $164.00 and set a “buy” rating on the stock in a research report on Wednesday, January 31st. Mizuho lifted their target price on Alphabet from $155.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, January 17th. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $185.00 target price (up previously from $178.00) on shares of Alphabet in a research report on Wednesday, April 10th. Five analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average target price of $158.71.

Alphabet Price Performance

Shares of GOOGL opened at $156.00 on Friday. The firm has a market cap of $1.94 trillion, a PE ratio of 26.90, a price-to-earnings-growth ratio of 1.46 and a beta of 1.05. Alphabet Inc. has a 52-week low of $102.63 and a 52-week high of $160.22. The business’s 50 day moving average price is $147.22 and its two-hundred day moving average price is $141.16. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, beating the consensus estimate of $1.60 by $0.04. The firm had revenue of $86.31 billion during the quarter, compared to the consensus estimate of $70.77 billion. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. During the same quarter in the previous year, the company posted $1.05 earnings per share. On average, equities analysts anticipate that Alphabet Inc. will post 6.78 EPS for the current year.

Alphabet Company Profile

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