Canvas Wealth Advisors LLC Raises Position in Alphabet Inc. (NASDAQ:GOOG)

Canvas Wealth Advisors LLC increased its holdings in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,934.9% during the third quarter, Holdings Channel.com reports. The firm owned 11,029 shares of the information services provider’s stock after acquiring an additional 10,487 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Alphabet were worth $1,046,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. OLD Second National Bank of Aurora increased its position in shares of Alphabet by 1,900.0% in the third quarter. OLD Second National Bank of Aurora now owns 260 shares of the information services provider’s stock valued at $25,000 after acquiring an additional 247 shares during the period. Carolina Wealth Advisors LLC increased its position in shares of Alphabet by 1,900.0% in the third quarter. Carolina Wealth Advisors LLC now owns 300 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 285 shares during the period. NewSquare Capital LLC boosted its stake in shares of Alphabet by 1,900.0% during the 3rd quarter. NewSquare Capital LLC now owns 320 shares of the information services provider’s stock valued at $31,000 after purchasing an additional 304 shares in the last quarter. Schubert & Co boosted its stake in shares of Alphabet by 1,192.9% during the 3rd quarter. Schubert & Co now owns 362 shares of the information services provider’s stock valued at $35,000 after purchasing an additional 334 shares in the last quarter. Finally, Corsicana & Co. boosted its stake in shares of Alphabet by 1,900.0% during the 3rd quarter. Corsicana & Co. now owns 400 shares of the information services provider’s stock valued at $38,000 after purchasing an additional 380 shares in the last quarter. Hedge funds and other institutional investors own 28.69% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on GOOG. Cowen cut their target price on shares of Alphabet from $150.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. The Goldman Sachs Group set a $135.00 target price on shares of Alphabet in a research note on Friday, November 18th. Raymond James cut their target price on shares of Alphabet from $120.00 to $116.00 and set an “outperform” rating on the stock in a research note on Tuesday. Oppenheimer dropped their price objective on shares of Alphabet from $155.00 to $135.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 26th. Finally, Sanford C. Bernstein set a $120.00 price objective on shares of Alphabet in a research note on Thursday, January 12th. One investment analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $140.40.

Insider Activity

In other news, SVP Prabhakar Raghavan sold 22,203 shares of the business’s 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 of the company’s stock, valued at $6,872,965.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Alphabet news, Director Ann Mather sold 360 shares of the company’s stock in a transaction that occurred on Friday, November 25th. The shares were sold at an average price of $98.48, for a total transaction of $35,452.80. Following the completion of the sale, the director now directly owns 11,300 shares of the company’s stock, valued at $1,112,824. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Prabhakar Raghavan sold 22,203 shares of the company’s 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 sale, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at $6,872,965.25. The disclosure for this sale can be found here. Over the last three months, insiders purchased 661,702 shares of company stock valued at $23,399,217 and sold 190,464 shares valued at $8,535,735. 12.99% of the stock is owned by corporate insiders.

Alphabet Stock Down 2.0 %

GOOG opened at $99.21 on Wednesday. The company has a quick ratio of 2.47, a current ratio of 2.52 and a debt-to-equity ratio of 0.06. The firm has a 50 day moving average price of $93.63 and a 200-day moving average price of $102.00. Alphabet Inc. has a twelve month low of $83.45 and a twelve month high of $152.10. The stock has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 19.70, a PEG ratio of 1.74 and a beta of 1.08.

Alphabet (NASDAQ:GOOG – Get Rating) last released its quarterly earnings data on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.19). Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The company had revenue of $69.09 billion for the quarter, compared to analysts’ expectations of $70.67 billion. During the same period in the previous year, the firm earned $1.40 earnings per share. The firm’s revenue for the quarter was up 6.1% on a year-over-year basis. Equities research analysts forecast that Alphabet Inc. will post 4.68 earnings per share for the current year.

About Alphabet

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.