Prosperity Wealth Management Inc. Sells 1,346 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Prosperity Wealth Management Inc. decreased its position in Alphabet Inc. (NASDAQ:GOOGL) by 25.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,912 shares of the information services provider’s stock after selling 1,346 shares during the quarter. Prosperity Wealth Management Inc.’s holdings in Alphabet were worth $546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of GOOGL. FMR LLC lifted its stake in shares of Alphabet by 5.6% in 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 position in Alphabet by 3.7% in 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 during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Alphabet by 1.0% in 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 during the last quarter. American Century Companies Inc. boosted its stake in 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 during the period. Finally, Jennison Associates LLC increased its position in Alphabet by 9.3% during the third quarter. Jennison Associates LLC now owns 24,145,417 shares of the information services provider’s stock valued at $3,159,669,000 after acquiring an additional 2,058,221 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Alphabet

In other news, SVP Prabhakar Raghavan sold 3,258 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $155.97, for a total transaction of $508,150.26. Following the completion of the sale, the senior vice president now owns 144,685 shares of the company’s stock, valued at $22,566,519.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Prabhakar Raghavan sold 3,258 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $155.97, for a total transaction of $508,150.26. Following the transaction, the senior vice president now directly owns 144,685 shares in the company, valued at approximately $22,566,519.45. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the sale, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 251,339 shares of company stock valued at $36,377,482. 0.88% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Barclays cut their price target on shares of Alphabet from $180.00 to $173.00 and set an “overweight” rating on the stock in a report on Wednesday, January 31st. Jefferies Financial Group raised their price target on shares of Alphabet from $175.00 to $180.00 and gave the stock a “buy” rating in a research note on Friday, April 19th. Canaccord Genuity Group upped their price target on shares of Alphabet from $180.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. Roth Mkm reduced their price objective on shares of Alphabet from $166.00 to $164.00 and set a “buy” rating for the company in a research note on Wednesday, January 31st. Finally, Wedbush reissued an “outperform” rating and issued a $175.00 price target on shares of Alphabet in a research report on Wednesday, April 10th. Five investment analysts have rated the stock with a hold rating, twenty-eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $158.71.

Alphabet Stock Performance

Shares of GOOGL stock opened at $159.13 on Thursday. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 12-month low of $102.63 and a 12-month high of $160.22. The business’s 50 day moving average is $146.96 and its two-hundred day moving average is $141.06. The company has a market capitalization of $1.98 trillion, a P/E ratio of 27.44, a P/E/G ratio of 1.44 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last released its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The business had revenue of $86.31 billion during the quarter, compared to analysts’ expectations of $70.77 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. During the same quarter in the previous year, the company earned $1.05 earnings per share. Analysts expect that Alphabet Inc. will post 6.78 EPS for the current fiscal year.

Alphabet 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.