Formidable Asset Management LLC Grows Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Formidable Asset Management LLC raised its position in Alphabet Inc. (NASDAQ:GOOGL) by 0.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,883 shares of the information services provider’s stock after purchasing an additional 229 shares during the period. Alphabet comprises about 0.7% of Formidable Asset Management LLC’s investment portfolio, making the stock its 28th largest position. Formidable Asset Management LLC’s holdings in Alphabet were worth $4,002,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOGL. Perritt Capital Management Inc lifted its holdings in shares of Alphabet by 10.4% during the 4th quarter. Perritt Capital Management Inc now owns 618 shares of the information services provider’s stock worth $117,000 after acquiring an additional 58 shares during the period. Nia Impact Advisors LLC lifted its holdings in shares of Alphabet by 0.3% during the 4th quarter. Nia Impact Advisors LLC now owns 17,161 shares of the information services provider’s stock worth $3,249,000 after acquiring an additional 59 shares during the period. Hanlon Investment Management Inc. lifted its holdings in shares of Alphabet by 1.7% during the 4th quarter. Hanlon Investment Management Inc. now owns 3,553 shares of the information services provider’s stock worth $673,000 after acquiring an additional 60 shares during the period. Enzi Wealth lifted its holdings in shares of Alphabet by 2.5% during the 1st quarter. Enzi Wealth now owns 2,561 shares of the information services provider’s stock worth $408,000 after acquiring an additional 62 shares during the period. Finally, Whipplewood Advisors LLC lifted its holdings in shares of Alphabet by 1.2% during the 1st quarter. Whipplewood Advisors LLC now owns 5,438 shares of the information services provider’s stock worth $817,000 after acquiring an additional 67 shares during the period. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GOOGL shares. Oppenheimer increased their price objective on shares of Alphabet from $185.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, April 25th. Barclays raised their price target on shares of Alphabet from $220.00 to $235.00 and gave the company an “overweight” rating in a report on Thursday. Citizens Jmp upgraded shares of Alphabet from a “market perform” rating to an “outperform” rating and set a $220.00 price target on the stock in a report on Friday, June 27th. Westpark Capital raised their price target on shares of Alphabet from $210.00 to $220.00 and gave the company a “buy” rating in a report on Thursday. Finally, KeyCorp raised their price target on shares of Alphabet from $215.00 to $230.00 and gave the company an “overweight” rating in a report on Thursday. Ten research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have issued a strong buy rating to the stock. According to data from MarketBeat, Alphabet has an average rating of “Moderate Buy” and a consensus price target of $211.32.

Alphabet Stock Up 1.0%

GOOGL stock opened at $192.17 on Friday. Alphabet Inc. has a twelve month low of $140.53 and a twelve month high of $207.05. The company has a current ratio of 1.77, a quick ratio of 1.77 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $2.33 trillion, a P/E ratio of 20.47, a PEG ratio of 1.33 and a beta of 1.00. The firm has a 50 day simple moving average of $175.23 and a 200-day simple moving average of $173.10.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, topping analysts’ consensus estimates of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to the consensus estimate of $89.30 billion. Alphabet had a net margin of 31.12% and a return on equity of 35.22%. During the same quarter in the previous year, the company posted $1.89 earnings per share. On average, equities research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, July 2nd. The shares were sold at an average price of $178.52, for a total value of $5,801,900.00. Following the completion of the transaction, the chief executive officer owned 2,559,892 shares of the company’s stock, valued at $456,991,919.84. The trade was a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of Alphabet stock in a transaction on Friday, July 18th. The stock was sold at an average price of $185.76, for a total transaction of $3,448,820.16. Following the completion of the transaction, the director directly owned 243,400 shares of the company’s stock, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 249,409 shares of company stock valued at $43,523,710. 11.64% of the stock is currently owned by corporate insiders.

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