Forum Financial Management LP Acquires 56,792 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Forum Financial Management LP raised its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 71.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 135,952 shares of the information services provider’s stock after purchasing an additional 56,792 shares during the quarter. Alphabet makes up about 0.3% of Forum Financial Management LP’s investment portfolio, making the stock its 21st largest position. Forum Financial Management LP’s holdings in Alphabet were worth $21,024,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Kingsview Wealth Management LLC increased its position in Alphabet by 3.2% in the first quarter. Kingsview Wealth Management LLC now owns 140,080 shares of the information services provider’s stock worth $21,662,000 after purchasing an additional 4,386 shares during the period. Members Trust Co increased its position in Alphabet by 30.4% in the first quarter. Members Trust Co now owns 4,893 shares of the information services provider’s stock worth $757,000 after purchasing an additional 1,140 shares during the period. Bailard Inc. increased its position in Alphabet by 0.3% in the first quarter. Bailard Inc. now owns 470,990 shares of the information services provider’s stock worth $72,834,000 after purchasing an additional 1,276 shares during the period. Archvest Wealth Advisors Inc. increased its position in Alphabet by 6.4% in the first quarter. Archvest Wealth Advisors Inc. now owns 7,372 shares of the information services provider’s stock worth $1,140,000 after purchasing an additional 441 shares during the period. Finally, Woodward Diversified Capital LLC increased its position in Alphabet by 10.0% in the first quarter. Woodward Diversified Capital LLC now owns 8,858 shares of the information services provider’s stock worth $1,370,000 after purchasing an additional 806 shares during the period. Institutional investors own 40.03% of the company’s stock.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $184.38, for a total transaction of $5,992,350.00. Following the sale, the chief executive officer owned 2,527,392 shares in the company, valued at $466,000,536.96. This represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Kavitark Ram Shriram sold 18,566 shares of the company’s stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $185.76, for a total value of $3,448,820.16. Following the sale, the director owned 243,400 shares in the company, valued at approximately $45,213,984. This represents a 7.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 249,409 shares of company stock worth $43,523,710 in the last 90 days. Corporate insiders own 11.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on GOOGL. Cantor Fitzgerald lifted their price objective on Alphabet from $196.00 to $201.00 and gave the stock a “neutral” rating in a research report on Thursday. BMO Capital Markets lifted their price objective on Alphabet from $208.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday. JPMorgan Chase & Co. lifted their price objective on Alphabet from $200.00 to $232.00 and gave the stock an “overweight” rating in a research note on Thursday. Mizuho decreased their price objective on Alphabet from $230.00 to $205.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Finally, Stifel Nicolaus lifted their price objective on Alphabet from $200.00 to $218.00 and gave the stock a “buy” rating in a research note on Tuesday. Ten equities research analysts have rated the stock with a hold rating, twenty-nine have assigned a buy rating and four have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $211.32.

Alphabet Stock Up 1.0%

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

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Thursday, April 24th. The information services provider reported $2.81 EPS for the quarter, beating the consensus estimate of $2.02 by $0.79. The firm had revenue of $76.49 billion during the quarter, compared to analysts’ expectations of $89.30 billion. Alphabet had a return on equity of 35.22% and a net margin of 31.12%. During the same period in the prior year, the firm posted $1.89 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal 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.