Bernard Wealth Management Corp. Decreases Stock Position in Alphabet Inc. $GOOGL

Bernard Wealth Management Corp. cut its stake in Alphabet Inc. (NASDAQ:GOOGL) by 1.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,543 shares of the information services provider’s stock after selling 454 shares during the period. Alphabet comprises about 1.9% of Bernard Wealth Management Corp.’s holdings, making the stock its 13th largest holding. Bernard Wealth Management Corp.’s holdings in Alphabet were worth $4,149,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of GOOGL. Nuveen LLC acquired a new stake in Alphabet in the first quarter valued at $4,317,606,000. Vanguard Group Inc. raised its stake in Alphabet by 2.9% in the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after buying an additional 14,307,345 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Alphabet by 11.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider’s stock valued at $6,783,364,000 after buying an additional 4,473,901 shares in the last quarter. Amundi raised its stake in Alphabet by 11.8% in the first quarter. Amundi now owns 33,403,871 shares of the information services provider’s stock valued at $5,034,992,000 after buying an additional 3,537,173 shares in the last quarter. Finally, Evergreen Quality Fund GP Ltd. raised its stake in Alphabet by 178.3% in the first quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider’s stock valued at $619,163,000 after buying an additional 2,565,400 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. The trade was a 1.34% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This trade represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 246,150 shares of company stock worth $55,805,379 in the last quarter. Company insiders own 11.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Truist Financial raised their price target on Alphabet from $225.00 to $285.00 and gave the company a “buy” rating in a research note on Monday, September 22nd. Loop Capital restated a “hold” rating and issued a $190.00 price target (up from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Phillip Securities cut Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. Melius Research lifted their target price on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Finally, Robert W. Baird lifted their target price on Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research report on Monday, September 22nd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and a consensus target price of $255.86.

Alphabet Stock Performance

Shares of GOOGL stock opened at $256.55 on Tuesday. The stock has a market capitalization of $3.10 trillion, a PE ratio of 27.32, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $257.33. The stock’s 50-day moving average price is $232.66 and its 200 day moving average price is $192.92. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.15 by $0.16. The firm had revenue of $96.43 billion for the quarter, compared to analysts’ expectations of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, equities research analysts forecast that Alphabet Inc. will post 8.9 EPS for the current 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.