Hemington Wealth Management Boosts Stock Position in Alphabet Inc. $GOOGL

Hemington Wealth Management raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,029 shares of the information services provider’s stock after purchasing an additional 179 shares during the period. Hemington Wealth Management’s holdings in Alphabet were worth $1,238,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Mystic Asset Management Inc. boosted its position in Alphabet by 6.7% during the 1st quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after acquiring an additional 1,791 shares during the period. Harbour Trust & Investment Management Co lifted its holdings in shares of Alphabet by 0.3% in the first quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after buying an additional 80 shares during the period. Cypress Capital LLC lifted its holdings in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock valued at $2,213,000 after buying an additional 563 shares during the period. Bridgeway Capital Management LLC lifted its holdings in shares of Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after buying an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC lifted its holdings in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock valued at $1,182,000 after buying an additional 84 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

GOOGL has been the subject of several research analyst reports. Stifel Nicolaus upped their price objective on Alphabet from $200.00 to $218.00 and gave the company a “buy” rating in a report on Tuesday, July 22nd. Guggenheim restated a “buy” rating and issued a $280.00 price objective (up previously from $210.00) on shares of Alphabet in a report on Friday. Wedbush upped their price objective on Alphabet from $225.00 to $245.00 and gave the company an “outperform” rating in a report on Wednesday, September 3rd. Citizens Jmp upped their price objective on Alphabet from $250.00 to $290.00 and gave the company an “outperform” rating in a report on Friday, September 19th. Finally, Citigroup upped their price objective on Alphabet from $225.00 to $280.00 and gave the company a “buy” rating in a report on Monday, September 15th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $257.60.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 23,820 shares of the company’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at $8,371,905.30. This represents a 35.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of the company’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 completion of the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. The trade was a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,150 shares of company stock valued at $55,805,379 in the last three months. Insiders own 11.55% of the company’s stock.

Alphabet Stock Down 2.4%

NASDAQ:GOOGL opened at $250.46 on Wednesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $257.33. The business’s fifty day moving average price is $233.60 and its 200 day moving average price is $193.31. The firm has a market capitalization of $3.03 trillion, a price-to-earnings ratio of 26.67, a PEG ratio of 1.74 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.15 by $0.16. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. On average, sell-side analysts forecast 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.