Hobbs Group Advisors LLC Increases Stake in Alphabet Inc. $GOOGL

Hobbs Group Advisors LLC increased its stake in Alphabet Inc. (NASDAQ:GOOGL) by 9.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 12,269 shares of the information services provider’s stock after acquiring an additional 1,016 shares during the period. Alphabet makes up 0.7% of Hobbs Group Advisors LLC’s investment portfolio, making the stock its 26th largest position. Hobbs Group Advisors LLC’s holdings in Alphabet were worth $2,162,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Mystic Asset Management Inc. increased its stake in Alphabet by 6.7% during the first 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 last quarter. Harbour Trust & Investment Management Co lifted its stake in shares of Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after purchasing an additional 80 shares in the last quarter. Cypress Capital LLC grew its holdings in shares of Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after purchasing an additional 563 shares during the period. Bridgeway Capital Management LLC increased its position in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after purchasing an additional 13,371 shares in the last quarter. Finally, Alaethes Wealth LLC raised its holdings in 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.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the sale, the chief accounting officer owned 14,516 shares in the company, valued at approximately $3,629,725.80. This trade represents a 16.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the transaction, the insider owned 42,985 shares in the company, valued at $10,635,348.70. This represents a 29.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 in the last three months. 11.64% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on GOOGL. JMP Securities reiterated a “market outperform” rating and set a $290.00 price objective on shares of Alphabet in a research note on Wednesday. Morgan Stanley set a $270.00 price target on shares of Alphabet and gave the stock an “overweight” rating in a research report on Thursday, October 2nd. Moffett Nathanson raised their price objective on Alphabet from $230.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. DA Davidson upped their target price on Alphabet from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Tuesday, September 2nd. Finally, Hsbc Global Res raised Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Four research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $259.12.

Alphabet Trading Up 0.5%

Shares of NASDAQ:GOOGL opened at $251.69 on Thursday. The company has a 50 day moving average price of $234.60 and a 200 day moving average price of $193.72. The stock has a market capitalization of $3.04 trillion, a price-to-earnings ratio of 26.80, a PEG ratio of 1.69 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. Alphabet Inc. has a 1-year low of $140.53 and a 1-year high of $257.33.

Alphabet (NASDAQ:GOOGL) last announced its 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. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.60 billion. On average, research analysts anticipate that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

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.