Acorn Financial Advisory Services Inc. ADV Raises Stock Position in Alphabet Inc. $GOOGL

Acorn Financial Advisory Services Inc. ADV boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 0.5% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 13,466 shares of the information services provider’s stock after acquiring an additional 71 shares during the period. Acorn Financial Advisory Services Inc. ADV’s holdings in Alphabet were worth $2,373,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider’s stock valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Alphabet by 11.4% during the 1st 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. Invesco Ltd. raised its stake in Alphabet by 1.4% in the first quarter. Invesco Ltd. now owns 43,648,514 shares of the information services provider’s stock valued at $6,749,806,000 after buying an additional 593,345 shares during the last quarter. Deutsche Bank AG boosted its holdings in Alphabet by 1.9% in the first quarter. Deutsche Bank AG now owns 39,792,300 shares of the information services provider’s stock worth $6,153,481,000 after acquiring an additional 727,335 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Alphabet by 0.3% during the first quarter. Charles Schwab Investment Management Inc. now owns 38,556,577 shares of the information services provider’s stock worth $5,962,389,000 after acquiring an additional 104,859 shares during the last quarter. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. JMP Securities reaffirmed a “market outperform” rating and issued a $290.00 price objective on shares of Alphabet in a research report on Wednesday. Susquehanna raised their price target on shares of Alphabet from $220.00 to $225.00 and gave the stock a “positive” rating in a report on Thursday, July 24th. Robert W. Baird lifted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Piper Sandler upped their target price on Alphabet from $220.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, September 18th. Finally, UBS Group restated a “neutral” rating on shares of Alphabet in a research note on Wednesday. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $263.20.

Alphabet Trading Up 2.7%

NASDAQ GOOGL opened at $259.92 on Friday. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $261.68. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market capitalization of $3.14 trillion, a PE ratio of 27.68, a P/E/G ratio of 1.71 and a beta of 1.00. The company has a fifty day moving average of $236.72 and a 200 day moving average of $195.25.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. Research analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current year.

Insider Activity

In other news, insider John Kent Walker sold 17,816 shares of the firm’s stock in a transaction that occurred on Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider owned 42,985 shares of the company’s stock, valued at $10,635,348.70. This trade represents a 29.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the transaction, the director directly owned 17,284 shares of the company’s stock, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 over the last 90 days. Company insiders own 11.64% of the company’s stock.

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.