Primoris Wealth Advisors LLC Boosts Stake in Alphabet Inc. $GOOGL

Primoris Wealth Advisors LLC lifted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 6.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,024 shares of the information services provider’s stock after acquiring an additional 171 shares during the quarter. Primoris Wealth Advisors LLC’s holdings in Alphabet were worth $533,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of GOOGL. Guardian Wealth Management Inc. lifted its stake in Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after buying an additional 119 shares in the last quarter. von Borstel & Associates Inc. purchased a new position in Alphabet in the 1st quarter valued at about $28,000. IMA Advisory Services Inc. purchased a new position in Alphabet in the 1st quarter valued at about $28,000. NBZ Investment Advisors LLC lifted its stake in Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after buying an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in Alphabet in the 1st quarter valued at about $39,000. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 3.6%

Alphabet stock opened at $269.27 on Tuesday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $270.14. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a 50 day moving average price of $238.03 and a 200 day moving average price of $196.63. The company has a market capitalization of $3.26 trillion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 1.75 and a beta of 1.00.

Insider Buying and Selling at Alphabet

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were 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 owned 2,397,392 shares of the company’s stock, valued at $598,149,304. This trade represents a 1.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of 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 disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last 90 days. Company insiders own 11.64% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Citigroup raised their target price on shares of Alphabet from $225.00 to $280.00 and gave the stock a “buy” rating in a research note on Monday, September 15th. JPMorgan Chase & Co. restated a “buy” rating on shares of Alphabet in a report on Monday. Mizuho set a $295.00 price target on shares of Alphabet and gave the stock an “outperform” rating in a report on Monday, September 29th. Cantor Fitzgerald raised their price target on shares of Alphabet from $201.00 to $265.00 and gave the stock a “neutral” rating in a report on Monday, October 13th. Finally, Morgan Stanley set a $270.00 price target on shares of Alphabet and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $264.34.

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.