Foster & Motley Inc. Lowers Stock Position in Alphabet Inc. $GOOGL

Foster & Motley Inc. cut its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 11,116 shares of the information services provider’s stock after selling 176 shares during the period. Foster & Motley Inc.’s holdings in Alphabet were worth $1,959,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Guardian Wealth Management Inc. grew its position 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 during the last quarter. von Borstel & Associates Inc. purchased a new position in Alphabet in the 1st quarter valued at $28,000. IMA Advisory Services Inc. purchased a new position in Alphabet in the 1st quarter valued at $28,000. NBZ Investment Advisors LLC grew its position 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 during the last quarter. Finally, Financial Gravity Asset Management Inc. purchased a new position in Alphabet in the 1st quarter valued at $39,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms recently weighed in on GOOGL. Guggenheim reiterated a “buy” rating and issued a $280.00 price objective (up from $210.00) on shares of Alphabet in a research report on Friday, October 17th. Hsbc Global Res upgraded shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. Mizuho set a $295.00 price objective on shares of Alphabet and gave the company an “outperform” rating in a research report on Monday, September 29th. Citizens Jmp lifted their price objective on shares of Alphabet from $250.00 to $290.00 and gave the company an “outperform” rating in a research report on Friday, September 19th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $288.00 price objective on shares of Alphabet in a research report on Tuesday, October 14th. Three research analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat, Alphabet currently has an average rating of “Moderate Buy” and an average price target of $264.34.

Alphabet Price Performance

GOOGL stock opened at $267.47 on Wednesday. The firm has a 50 day moving average of $239.35 and a 200-day moving average of $197.43. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $270.73. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The company has a market cap of $3.23 trillion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.82 and a beta of 1.00.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction 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. The trade was a 1.34% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on 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 trade represents a 35.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 246,150 shares of company stock valued at $55,805,379 in the last 90 days. 11.55% of the stock is currently owned by insiders.

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.