Alphabet Inc. $GOOGL Stock Position Raised by Balboa Wealth Partners

Balboa Wealth Partners lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 12.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 17,723 shares of the information services provider’s stock after acquiring an additional 2,031 shares during the quarter. Alphabet accounts for 0.6% of Balboa Wealth Partners’ portfolio, making the stock its 28th largest holding. Balboa Wealth Partners’ holdings in Alphabet were worth $3,123,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Mystic Asset Management Inc. lifted its holdings in shares of Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock valued at $4,400,000 after purchasing an additional 1,791 shares in the last quarter. 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 purchasing an additional 80 shares in the last quarter. Cypress Capital LLC raised its holdings in shares of Alphabet by 4.1% during the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after acquiring an additional 563 shares in the last quarter. Bridgeway Capital Management LLC raised its holdings in shares of Alphabet by 17.9% during the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after acquiring an additional 13,371 shares in the last quarter. Finally, Alaethes Wealth LLC raised its holdings in shares of Alphabet by 1.1% during the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after acquiring an additional 84 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. This represents a 1.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 246,150 shares of company stock worth $55,805,379 over the last three months. Company insiders own 11.64% of the company’s stock.

Alphabet Price Performance

NASDAQ GOOGL opened at $274.57 on Thursday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $275.34. 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 firm has a market cap of $3.32 trillion, a P/E ratio of 29.24, a price-to-earnings-growth ratio of 1.81 and a beta of 1.00. The stock’s 50-day moving average is $240.86 and its two-hundred day moving average is $198.25.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on GOOGL shares. Mizuho set a $295.00 price objective on Alphabet and gave the stock an “outperform” rating in a report on Monday, September 29th. Melius Research increased their price objective on Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. Guggenheim reiterated a “buy” rating and set a $280.00 price objective (up from $210.00) on shares of Alphabet in a report on Friday, October 17th. Sanford C. Bernstein increased their price objective on Alphabet from $210.00 to $260.00 and gave the stock a “market perform” rating in a report on Wednesday, October 22nd. Finally, Truist Financial increased their price objective on Alphabet from $225.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, September 22nd. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $266.69.

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.