Altus Wealth Group LLC Cuts Stake in Alphabet Inc. $GOOGL

Altus Wealth Group LLC lessened its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 4.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,788 shares of the information services provider’s stock after selling 624 shares during the quarter. Alphabet makes up approximately 1.1% of Altus Wealth Group LLC’s portfolio, making the stock its 20th biggest position. Altus Wealth Group LLC’s holdings in Alphabet were worth $2,430,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in GOOGL. Guardian Wealth Management Inc. boosted its stake in shares of Alphabet by 242.9% during the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 119 shares during the period. von Borstel & Associates Inc. purchased a new stake in shares of Alphabet during the first quarter valued at approximately $28,000. IMA Advisory Services Inc. purchased a new stake in shares of Alphabet during the first quarter valued at approximately $28,000. NBZ Investment Advisors LLC boosted its stake in shares of Alphabet by 85.7% during the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. purchased a new stake in shares of Alphabet during the first quarter valued at approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction on 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 completion of the transaction, the insider directly owned 42,999 shares in the company, valued at $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the firm’s stock in a transaction 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 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 246,150 shares of company stock worth $55,805,379 over the last three months. 11.64% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wolfe Research raised their price target on Alphabet from $220.00 to $290.00 in a research note on Tuesday, September 30th. Needham & Company LLC raised their price target on Alphabet from $220.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Loop Capital raised their price target on Alphabet from $190.00 to $260.00 and gave the stock a “hold” rating in a research note on Friday, October 24th. Truist Financial raised their price target on Alphabet from $225.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, September 22nd. Finally, Royal Bank Of Canada raised their price target on Alphabet from $220.00 to $260.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have given a Buy rating and ten have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $266.69.

Alphabet Stock Performance

Shares of Alphabet stock opened at $274.57 on Thursday. 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 firm has a market capitalization of $3.32 trillion, a P/E ratio of 29.24, a P/E/G ratio of 1.81 and a beta of 1.00. The business has a fifty day simple moving average of $240.86 and a two-hundred day simple moving average of $198.25. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $275.34.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share 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, equities analysts forecast that Alphabet Inc. will post 8.9 earnings per share for the current fiscal year.

Alphabet Company Profile

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.