Alphabet Inc. $GOOGL Shares Purchased by Canvas Wealth Advisors LLC

Canvas Wealth Advisors LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 8.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 118,489 shares of the information services provider’s stock after purchasing an additional 9,452 shares during the period. Alphabet accounts for approximately 4.6% of Canvas Wealth Advisors LLC’s portfolio, making the stock its 4th largest position. Canvas Wealth Advisors LLC’s holdings in Alphabet were worth $22,819,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of GOOGL. Guardian Wealth Management Inc. grew 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 worth $26,000 after purchasing an additional 119 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in Alphabet in the first quarter valued at $28,000. IMA Advisory Services Inc. acquired a new position in Alphabet in the first quarter valued at $28,000. NBZ Investment Advisors LLC boosted its stake in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in Alphabet in the first quarter valued at $39,000. Institutional investors and hedge funds own 40.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Wall Street Zen downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $300.00 to $340.00 and gave the company an “overweight” rating in a research note on Thursday. Susquehanna upped their price objective on shares of Alphabet from $225.00 to $350.00 and gave the company a “positive” rating in a research note on Thursday. JMP Securities restated a “market outperform” rating and issued a $290.00 price objective on shares of Alphabet in a research note on Wednesday, October 22nd. Finally, New Street Research upped their price objective on shares of Alphabet from $275.00 to $295.00 in a research note on Friday, October 24th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-three have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $301.32.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction dated Wednesday, September 17th. The shares were 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 directly owned 2,397,392 shares of the company’s stock, valued at $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. 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 over the last ninety days. Corporate insiders own 11.64% of the company’s stock.

Alphabet Price Performance

Shares of NASDAQ:GOOGL opened at $281.48 on Friday. The company has a 50-day simple moving average of $242.49 and a 200-day simple moving average of $198.83. Alphabet Inc. has a one year low of $140.53 and a one year high of $291.59. 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 stock has a market capitalization of $3.40 trillion, a price-to-earnings ratio of 27.76, a PEG ratio of 1.86 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 EPS for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The business had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. On average, analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

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.