Alphabet Inc. $GOOGL Shares Purchased by Drive Wealth Management LLC

Drive Wealth Management LLC lifted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 26,483 shares of the information services provider’s stock after purchasing an additional 680 shares during the quarter. Alphabet comprises about 1.0% of Drive Wealth Management LLC’s holdings, making the stock its 18th largest holding. Drive Wealth Management LLC’s holdings in Alphabet were worth $4,667,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Canvas Wealth Advisors LLC increased its holdings in shares of Alphabet by 8.7% in the second quarter. Canvas Wealth Advisors LLC now owns 118,489 shares of the information services provider’s stock valued at $22,819,000 after purchasing an additional 9,452 shares during the last quarter. Schnieders Capital Management LLC grew its position in Alphabet by 3.5% in the second quarter. Schnieders Capital Management LLC now owns 110,124 shares of the information services provider’s stock worth $19,407,000 after acquiring an additional 3,696 shares during the period. CORDA Investment Management LLC. grew its position in Alphabet by 2.5% in the second quarter. CORDA Investment Management LLC. now owns 221,692 shares of the information services provider’s stock worth $39,069,000 after acquiring an additional 5,352 shares during the period. Asset Management Advisors LLC purchased a new position in Alphabet in the second quarter worth approximately $5,858,000. Finally, CMG Global Holdings LLC grew its position in Alphabet by 15.6% in the second quarter. CMG Global Holdings LLC now owns 2,610 shares of the information services provider’s stock worth $503,000 after acquiring an additional 353 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on GOOGL. Hsbc Global Res upgraded Alphabet to a “strong-buy” rating in a research report on Tuesday, October 7th. UBS Group reiterated a “neutral” rating and issued a $306.00 price objective (up from $255.00) on shares of Alphabet in a research report on Thursday. Wedbush reiterated an “outperform” rating and issued a $320.00 price objective (up from $245.00) on shares of Alphabet in a research report on Thursday. DA Davidson increased their price objective on Alphabet from $190.00 to $300.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Loop Capital increased their price objective on Alphabet from $190.00 to $260.00 and gave the stock a “hold” rating in a research report on Friday, October 24th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $301.32.

Insider Activity at Alphabet

In related 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 value of $8,108,750.00. Following the completion of the transaction, the chief executive officer directly owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 246,150 shares of company stock worth $55,805,379. Company insiders own 11.64% of the company’s stock.

Alphabet Trading Up 2.5%

GOOGL opened at $281.48 on Friday. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $291.59. The business has a fifty day simple moving average of $242.49 and a 200-day simple moving average of $198.83. The firm has a market cap of $3.40 trillion, a P/E ratio of 27.76, a P/E/G ratio of 1.86 and a beta of 1.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07.

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