IMG Wealth Management Inc. Boosts Position in Alphabet Inc. $GOOGL

IMG Wealth Management Inc. boosted its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 115.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 723 shares of the information services provider’s stock after buying an additional 387 shares during the period. IMG Wealth Management Inc.’s holdings in Alphabet were worth $127,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Mystic Asset Management Inc. increased 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 during the period. Harbour Trust & Investment Management Co increased 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 during the period. Cypress Capital LLC increased its holdings in shares of Alphabet by 4.1% in the first quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock valued at $2,213,000 after purchasing an additional 563 shares during the period. Bridgeway Capital Management LLC increased its holdings in shares of Alphabet by 17.9% in the first quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after purchasing an additional 13,371 shares during the period. Finally, Alaethes Wealth LLC increased its holdings in shares of Alphabet by 1.1% in the first quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock valued at $1,182,000 after purchasing an additional 84 shares during the period. Institutional investors and hedge funds own 40.03% of the company’s stock.

Alphabet Stock Down 0.1%

Alphabet stock opened at $281.31 on Friday. 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 firm has a market capitalization of $3.40 trillion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $291.59. The stock’s fifty day moving average is $244.00 and its two-hundred day moving average is $199.68.

Alphabet (NASDAQ:GOOGL) last posted its 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. The company had revenue of $102.35 billion for 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%. Analysts predict that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

Insider Buying and Selling

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer directly owned 14,516 shares in the company, valued at $3,629,725.80. This trade represents a 16.06% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 246,150 shares of company stock valued at $55,805,379 in the last three months. 11.64% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on GOOGL. Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Melius Research boosted their target price on Alphabet from $220.00 to $255.00 in a report on Thursday, September 25th. Jefferies Financial Group increased their price objective on Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays reiterated an “overweight” rating and issued a $315.00 price objective (up previously from $250.00) on shares of Alphabet in a research report on Thursday. Finally, Roth Capital increased their price objective on Alphabet from $210.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Three analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $301.98.

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.