Principle Wealth Partners LLC Grows Stock Position in Alphabet Inc. $GOOGL

Principle Wealth Partners LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 4.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 94,138 shares of the information services provider’s stock after buying an additional 4,332 shares during the quarter. Alphabet comprises approximately 1.0% of Principle Wealth Partners LLC’s portfolio, making the stock its 21st largest position. Principle Wealth Partners LLC’s holdings in Alphabet were worth $16,590,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Guardian Wealth Management Inc. raised its position in Alphabet by 242.9% in 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 position in Alphabet in the first quarter valued at $28,000. IMA Advisory Services Inc. purchased 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. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Price Performance

GOOGL opened at $281.31 on Monday. The company has a 50-day moving average of $244.00 and a 200-day moving average of $200.31. The company has a market capitalization of $3.40 trillion, a P/E ratio of 27.74, a PEG ratio of 1.86 and a beta of 1.00. Alphabet Inc. has a 1-year low of $140.53 and a 1-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.

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

Insider Activity

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the business’s stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. The trade was a 29.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John L. Hennessy sold 1,000 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total transaction of $200,000.00. Following the sale, the director owned 6,916 shares in the company, valued at $1,383,200. This trade represents a 12.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 222,330 shares of company stock valued at $51,167,625. Company insiders own 11.64% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on GOOGL shares. CICC Research increased their target price on shares of Alphabet from $240.00 to $303.00 and gave the stock an “outperform” rating in a research note on Friday. Phillip Securities downgraded shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, September 8th. Citizens Jmp raised their price objective on shares of Alphabet from $250.00 to $290.00 and gave the stock an “outperform” rating in a research note on Friday, September 19th. CIBC raised their target price on shares of Alphabet to $315.00 in a research report on Monday, October 20th. Finally, Truist Financial lifted their price target on shares of Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $302.20.

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.