Prosperity Financial Group Inc. Lowers Position in Alphabet Inc. $GOOGL

Prosperity Financial Group Inc. reduced its stake in Alphabet Inc. (NASDAQ:GOOGL) by 2.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,715 shares of the information services provider’s stock after selling 446 shares during the quarter. Alphabet makes up 1.4% of Prosperity Financial Group Inc.’s investment portfolio, making the stock its 20th largest holding. Prosperity Financial Group Inc.’s holdings in Alphabet were worth $3,298,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of GOOGL. Brighton Jones LLC grew its stake in Alphabet by 3.9% in the 4th quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider’s stock valued at $20,886,000 after purchasing an additional 4,110 shares during the period. Revolve Wealth Partners LLC grew its stake in shares of Alphabet by 3.5% during the 4th quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider’s stock worth $2,826,000 after acquiring an additional 506 shares during the period. Buttonwood Financial Advisors Inc. boosted its stake in Alphabet by 5.9% in the 1st quarter. Buttonwood Financial Advisors Inc. now owns 67,903 shares of the information services provider’s stock worth $10,501,000 after purchasing an additional 3,771 shares during the period. Amalgamated Bank boosted its stake in Alphabet by 1.8% in the 1st quarter. Amalgamated Bank now owns 1,281,303 shares of the information services provider’s stock worth $198,141,000 after purchasing an additional 22,700 shares during the period. Finally, Albion Financial Group UT boosted its stake in Alphabet by 0.6% in the 1st quarter. Albion Financial Group UT now owns 264,213 shares of the information services provider’s stock worth $40,858,000 after purchasing an additional 1,691 shares during the period. Institutional investors own 40.03% of the company’s stock.

Insiders Place Their Bets

In other news, Director John L. Hennessy sold 1,000 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $200.00, for a total value of $200,000.00. Following the completion of the transaction, the director owned 6,916 shares of the company’s stock, valued at $1,383,200. This represents a 12.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction dated Monday, September 29th. The stock was sold at an average price of $247.42, for a total value of $4,408,034.72. Following the completion of the transaction, the insider directly owned 42,985 shares of the company’s stock, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 222,330 shares of company stock worth $51,167,625. 11.64% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several analysts have weighed in on GOOGL shares. Jefferies Financial Group raised their price target on Alphabet from $285.00 to $320.00 and gave the company a “buy” rating in a report on Thursday. Westpark Capital lifted their price target on Alphabet from $210.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, July 24th. Deutsche Bank Aktiengesellschaft lifted their price objective on Alphabet from $260.00 to $340.00 and gave the stock a “buy” rating in a research report on Thursday. Mizuho set a $325.00 price objective on Alphabet in a research report on Thursday. Finally, JMP Securities restated a “market outperform” rating and set a $290.00 price target on shares of Alphabet in a research report on Wednesday, October 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $302.20.

Alphabet Stock Down 0.1%

Alphabet stock opened at $281.31 on Monday. The stock has a market cap of $3.40 trillion, a PE ratio of 27.74, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00. 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 Inc. has a one year low of $140.53 and a one year high of $291.59. The stock has a fifty day moving average of $244.00 and a 200 day moving average of $200.31.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The business had revenue of $102.35 billion during the quarter, compared to analyst estimates of $99.90 billion. As a group, sell-side 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.