Archer Investment Corp Purchases 615 Shares of Alphabet Inc. $GOOG

Archer Investment Corp increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 28.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,789 shares of the information services provider’s stock after purchasing an additional 615 shares during the period. Archer Investment Corp’s holdings in Alphabet were worth $495,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. IFS Advisors LLC lifted its holdings in Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock worth $27,000 after acquiring an additional 120 shares in the last quarter. Robbins Farley lifted its holdings in shares of Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 60 shares in the last quarter. WestEnd Advisors LLC lifted its holdings in shares of Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider’s stock valued at $29,000 after purchasing an additional 61 shares in the last quarter. University of Illinois Foundation acquired a new position in shares of Alphabet in the 2nd quarter valued at approximately $31,000. Finally, Fairman Group LLC grew its position in shares of Alphabet by 121.3% in the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock valued at $31,000 after purchasing an additional 97 shares during the period. Institutional investors and hedge funds own 27.26% of the company’s stock.

Wall Street Analyst Weigh In

GOOG has been the topic of several research reports. Oppenheimer boosted their target price on Alphabet from $300.00 to $345.00 and gave the company an “outperform” rating in a research note on Thursday, October 30th. Loop Capital upgraded shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Tuesday. Wolfe Research increased their target price on shares of Alphabet from $290.00 to $350.00 and gave the stock an “outperform” rating in a report on Thursday, October 30th. KeyCorp reaffirmed an “overweight” rating and issued a $330.00 target price on shares of Alphabet in a research report on Thursday, October 30th. Finally, Phillip Securities upgraded shares of Alphabet from a “moderate buy” rating to a “strong-buy” rating in a research note on Friday, November 7th. Seven research analysts have rated the stock with a Strong Buy rating, twenty-six have given a Buy rating, four have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $324.81.

Insiders Place Their Bets

In other news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total transaction of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares in the company, valued at $3,629,725.80. The trade was a 16.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider John Kent Walker sold 17,816 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 195,452 shares of company stock worth $49,255,209. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOG opened at $289.98 on Friday. The firm’s fifty day moving average price is $261.82 and its two-hundred day moving average price is $212.97. The stock has a market cap of $3.50 trillion, a PE ratio of 28.60, a PEG ratio of 1.86 and a beta of 1.05. 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 fifty-two week low of $142.66 and a fifty-two week high of $306.89.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, October 30th. The information services provider reported $2.87 EPS for the quarter, topping analysts’ consensus estimates 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%.The firm’s quarterly revenue was up 15.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.12 earnings per share. On average, equities analysts expect that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 8th will be issued a $0.21 dividend. The ex-dividend date is Monday, December 8th. This represents a $0.84 annualized dividend and a yield of 0.3%. Alphabet’s dividend payout ratio is presently 8.28%.

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.