Ropes Wealth Advisors LLC Raises Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

view original post

Ropes Wealth Advisors LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGLGet Rating) by 24.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,064 shares of the information services provider’s stock after buying an additional 799 shares during the period. Alphabet makes up 1.9% of Ropes Wealth Advisors LLC’s portfolio, making the stock its 6th biggest position. Ropes Wealth Advisors LLC’s holdings in Alphabet were worth $11,303,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Affinity Capital Advisors LLC increased its position in Alphabet by 1.3% in the fourth quarter. Affinity Capital Advisors LLC now owns 310 shares of the information services provider’s stock worth $898,000 after buying an additional 4 shares during the last quarter. Summit Financial Strategies Inc. increased its position in Alphabet by 1.3% in the fourth quarter. Summit Financial Strategies Inc. now owns 322 shares of the information services provider’s stock worth $933,000 after buying an additional 4 shares during the last quarter. Palisades Hudson Asset Management L.P. increased its position in Alphabet by 1.1% in the fourth quarter. Palisades Hudson Asset Management L.P. now owns 361 shares of the information services provider’s stock worth $1,046,000 after buying an additional 4 shares during the last quarter. AFT Forsyth & Company Inc. increased its position in Alphabet by 0.3% in the fourth quarter. AFT Forsyth & Company Inc. now owns 1,183 shares of the information services provider’s stock worth $3,427,000 after buying an additional 4 shares during the last quarter. Finally, Bay Harbor Wealth Management LLC increased its position in Alphabet by 6.8% in the fourth quarter. Bay Harbor Wealth Management LLC now owns 63 shares of the information services provider’s stock worth $175,000 after buying an additional 4 shares during the last quarter. Institutional investors own 41.70% of the company’s stock.

Insider Activity at Alphabet

In related news, Director John L. Hennessy sold 31 shares of the business’s stock in a transaction dated Monday, May 9th. The stock was sold at an average price of $2,280.98, for a total transaction of $70,710.38. Following the transaction, the director now owns 265 shares in the company, valued at approximately $604,459.70. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 847 shares of the company’s stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of $114.33, for a total transaction of $96,837.51. Following the transaction, the chief accounting officer now owns 24,052 shares in the company, valued at approximately $2,749,865.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 31 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The stock was sold at an average price of $2,280.98, for a total value of $70,710.38. Following the transaction, the director now owns 265 shares in the company, valued at approximately $604,459.70. The disclosure for this sale can be found here. Insiders have sold a total of 7,584 shares of company stock worth $11,646,684 in the last 90 days. Company insiders own 11.44% of the company’s stock.

Alphabet Stock Up 2.6 %

GOOGL opened at $118.08 on Thursday. The company has a market cap of $1.56 trillion, a P/E ratio of 21.97, a P/E/G ratio of 1.85 and a beta of 1.08. The business’s 50-day moving average price is $154.96 and its 200-day moving average price is $138.24. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 12 month low of $101.88 and a 12 month high of $151.55.

Alphabet (NASDAQ:GOOGLGet Rating) last announced its quarterly earnings results on Tuesday, July 26th. The information services provider reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.11). Alphabet had a net margin of 25.89% and a return on equity of 28.65%. During the same period in the previous year, the company posted $27.26 EPS. On average, equities analysts expect that Alphabet Inc. will post 5.22 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on GOOGL. Wolfe Research reduced their price target on Alphabet from $175.00 to $145.00 and set an “outperform” rating for the company in a research report on Wednesday, April 27th. Monness Crespi & Hardt reduced their price target on Alphabet to $145.00 in a research report on Tuesday, July 5th. Credit Suisse Group reduced their price target on Alphabet from $143.00 to $140.00 and set an “outperform” rating for the company in a research report on Wednesday, July 27th. Wedbush reduced their price target on Alphabet from $190.00 to $155.65 in a research report on Wednesday, April 27th. Finally, Exane BNP Paribas cut Alphabet from an “outperform” rating to a “neutral” rating in a research report on Wednesday, July 20th. Five investment analysts have rated the stock with a hold rating, thirty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $147.36.

Alphabet Profile

(Get Rating)

Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Featured Articles

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGLGet Rating).

Receive News & Ratings for Alphabet Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Alphabet and related companies with MarketBeat.com’s FREE daily email newsletter.

Related Posts