Magnolia Wealth Management LLC Makes New $7 Million Investment in Alphabet Inc. (NASDAQ:GOOGL)

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Magnolia Wealth Management LLC acquired a new position in Alphabet Inc. (NASDAQ:GOOGLGet Rating) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,601 shares of the information services provider’s stock, valued at approximately $6,996,000. Alphabet makes up 0.5% of Magnolia Wealth Management LLC’s holdings, making the stock its 13th largest holding.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Fort L.P. raised its position in shares of Alphabet by 79.9% during the 4th quarter. Fort L.P. now owns 367 shares of the information services provider’s stock valued at $1,063,000 after buying an additional 163 shares in the last quarter. MYDA Advisors LLC purchased a new stake in Alphabet during the fourth quarter valued at about $3,476,000. Greenwoods Asset Management Hong Kong Ltd. raised its position in Alphabet by 102.0% during the fourth quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 98,233 shares of the information services provider’s stock valued at $284,585,000 after purchasing an additional 49,600 shares in the last quarter. Equitable Holdings Inc. raised its holdings in shares of Alphabet by 4.9% during the 4th quarter. Equitable Holdings Inc. now owns 6,598 shares of the information services provider’s stock valued at $19,115,000 after buying an additional 311 shares in the last quarter. Finally, Core Alternative Capital raised its holdings in shares of Alphabet by 0.5% during the 4th quarter. Core Alternative Capital now owns 2,582 shares of the information services provider’s stock valued at $6,917,000 after buying an additional 13 shares in the last quarter. Hedge funds and other institutional investors own 1.88% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GOOGL. Credit Suisse Group decreased their price objective on Alphabet from $143.00 to $140.00 and set an “outperform” rating on the stock in a report on Wednesday, July 27th. Evercore ISI decreased their target price on shares of Alphabet from $155.50 to $140.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 27th. Susquehanna Bancshares cut their price target on shares of Alphabet from $187.50 to $150.00 and set a “positive” rating for the company in a research report on Wednesday, July 27th. UBS Group decreased their price objective on Alphabet from $133.00 to $132.00 and set a “buy” rating on the stock in a report on Wednesday, July 27th. Finally, Exane BNP Paribas lowered Alphabet from an “outperform” rating to a “neutral” rating in a research report on Wednesday, July 20th. Five research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $147.41.

Alphabet Stock Performance

Shares of GOOGL stock opened at $104.32 on Wednesday. Alphabet Inc. has a one year low of $101.88 and a one year high of $151.55. The company’s 50-day moving average is $113.65 and its 200 day moving average is $119.36. The company has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 19.41, a price-to-earnings-growth ratio of 1.79 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.78 and a current ratio of 2.81.

Alphabet (NASDAQ:GOOGLGet Rating) last posted its quarterly earnings results on Tuesday, July 26th. The information services provider reported $1.21 EPS for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Alphabet had a net margin of 25.89% and a return on equity of 28.65%. The firm had revenue of $57.47 billion for the quarter, compared to analysts’ expectations of $57.55 billion. During the same quarter in the previous year, the company earned $27.26 EPS. Sell-side analysts expect that Alphabet Inc. will post 5.21 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In related news, Director Ann Mather sold 20 shares of the stock in a transaction on Monday, June 27th. The stock was sold at an average price of $2,383.32, for a total transaction of $47,666.40. Following the sale, the director now directly owns 565 shares of the company’s stock, valued at $1,346,575.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction on Friday, September 9th. The stock was sold at an average price of $110.00, for a total value of $165,000.00. Following the transaction, the director now directly owns 33,260 shares in the company, valued at approximately $3,658,600. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ann Mather sold 20 shares of the firm’s stock in a transaction on Monday, June 27th. The stock was sold at an average price of $2,383.32, for a total value of $47,666.40. Following the completion of the transaction, the director now owns 565 shares in the company, valued at $1,346,575.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,536 shares of company stock worth $15,729,998. Insiders own 11.44% of the company’s stock.

About Alphabet

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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.

Further Reading

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