Golden State Wealth Management LLC boosted its stake in shares of Alphabet Inc (NASDAQ:GOOG) by 0.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 895 shares of the information services provider’s stock after purchasing an additional 8 shares during the quarter. Golden State Wealth Management LLC’s holdings in Alphabet were worth $1,091,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the business. Orrstown Financial Services Inc. acquired a new stake in shares of Alphabet during the third quarter worth $26,000. HMS Capital Management LLC acquired a new stake in shares of Alphabet during the second quarter worth $38,000. Vista Private Wealth Partners. LLC acquired a new stake in shares of Alphabet during the third quarter worth $46,000. Candriam Luxembourg S.C.A. lifted its holdings in shares of Alphabet by 3.9% during the third quarter. Candriam Luxembourg S.C.A. now owns 39,076 shares of the information services provider’s stock worth $48,000 after buying an additional 1,470 shares in the last quarter. Finally, First PREMIER Bank lifted its holdings in shares of Alphabet by 44.4% during the third quarter. First PREMIER Bank now owns 52 shares of the information services provider’s stock worth $63,000 after buying an additional 16 shares in the last quarter. 33.80% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have recently weighed in on GOOG. Cowen lifted their target price on Alphabet from $1,400.00 to $1,500.00 and gave the stock an “outperform” rating in a report on Friday, July 26th. Wedbush boosted their price target on Alphabet from $1,350.00 to $1,500.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Zacks Investment Research raised Alphabet from a “hold” rating to a “buy” rating and set a $1,363.00 price target for the company in a research note on Wednesday, October 16th. Credit Suisse Group boosted their price target on Alphabet from $1,500.00 to $1,700.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Guggenheim boosted their price target on Alphabet from $1,425.00 to $1,525.00 and gave the company a “buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $1,401.67.
Alphabet (NASDAQ:GOOG) last issued its earnings results on Thursday, July 25th. The information services provider reported $14.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $11.49 by $2.72. The firm had revenue of $38.94 billion during the quarter, compared to the consensus estimate of $38.21 billion. Alphabet had a return on equity of 20.15% and a net margin of 23.43%. The business’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $11.75 earnings per share. Analysts forecast that Alphabet Inc will post 51.33 earnings per share for the current fiscal year.
In other news, CAO Amie Thuener O’toole sold 54 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $1,191.53, for a total transaction of $64,342.62. Following the sale, the chief accounting officer now directly owns 388 shares in the company, valued at $462,313.64. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP David C. Drummond sold 1,600 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $1,179.44, for a total value of $1,887,104.00. Following the sale, the senior vice president now owns 44,482 shares in the company, valued at $52,463,850.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,391 shares of company stock valued at $6,502,992. Insiders own 12.99% of the company’s stock.
Alphabet Company Profile
Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.
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