Archer Investment Corp Purchases 652 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Archer Investment Corp grew its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 22,997 shares of the information services provider’s stock after buying an additional 652 shares during the period. Alphabet accounts for 1.0% of Archer Investment Corp’s investment portfolio, making the stock its 20th largest position. Archer Investment Corp’s holdings in Alphabet were worth $2,753,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Spreng Capital Management Inc. raised its holdings in Alphabet by 4.0% during the 1st quarter. Spreng Capital Management Inc. now owns 131 shares of the information services provider’s stock valued at $364,000 after buying an additional 5 shares during the last quarter. West Family Investments Inc. increased its position in shares of Alphabet by 0.3% in the first quarter. West Family Investments Inc. now owns 1,754 shares of the information services provider’s stock valued at $4,878,000 after acquiring an additional 6 shares during the period. Maple Capital Management Inc. raised its stake in shares of Alphabet by 2.1% during the first quarter. Maple Capital Management Inc. now owns 296 shares of the information services provider’s stock valued at $823,000 after acquiring an additional 6 shares during the last quarter. Private Advisory Group LLC boosted its holdings in shares of Alphabet by 1.8% during the first quarter. Private Advisory Group LLC now owns 401 shares of the information services provider’s stock worth $1,115,000 after purchasing an additional 7 shares during the period. Finally, Weik Capital Management grew its stake in shares of Alphabet by 0.5% in the first quarter. Weik Capital Management now owns 1,533 shares of the information services provider’s stock worth $4,264,000 after purchasing an additional 8 shares during the last quarter. Institutional investors own 35.08% of the company’s stock.

Alphabet Stock Down 1.2 %

Shares of Alphabet stock opened at $135.31 on Monday. Alphabet Inc. has a twelve month low of $84.86 and a twelve month high of $141.22. The company has a quick ratio of 2.01, a current ratio of 2.04 and a debt-to-equity ratio of 0.05. The company’s 50 day moving average is $133.44 and its 200 day moving average is $127.65. The company has a market cap of $1.69 trillion, a price-to-earnings ratio of 25.97, a price-to-earnings-growth ratio of 1.51 and a beta of 1.05.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.10. The company had revenue of $64.05 billion for the quarter, compared to the consensus estimate of $63.13 billion. Alphabet had a return on equity of 25.24% and a net margin of 22.46%. Research analysts anticipate that Alphabet Inc. will post 5.74 EPS for the current year.

Insider Activity at Alphabet

In other Alphabet news, Director Ann Mather sold 220 shares of the stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $130.14, for a total value of $28,630.80. Following the transaction, the director now directly owns 4,818 shares in the company, valued at $627,014.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Ann Mather sold 220 shares of the stock in a transaction that occurred on Friday, August 25th. The shares were sold at an average price of $130.14, for a total value of $28,630.80. Following the completion of the sale, the director now directly owns 4,818 shares of the company’s stock, valued at approximately $627,014.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frances Arnold sold 230 shares of Alphabet stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $135.56, for a total transaction of $31,178.80. Following the transaction, the director now directly owns 13,618 shares in the company, valued at approximately $1,846,056.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 176,576 shares of company stock worth $23,425,367. 0.88% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on GOOGL. Monness Crespi & Hardt cut Alphabet from a “buy” rating to a “neutral” rating in a report on Wednesday, October 25th. Evercore ISI raised their price target on Alphabet from $130.00 to $160.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 26th. Morgan Stanley reduced their price objective on shares of Alphabet from $155.00 to $150.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 25th. StockNews.com cut shares of Alphabet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 14th. Finally, Wedbush reiterated an “outperform” rating and set a $160.00 price target on shares of Alphabet in a research report on Wednesday, October 25th. Five analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $147.00.

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.