Avion Wealth Buys 887 Shares of Alphabet Inc. $GOOG

Avion Wealth grew its stake in Alphabet Inc. (NASDAQ:GOOG) by 72.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,106 shares of the information services provider’s stock after acquiring an additional 887 shares during the quarter. Avion Wealth’s holdings in Alphabet were worth $373,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in GOOG. MorganRosel Wealth Management LLC bought a new position in shares of Alphabet during the first quarter valued at $26,000. IFS Advisors LLC lifted its holdings in shares of Alphabet by 400.0% during the second quarter. IFS Advisors LLC now owns 150 shares of the information services provider’s stock valued at $27,000 after purchasing an additional 120 shares in the last quarter. Robbins Farley lifted its holdings in shares of Alphabet by 60.0% during the second 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 second 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. Finally, Fairman Group LLC lifted its holdings in shares of Alphabet by 121.3% during the second 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 in the last quarter. 27.26% of the stock is owned by institutional investors.

Alphabet Stock Up 2.7%

GOOG stock opened at $260.51 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The business’s 50-day moving average is $237.33 and its two-hundred day moving average is $196.66. The company has a market cap of $3.15 trillion, a price-to-earnings ratio of 27.74, a P/E/G ratio of 1.76 and a beta of 1.00. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $262.51.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, topping analysts’ consensus estimates of $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to analysts’ expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.89 earnings per share. As a group, analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current year.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 600 shares of the company’s stock in a transaction dated Monday, October 13th. The stock was sold at an average price of $242.92, for a total value of $145,752.00. Following the completion of the sale, the director owned 5,116 shares in the company, valued at $1,242,778.72. This represents a 10.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 2,778 shares of the company’s stock in a transaction dated Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer owned 14,516 shares of the company’s stock, valued at approximately $3,629,725.80. The trade was a 16.06% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,150 shares of company stock valued at $55,805,379. 12.99% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on GOOG. Raymond James Financial set a $275.00 price target on Alphabet and gave the company an “outperform” rating in a report on Friday. TD Cowen upped their price target on Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. Piper Sandler reaffirmed a “neutral” rating on shares of Alphabet in a report on Wednesday, July 9th. Phillip Securities downgraded Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Finally, UBS Group set a $255.00 target price on Alphabet and gave the company a “neutral” rating in a report on Thursday, October 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $249.68.

Alphabet 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.