Drive Wealth Management LLC Grows Position in Alphabet Inc. $GOOG

Drive Wealth Management LLC increased its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 20,261 shares of the information services provider’s stock after buying an additional 260 shares during the quarter. Alphabet comprises 0.8% of Drive Wealth Management LLC’s investment portfolio, making the stock its 26th biggest holding. Drive Wealth Management LLC’s holdings in Alphabet were worth $3,594,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GOOG. MorganRosel Wealth Management LLC purchased a new position in Alphabet during the 1st quarter worth approximately $26,000. IFS Advisors LLC grew its stake in shares of Alphabet by 400.0% in the 2nd 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 during the last quarter. Robbins Farley grew its stake in shares of Alphabet by 60.0% in the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 60 shares during the last quarter. WestEnd Advisors LLC grew its stake in shares of Alphabet by 58.7% in the 2nd 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 during the last quarter. Finally, Fairman Group LLC grew its stake in shares of Alphabet by 121.3% in the 2nd 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 during the last quarter. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on GOOG. Hsbc Global Res upgraded Alphabet to a “strong-buy” rating in a research note on Tuesday, October 7th. Cowen reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, October 8th. Raymond James Financial reiterated an “outperform” rating and issued a $210.00 target price (up from $185.00) on shares of Alphabet in a research note on Thursday, July 24th. Barclays reiterated a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Scotiabank reiterated an “outperform” rating and issued a $310.00 target price on shares of Alphabet in a research note on Thursday, October 16th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $246.26.

Insider Buying and Selling

In related news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at approximately $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total value of $8,108,750.00. Following the transaction, the chief executive officer directly owned 2,397,392 shares of the company’s stock, valued at approximately $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,150 shares of company stock valued at $55,805,379. 12.99% of the stock is owned by insiders.

Alphabet Stock Up 0.5%

Alphabet stock opened at $252.53 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 1-year low of $142.66 and a 1-year high of $257.88. The company has a market cap of $3.05 trillion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The stock’s 50 day moving average price is $235.22 and its 200 day moving average price is $194.81.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.12 by $0.19. The firm had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.89 earnings per share. On average, sell-side analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Alphabet Company 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.