Orrstown Financial Services Inc. Boosts Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Orrstown Financial Services Inc. grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 75.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 21,869 shares of the information services provider’s stock after buying an additional 9,384 shares during the period. Alphabet accounts for 1.1% of Orrstown Financial Services Inc.’s portfolio, making the stock its 16th biggest holding. Orrstown Financial Services Inc.’s holdings in Alphabet were worth $3,627,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Christopher J. Hasenberg Inc raised its stake in Alphabet by 75.0% during the 2nd quarter. Christopher J. Hasenberg Inc now owns 140 shares of the information services provider’s stock valued at $26,000 after purchasing an additional 60 shares during the period. Kings Path Partners LLC bought a new stake in Alphabet during the 2nd quarter valued at approximately $36,000. Denver PWM LLC bought a new stake in Alphabet during the 2nd quarter valued at approximately $41,000. Quarry LP bought a new stake in Alphabet during the 2nd quarter valued at approximately $53,000. Finally, CarsonAllaria Wealth Management Ltd. raised its stake in Alphabet by 59.2% during the 1st quarter. CarsonAllaria Wealth Management Ltd. now owns 293 shares of the information services provider’s stock valued at $44,000 after purchasing an additional 109 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Frances Arnold sold 441 shares of the company’s stock in a transaction on Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the completion of the sale, the director now directly owns 16,490 shares in the company, valued at $2,820,779.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP Prabhakar Raghavan sold 34,257 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $162.60, for a total transaction of $5,570,188.20. Following the transaction, the senior vice president now directly owns 312,210 shares of the company’s stock, valued at $50,765,346. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Frances Arnold sold 441 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $171.06, for a total value of $75,437.46. Following the transaction, the director now directly owns 16,490 shares in the company, valued at $2,820,779.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 242,552 shares of company stock worth $40,287,253 in the last three months. 11.55% of the stock is owned by insiders.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research reports. Wedbush reaffirmed an “outperform” rating and issued a $205.00 price objective on shares of Alphabet in a research note on Thursday, October 24th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $190.00 price objective on shares of Alphabet in a research note on Wednesday, October 30th. Phillip Securities raised Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. JMP Securities lifted their price objective on Alphabet from $200.00 to $220.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 30th. Finally, DA Davidson initiated coverage on Alphabet in a research note on Tuesday, September 10th. They issued a “neutral” rating and a $170.00 price objective on the stock. Seven research analysts have rated the stock with a hold rating, thirty-one have given a buy rating and five have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $205.90.

Alphabet Price Performance

Shares of GOOGL stock opened at $178.35 on Friday. Alphabet Inc. has a twelve month low of $127.90 and a twelve month high of $191.75. The stock has a market capitalization of $2.18 trillion, a price-to-earnings ratio of 23.65, a P/E/G ratio of 1.25 and a beta of 1.03. The stock has a fifty day simple moving average of $163.54 and a two-hundred day simple moving average of $169.59. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOGL) last issued its earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to analysts’ expectations of $72.85 billion. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. During the same period in the prior year, the business earned $1.55 EPS. On average, analysts predict that Alphabet Inc. will post 7.99 EPS for the current fiscal year.

Alphabet Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Monday, December 9th will be paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date is Monday, December 9th. Alphabet’s dividend payout ratio (DPR) is currently 10.61%.

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.