Prospect Financial Services LLC Increases Position in Alphabet Inc. (NASDAQ:GOOGL)

Prospect Financial Services LLC raised its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 9.5% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,120 shares of the information services provider’s stock after purchasing an additional 2,438 shares during the period. Alphabet comprises 2.9% of Prospect Financial Services LLC’s portfolio, making the stock its 10th biggest position. Prospect Financial Services LLC’s holdings in Alphabet were worth $4,664,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. New Hampshire Trust increased its holdings in Alphabet by 2.7% during the second quarter. New Hampshire Trust now owns 43,714 shares of the information services provider’s stock valued at $7,963,000 after buying an additional 1,132 shares during the period. Berkshire Money Management Inc. bought a new stake in Alphabet during the 1st quarter valued at $359,000. Schneider Downs Wealth Management Advisors LP boosted its position in Alphabet by 58.4% during the 1st quarter. Schneider Downs Wealth Management Advisors LP now owns 6,374 shares of the information services provider’s stock valued at $962,000 after acquiring an additional 2,351 shares in the last quarter. Trinity Financial Advisors LLC raised its position in shares of Alphabet by 4.5% in the 3rd quarter. Trinity Financial Advisors LLC now owns 4,423 shares of the information services provider’s stock worth $771,000 after acquiring an additional 190 shares in the last quarter. Finally, StoneCrest Wealth Management Inc. raised its position in shares of Alphabet by 0.7% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 21,509 shares of the information services provider’s stock worth $3,567,000 after acquiring an additional 140 shares in the last quarter. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on GOOGL. The Goldman Sachs Group cut their target price on Alphabet from $217.00 to $208.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. JPMorgan Chase & Co. lifted their price objective on shares of Alphabet from $200.00 to $208.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Pivotal Research raised shares of Alphabet to a “strong-buy” rating in a research report on Tuesday, October 1st. Rosenblatt Securities restated a “neutral” rating and issued a $181.00 target price on shares of Alphabet in a research note on Wednesday, July 24th. Finally, JMP Securities reaffirmed a “market outperform” rating and set a $200.00 price target on shares of Alphabet in a research report on Wednesday, September 25th. Eight investment analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $201.76.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $162.78 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.08 and a quick ratio of 2.08. The firm’s 50 day simple moving average is $161.87 and its 200-day simple moving average is $168.40. Alphabet Inc. has a 12 month low of $120.21 and a 12 month high of $191.75. The stock has a market capitalization of $2.01 trillion, a price-to-earnings ratio of 24.97, a PEG ratio of 1.21 and a beta of 1.04.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.04. Alphabet had a net margin of 26.70% and a return on equity of 30.49%. The company had revenue of $84.74 billion during the quarter, compared to analysts’ expectations of $70.60 billion. During the same quarter in the previous year, the company earned $1.44 earnings per share. Analysts expect that Alphabet Inc. will post 7.64 EPS for the current year.

Insider Activity

In related news, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $166.30, for a total value of $3,741,750.00. Following the completion of the transaction, the chief executive officer now owns 2,106,806 shares of the company’s stock, valued at approximately $350,361,837.80. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director John L. Hennessy sold 1,500 shares of Alphabet stock in a transaction on Monday, October 14th. The shares were sold at an average price of $164.95, for a total value of $247,425.00. Following the sale, the director now owns 26,324 shares of the company’s stock, valued at approximately $4,342,143.80. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the transaction, the chief executive officer now owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 220,426 shares of company stock worth $35,993,340 in the last ninety days. Company insiders own 11.55% of the company’s stock.

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