Acorn Financial Advisory Services Inc. ADV Makes New $319,000 Investment in Alphabet Inc. $GOOG

Acorn Financial Advisory Services Inc. ADV purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,798 shares of the information services provider’s stock, valued at approximately $319,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Alphabet by 2.4% in the 1st quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider’s stock worth $64,299,725,000 after buying an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC boosted its holdings in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider’s stock worth $23,963,208,000 after acquiring an additional 135,064,454 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider’s stock worth $15,971,861,000 after acquiring an additional 9,243,959 shares during the period. Deutsche Bank AG boosted its stake in Alphabet by 5.4% in the 1st quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider’s stock worth $3,334,852,000 after purchasing an additional 1,098,996 shares during the period. Finally, Invesco Ltd. boosted its stake in Alphabet by 2.2% in the 1st quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider’s stock worth $3,183,979,000 after purchasing an additional 440,526 shares during the period. Institutional investors own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In other news, Director Frances Arnold sold 103 shares of the business’s stock in a transaction that occurred on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the completion of the sale, the director directly owned 17,284 shares in the company, valued at approximately $4,202,258.92. The trade was a 0.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the business’s stock in a transaction on Monday, October 13th. The stock was sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director directly owned 5,116 shares of the company’s stock, valued at $1,242,778.72. This represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 243,372 shares of company stock worth $55,110,740. Corporate insiders own 12.99% of the company’s stock.

Alphabet Stock Performance

NASDAQ GOOG opened at $253.79 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 company has a fifty day moving average of $232.18 and a 200-day moving average of $192.73. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.58. The company has a market capitalization of $3.07 trillion, a P/E ratio of 27.03, a P/E/G ratio of 1.70 and a beta of 1.00.

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

Alphabet Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Monday, September 8th were issued a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Monday, September 8th. Alphabet’s payout ratio is presently 8.95%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Roth Capital restated a “buy” rating on shares of Alphabet in a research note on Wednesday, July 9th. Wells Fargo & Company restated an “equal weight” rating on shares of Alphabet in a research report on Wednesday, July 9th. Phillip Securities downgraded shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a report on Monday, September 8th. Cowen reissued a “buy” rating on shares of Alphabet in a report on Wednesday, October 8th. Finally, UBS Group set a $255.00 price objective on Alphabet and gave the company a “neutral” rating in a research note on Thursday, October 9th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $244.68.

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.