HBK Sorce Advisory LLC Boosts Stock Holdings in Alphabet Inc. $GOOG

HBK Sorce Advisory LLC grew its position in shares of Alphabet Inc. (NASDAQ:GOOG) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,752 shares of the information services provider’s stock after purchasing an additional 314 shares during the quarter. HBK Sorce Advisory LLC’s holdings in Alphabet were worth $9,713,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. Buck Wealth Strategies LLC purchased a new position in shares of Alphabet during the 2nd quarter valued at approximately $373,000. World Investment Advisors increased its holdings in shares of Alphabet by 5.2% during the 2nd quarter. World Investment Advisors now owns 171,911 shares of the information services provider’s stock valued at $30,495,000 after purchasing an additional 8,548 shares in the last quarter. Daymark Wealth Partners LLC increased its holdings in shares of Alphabet by 4.3% during the 2nd quarter. Daymark Wealth Partners LLC now owns 111,182 shares of the information services provider’s stock valued at $19,723,000 after purchasing an additional 4,538 shares in the last quarter. Waterfront Wealth Inc. grew its stake in Alphabet by 11.6% in the 2nd quarter. Waterfront Wealth Inc. now owns 5,239 shares of the information services provider’s stock valued at $929,000 after acquiring an additional 544 shares during the period. Finally, Mayflower Financial Advisors LLC increased its holdings in Alphabet by 8.3% in the 2nd quarter. Mayflower Financial Advisors LLC now owns 33,717 shares of the information services provider’s stock worth $5,981,000 after acquiring an additional 2,571 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Alphabet

In other news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at $8,371,905.30. The trade was a 35.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 owned 2,397,392 shares in the company, valued at approximately $598,149,304. This represents a 1.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 246,150 shares of company stock worth $55,805,379 in the last quarter. Company insiders own 12.99% of the company’s stock.

Alphabet Trading Down 0.0%

Shares of GOOG opened at $281.82 on Friday. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $291.93. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. The firm’s fifty day moving average is $244.59 and its two-hundred day moving average is $200.68. The stock has a market cap of $3.41 trillion, a PE ratio of 27.79, a price-to-earnings-growth ratio of 1.86 and a beta of 1.00.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The company had revenue of $102.35 billion for the quarter, compared to analysts’ expectations of $99.90 billion. During the same quarter in the previous year, the company posted $2.12 EPS. The firm’s quarterly revenue was up 15.9% on a year-over-year basis. Research analysts forecast that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on GOOG shares. Jefferies Financial Group boosted their price target on shares of Alphabet from $285.00 to $320.00 and gave the stock a “buy” rating in a report on Thursday. Piper Sandler boosted their price target on shares of Alphabet from $285.00 to $330.00 and gave the stock an “overweight” rating in a report on Thursday. Roth Capital reissued a “buy” rating on shares of Alphabet in a report on Wednesday, July 9th. Morgan Stanley boosted their price target on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Finally, Scotiabank set a $336.00 price target on shares of Alphabet and gave the stock a “sector outperform” rating in a report on Thursday. Five investment analysts have rated the stock with a Strong Buy rating, twenty-seven have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Alphabet has a consensus rating of “Moderate Buy” and an average price target of $324.81.

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.