Abound Wealth Management Buys 1,229 Shares of Alphabet Inc. $GOOGL

Key Points

• Abound Wealth Management increased its stake in Alphabet Inc. by 30.6%, purchasing an additional 1,229 shares and bringing their total holdings to 5,240 shares valued at approximately $923,000.
• Insider trading activity includes CEO Sundar Pichai selling 32,500 shares valued at over $8 million, resulting in a 1.34% decrease in his total position.
• Alphabet received several analyst upgrades, with price targets being raised significantly, including an increase from $191.00 to $224.00 by Rosenblatt Securities and from $225.00 to $280.00 by Citigroup.

Abound Wealth Management lifted its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 30.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,240 shares of the information services provider's stock after acquiring an additional 1,229 shares during the period. Abound Wealth Management's holdings in Alphabet were worth $923,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in GOOGL. Brighton Jones LLC increased its position in shares of Alphabet by 3.9% during the fourth quarter. Brighton Jones LLC now owns 110,330 shares of the information services provider's stock worth $20,886,000 after purchasing an additional 4,110 shares in the last quarter. Revolve Wealth Partners LLC increased its position in shares of Alphabet by 3.5% during the fourth quarter. Revolve Wealth Partners LLC now owns 14,930 shares of the information services provider's stock worth $2,826,000 after purchasing an additional 506 shares in the last quarter. Total Wealth Planning & Management Inc. acquired a new position in Alphabet during the 4th quarter valued at about $1,621,000. Park Square Financial Group LLC acquired a new position in Alphabet during the 4th quarter valued at about $1,236,000. Finally, American Investment Services Inc. increased its position in Alphabet by 0.8% during the 4th quarter. American Investment Services Inc. now owns 29,130 shares of the information services provider's stock valued at $5,514,000 after buying an additional 241 shares in the last quarter. 40.03% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total value of $8,108,750.00. Following the sale, the chief executive officer owned 2,397,392 shares of the company's stock, valued at approximately $598,149,304. This trade represents a 1.34% 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, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction on Monday, September 15th. The shares were sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the sale, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 258,088 shares of company stock valued at $52,405,304 in the last 90 days. Corporate insiders own 11.55% of the company's stock.

Wall Street Analysts Forecast Growth

GOOGL has been the topic of several recent analyst reports. Rosenblatt Securities upped their price objective on shares of Alphabet from $191.00 to $224.00 and gave the company a "neutral" rating in a report on Wednesday, September 3rd. JPMorgan Chase & Co. upped their price objective on shares of Alphabet from $200.00 to $232.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Bank of America upped their price target on shares of Alphabet from $210.00 to $217.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Roth Capital upped their price target on shares of Alphabet from $205.00 to $210.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Citigroup upped their target price on Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a research report on Monday, September 15th. Three investment analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and an average price target of $231.31.

Alphabet Price Performance

Shares of NASDAQ GOOGL opened at $251.66 on Wednesday. The stock has a market capitalization of $3.04 trillion, a price-to-earnings ratio of 26.80, a PEG ratio of 1.70 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00. The firm's 50 day simple moving average is $212.18 and its 200-day simple moving average is $181.45. 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 (NASDAQ:GOOGL - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

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

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.

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