Alphabet Inc. $GOOGL Shares Acquired by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 9.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 432,033 shares of the information services provider's stock after purchasing an additional 35,904 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Alphabet were worth $76,137,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Guardian Wealth Management Inc. grew its stake in shares of Alphabet by 242.9% in the first quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares in the last quarter. IMA Advisory Services Inc. acquired a new position in Alphabet during the 1st quarter worth approximately $28,000. von Borstel & Associates Inc. purchased a new position in Alphabet in the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC grew its position in Alphabet by 85.7% in the first quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after acquiring an additional 90 shares in the last quarter. Finally, CarsonAllaria Wealth Management Ltd. grew its position in Alphabet by 36.4% in the second quarter. CarsonAllaria Wealth Management Ltd. now owns 251 shares of the information services provider's stock valued at $44,000 after acquiring an additional 67 shares in the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GOOGL shares. Phillip Securities downgraded shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research note on Monday, September 8th. Needham & Company LLC boosted their price objective on shares of Alphabet from $220.00 to $260.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. DA Davidson upped their price objective on shares of Alphabet from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Tuesday, September 2nd. Citigroup raised their target price on Alphabet from $225.00 to $280.00 and gave the company a "buy" rating in a research note on Monday, September 15th. Finally, Barclays boosted their price target on Alphabet from $235.00 to $250.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Four analysts have rated the stock with a Strong Buy rating, thirty-four have given a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $263.20.

Insiders Place Their Bets

In other Alphabet news, CAO Amie Thuener O'toole sold 2,778 shares of the business's 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 owned 17,293 shares in the company, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider John Kent Walker sold 23,820 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 246,150 shares of company stock valued at $55,805,379 over the last 90 days. 11.64% of the stock is owned by company insiders.

Alphabet Trading Up 2.7%

NASDAQ:GOOGL opened at $259.92 on Friday. The company has a market cap of $3.14 trillion, a PE ratio of 27.68, a P/E/G ratio of 1.71 and a beta of 1.00. The business's 50 day moving average is $236.72 and its two-hundred day moving average is $195.25. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52 week low of $140.53 and a 52 week high of $261.68.

Alphabet (NASDAQ:GOOGL - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. On average, analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.