Armstrong Fleming & Moore Inc Has $1.26 Million Position in Alphabet Inc. $GOOGL

Key Points

• Armstrong Fleming & Moore Inc significantly increased its position in Alphabet Inc. by 438.6% during the second quarter, now holding 7,174 shares valued at approximately $1.26 million.
• Wall Street analysts maintain a mostly positive outlook for Alphabet, with a consensus rating of "Moderate Buy" and an average price target of $252.24.
• Alphabet's quarterly earnings report revealed earnings per share of $2.31, surpassing expectations and demonstrating strong revenue growth of $96.43 billion for the quarter.

Armstrong Fleming & Moore Inc increased its position in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 438.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,174 shares of the information services provider's stock after purchasing an additional 5,842 shares during the period. Alphabet makes up about 0.7% of Armstrong Fleming & Moore Inc's portfolio, making the stock its 28th biggest holding. Armstrong Fleming & Moore Inc's holdings in Alphabet were worth $1,264,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Nuveen LLC bought a new position in shares of Alphabet in the 1st quarter valued at $4,317,606,000. Vanguard Group Inc. grew its position in Alphabet by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after acquiring an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Alphabet by 11.4% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 43,865,520 shares of the information services provider's stock worth $6,783,364,000 after acquiring an additional 4,473,901 shares during the last quarter. Amundi grew its position in Alphabet by 11.8% during the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after acquiring an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. grew its position in Alphabet by 178.3% during the 1st quarter. Evergreen Quality Fund GP Ltd. now owns 4,003,900 shares of the information services provider's stock worth $619,163,000 after acquiring an additional 2,565,400 shares during the last quarter. 40.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GOOGL. BMO Capital Markets set a $294.00 price objective on Alphabet and gave the stock an "outperform" rating in a research report on Thursday, October 9th. Melius Research upped their price target on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Cantor Fitzgerald upped their price target on Alphabet from $201.00 to $265.00 and gave the company a "neutral" rating in a research report on Monday, October 13th. BNP Paribas lowered Alphabet from a "strong-buy" rating to a "hold" rating in a research report on Thursday, June 26th. Finally, Sanford C. Bernstein boosted their price objective on Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a research note on Tuesday, July 22nd. Four investment analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $252.24.

Alphabet Stock Up 0.7%

GOOGL stock opened at $253.30 on Friday. The stock's 50 day simple moving average is $231.55 and its 200 day simple moving average is $191.85. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.96. 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 market cap of $3.06 trillion, a P/E ratio of 26.98, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00.

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

Alphabet Announces Dividend

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

Insider Activity

In other Alphabet news, CEO Sundar Pichai sold 32,500 shares of the business's stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer directly owned 2,369,619 shares of the company's stock, valued at approximately $592,760,192.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction that occurred on Monday, October 13th. The shares were sold at an average price of $242.92, for a total value of $145,752.00. Following the completion of the transaction, the director directly owned 5,116 shares of the company's stock, valued at approximately $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 three months, insiders sold 246,150 shares of company stock worth $55,805,379. Company insiders own 11.64% of the company's stock.

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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