CMG Global Holdings LLC Purchases New Position in Alphabet Inc. $GOOG

Key Points

• CMG Global Holdings LLC has purchased a new stake in Alphabet Inc., acquiring 1,058 shares valued at approximately $205,000 in Q2.
• In the recent changes of analyst ratings, Weiss Ratings reiterated a "buy" rating, while other analysts have varied opinions, resulting in an average rating of "Moderate Buy" for Alphabet's stock.
• Alphabet reported strong Q2 earnings with $2.31 earnings per share, significantly exceeding analysts' estimates, and achieved revenue of $96.43 billion.

CMG Global Holdings LLC purchased a new stake in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,058 shares of the information services provider's stock, valued at approximately $205,000.

A number of other institutional investors also recently modified their holdings of the stock. FLC Capital Advisors lifted its position in shares of Alphabet by 1.2% during the second quarter. FLC Capital Advisors now owns 22,695 shares of the information services provider's stock worth $4,026,000 after purchasing an additional 279 shares in the last quarter. Financial Symmetry Inc lifted its position in shares of Alphabet by 8.6% during the second quarter. Financial Symmetry Inc now owns 1,979 shares of the information services provider's stock worth $351,000 after purchasing an additional 157 shares in the last quarter. Lyell Wealth Management LP lifted its position in shares of Alphabet by 2.4% during the second quarter. Lyell Wealth Management LP now owns 93,102 shares of the information services provider's stock worth $16,515,000 after purchasing an additional 2,147 shares in the last quarter. Accretive Wealth Partners LLC lifted its position in shares of Alphabet by 1.2% during the second quarter. Accretive Wealth Partners LLC now owns 19,813 shares of the information services provider's stock worth $3,515,000 after purchasing an additional 232 shares in the last quarter. Finally, Alaska Wealth Advisors acquired a new position in shares of Alphabet during the second quarter worth approximately $210,000. 27.26% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a "buy (b)" rating on shares of Alphabet in a research report on Wednesday, October 8th. Citizens Jmp upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 26th. Phillip Securities lowered shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, September 8th. Hsbc Global Res upgraded shares of Alphabet to a "strong-buy" rating in a research report on Tuesday, October 7th. Finally, Wells Fargo & Company reissued an "equal weight" rating on shares of Alphabet in a research note on Wednesday, July 9th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $246.26.

Alphabet Trading Up 0.5%

GOOG opened at $252.53 on Thursday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The company has a market cap of $3.05 trillion, a price-to-earnings ratio of 26.89, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The firm has a 50 day simple moving average of $235.22 and a 200 day simple moving average of $194.81. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $257.88.

Alphabet (NASDAQ:GOOG - 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 $2.12 by $0.19. The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Alphabet's revenue for the quarter was up 13.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.89 earnings per share. On average, sell-side analysts anticipate that Alphabet Inc. will post 8.89 earnings per share for the current year.

Insider Activity at Alphabet

In related news, insider John Kent Walker sold 23,820 shares of the business's stock in a transaction that occurred on Monday, August 4th. The shares were 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O'toole sold 2,778 shares of the business's stock in a transaction that occurred 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 transaction, the chief accounting officer owned 17,293 shares of the company's stock, valued at approximately $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is currently owned by company insiders.

Alphabet Company 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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