Farther Finance Advisors LLC Increases Stock Position in Alphabet Inc. $GOOGL

Key Points

• Farther Finance Advisors LLC increased its stake in Alphabet Inc. (GOOGL) by 21.9%, owning a total of 174,916 shares valued at approximately $30.8 million.
• Other institutional investors have also significantly increased their positions in Alphabet, with Guardian Wealth Management raising its stake by 242.9% in the first quarter.
• Analysts have mixed ratings for Alphabet; Canaccord Genuity upgraded the stock to a buy with a target price increased to $270, while Wall Street Zen downgraded it to a hold.

Farther Finance Advisors LLC grew its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 21.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 174,916 shares of the information services provider's stock after acquiring an additional 31,402 shares during the quarter. Alphabet comprises about 0.6% of Farther Finance Advisors LLC's investment portfolio, making the stock its 22nd biggest holding. Farther Finance Advisors LLC's holdings in Alphabet were worth $30,826,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Guardian Wealth Management Inc. lifted its stake in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock worth $26,000 after purchasing an additional 119 shares during the period. IMA Advisory Services Inc. bought a new position in shares of Alphabet in the 1st quarter worth approximately $28,000. von Borstel & Associates Inc. bought a new position in shares of Alphabet in the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC lifted its stake in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after purchasing an additional 90 shares during the period. Finally, Financial Gravity Asset Management Inc. bought a new position in shares of Alphabet in the 1st quarter worth approximately $39,000. Hedge funds and other institutional investors own 40.03% of the company's stock.

Insider Activity

In other Alphabet news, 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 transaction, the chief accounting officer directly owned 17,293 shares of the company's stock, valued at $4,236,785. The trade was a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 directly owned 42,999 shares of the company's stock, valued at $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 258,088 shares of company stock valued at $52,405,304 over the last ninety days. 11.55% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on GOOGL shares. Canaccord Genuity Group increased their price objective on shares of Alphabet from $230.00 to $270.00 and gave the stock a "buy" rating in a research note on Thursday, September 4th. Loop Capital restated a "hold" rating and set a $190.00 target price (up previously from $165.00) on shares of Alphabet in a research note on Tuesday, August 5th. Wall Street Zen cut shares of Alphabet from a "buy" rating to a "hold" rating in a research note on Sunday. Susquehanna raised their target price on shares of Alphabet from $220.00 to $225.00 and gave the stock a "positive" rating in a research note on Thursday, July 24th. Finally, Deutsche Bank Aktiengesellschaft restated a "buy" rating on shares of Alphabet in a research note on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and a consensus price target of $231.31.

Alphabet Trading Down 0.9%

GOOGL stock opened at $252.53 on Tuesday. The firm has a fifty day moving average price of $210.78 and a 200 day moving average price of $180.96. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $256.00. 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 firm has a market cap of $3.05 trillion, a PE ratio of 26.89, a price-to-earnings-growth ratio of 1.72 and a beta of 1.01.

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

Alphabet Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were paid a dividend of $0.21 per share. 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 payout ratio 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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