Forum Financial Management LP Has $26.46 Million Stake in Alphabet Inc. $GOOG

Key Points

• Forum Financial Management LP increased its stake in Alphabet Inc. by 12.5% in Q2, bringing its total holdings to approximately 149,150 shares valued at $26.46 million.
• Multiple institutional investors, including Vanguard and JPMorgan Chase, have also increased their holdings in Alphabet, highlighting growing confidence in the company's stock.
• Alphabet's recent earnings report showed a significant increase in revenue, with $96.43 billion generated for the quarter, surpassing analysts' expectations.

Forum Financial Management LP lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 12.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 149,150 shares of the information services provider's stock after buying an additional 16,569 shares during the quarter. Alphabet comprises approximately 0.4% of Forum Financial Management LP's investment portfolio, making the stock its 21st biggest holding. Forum Financial Management LP's holdings in Alphabet were worth $26,458,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Alphabet by 2.4% during the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock valued at $64,299,725,000 after purchasing an additional 9,687,855 shares during the period. Kingstone Capital Partners Texas LLC grew its holdings in Alphabet by 580,897.4% during the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock valued at $23,963,208,000 after purchasing an additional 135,064,454 shares during the period. JPMorgan Chase & Co. grew its holdings in Alphabet by 9.9% during the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock valued at $15,971,861,000 after purchasing an additional 9,243,959 shares during the period. Deutsche Bank AG grew its holdings in Alphabet by 5.4% during the first quarter. Deutsche Bank AG now owns 21,345,784 shares of the information services provider's stock valued at $3,334,852,000 after purchasing an additional 1,098,996 shares during the period. Finally, Invesco Ltd. grew its holdings in Alphabet by 2.2% during the first quarter. Invesco Ltd. now owns 20,380,073 shares of the information services provider's stock valued at $3,183,979,000 after purchasing an additional 440,526 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Insider Buying and Selling

In related news, CEO Sundar Pichai sold 32,500 shares of the stock in a transaction on Wednesday, September 17th. The shares were sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. This represents a 1.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the stock in a transaction on Monday, September 15th. The stock was 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 $4,236,785. The trade was 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 owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. UBS Group set a $255.00 price objective on shares of Alphabet and gave the company a "neutral" rating in a report on Thursday, October 9th. Robert W. Baird boosted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a report on Monday, September 22nd. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $232.00 to $260.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. Finally, Cowen reiterated a "buy" rating on shares of Alphabet in a report on Wednesday, October 8th. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $249.68.

Alphabet Trading Up 2.7%

GOOG opened at $260.51 on Friday. The stock has a market capitalization of $3.15 trillion, a P/E ratio of 27.74, a P/E/G ratio of 1.71 and a beta of 1.00. Alphabet Inc. has a 12 month low of $142.66 and a 12 month high of $262.51. The firm's fifty day simple moving average is $237.33 and its 200 day simple moving average is $196.32. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.12 by $0.19. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The business had revenue of $96.43 billion for the quarter, compared to analysts' expectations of $93.67 billion. During the same period in the previous year, the firm posted $1.89 EPS. The firm's revenue was up 13.8% compared to the same quarter last year. As a group, research analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current fiscal 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.

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