Foster & Motley Inc. Raises Stock Holdings in Alphabet Inc. $GOOG

Key Points

• Foster & Motley Inc. increased its stake in Alphabet Inc. by 3.5%, owning 121,216 shares valued at approximately $21.5 million, making it the firm's 15th largest position.
• Alphabet reported $96.43 billion in revenue for the last quarter, surpassing expectations, and posted $2.31 EPS, exceeding the consensus estimate by $0.19.
• CEO Sundar Pichai sold 32,500 shares of Alphabet stock for about $8.13 million, resulting in a 1.35% decrease in his ownership position.

Foster & Motley Inc. lifted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 3.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 121,216 shares of the information services provider's stock after buying an additional 4,151 shares during the quarter. Alphabet makes up about 1.2% of Foster & Motley Inc.'s portfolio, making the stock its 15th biggest position. Foster & Motley Inc.'s holdings in Alphabet were worth $21,502,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Kingstone Capital Partners Texas LLC raised its holdings in shares of Alphabet by 580,897.4% in the second quarter. Kingstone Capital Partners Texas LLC now owns 135,087,705 shares of the information services provider's stock worth $23,963,208,000 after buying an additional 135,064,454 shares during the period. Nuveen LLC bought a new position in Alphabet in the first quarter worth approximately $2,622,943,000. Vanguard Group Inc. grew its stake in Alphabet by 2.4% in the first quarter. Vanguard Group Inc. now owns 411,570,922 shares of the information services provider's stock worth $64,299,725,000 after purchasing an additional 9,687,855 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Alphabet by 9.9% in the first quarter. JPMorgan Chase & Co. now owns 102,232,997 shares of the information services provider's stock worth $15,971,861,000 after purchasing an additional 9,243,959 shares in the last quarter. Finally, Strs Ohio bought a new position in Alphabet in the first quarter worth approximately $369,713,000. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Up 1.3%

Shares of NASDAQ GOOG opened at $257.02 on Tuesday. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $3.11 trillion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00. The stock's fifty day simple moving average is $233.29 and its two-hundred day simple moving average is $194.01. Alphabet Inc. has a 12-month low of $142.66 and a 12-month high of $257.88.

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

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on GOOG. KeyCorp set a $265.00 price objective on Alphabet in a research note on Wednesday, September 3rd. Hsbc Global Res raised Alphabet to a "strong-buy" rating in a research note on Tuesday, October 7th. Citizens Jmp raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 26th. Pivotal Research increased their price objective on Alphabet from $245.00 to $300.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Alphabet in a research report on Wednesday, October 8th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $246.26.

Insider Transactions at Alphabet

In other news, CEO Sundar Pichai sold 32,500 shares of the firm's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total value of $8,129,875.00. Following the completion of the sale, the chief executive officer owned 2,369,619 shares of the company's stock, valued at $592,760,192.85. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Amie Thuener O'toole sold 2,778 shares of the firm's stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.05, for a total value of $694,638.90. Following the completion of the sale, the chief accounting officer directly owned 14,516 shares of the company's stock, valued at $3,629,725.80. The trade was a 16.06% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is currently owned by corporate insiders.

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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