IFP Advisors Inc Sells 2,821 Shares of Alphabet Inc. $GOOGL

Key Points

• IFP Advisors Inc reduced its stake in Alphabet Inc. by 2.3%, selling 2,821 shares, and now holds a total of 122,414 shares valued at approximately $21.58 million.
• Institutional investors and hedge funds own 40.03% of Alphabet's stock, indicating strong institutional interest in the company.
• Alphabet reported better-than-expected quarterly earnings, with earnings per share of $2.31 exceeding analyst estimates, and showed a revenue of $96.43 billion for the quarter.

IFP Advisors Inc lowered its stake in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 2.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 122,414 shares of the information services provider's stock after selling 2,821 shares during the period. Alphabet makes up approximately 0.6% of IFP Advisors Inc's holdings, making the stock its 26th biggest position. IFP Advisors Inc's holdings in Alphabet were worth $21,576,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Nuveen LLC acquired a new stake in shares of Alphabet in the first quarter valued at about $4,317,606,000. Vanguard Group Inc. boosted its stake 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 valued at $78,839,544,000 after purchasing an additional 14,307,345 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake 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 valued at $6,783,364,000 after purchasing an additional 4,473,901 shares during the period. Amundi grew its holdings in Alphabet by 11.8% in the 1st quarter. Amundi now owns 33,403,871 shares of the information services provider's stock valued at $5,034,992,000 after buying an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. increased its position in Alphabet by 178.3% in 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 buying an additional 2,565,400 shares during the period. Institutional investors and hedge funds own 40.03% of the company's stock.

Alphabet Stock Performance

NASDAQ:GOOGL opened at $253.30 on Monday. The firm has a market capitalization of $3.06 trillion, a PE ratio of 26.98, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 12-month low of $140.53 and a 12-month high of $256.96. The firm has a 50-day moving average price of $231.55 and a 200 day moving average price of $192.14.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on GOOGL shares. Moffett Nathanson raised their price objective on shares of Alphabet from $230.00 to $295.00 and gave the stock a "buy" rating in a research note on Thursday, September 25th. Guggenheim reissued a "buy" rating and issued a $280.00 price target (up from $210.00) on shares of Alphabet in a report on Friday. Mizuho set a $295.00 price objective on shares of Alphabet and gave the stock an "outperform" rating in a report on Monday, September 29th. UBS Group upped their price objective on shares of Alphabet from $237.00 to $255.00 and gave the company a "neutral" rating in a research report on Thursday, October 9th. Finally, Morgan Stanley set a $270.00 target price on shares of Alphabet and gave the company an "overweight" rating in a research note on Thursday, October 2nd. Four analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $252.24.

Insiders Place Their Bets

In other Alphabet news, 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 completion of the transaction, the insider directly owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a legal filing 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 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 sale, the chief accounting officer owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their position. The disclosure for this sale can be found here. Insiders sold 246,150 shares of company stock worth $55,805,379 over the last three months. 11.55% 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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