Princeton Global Asset Management LLC Has $6.69 Million Holdings in Alphabet Inc. $GOOG

Key Points

• Princeton Global Asset Management LLC increased its holdings in Alphabet Inc. by 6.9% during the 2nd quarter, owning a total of 37,695 shares valued at approximately $6.69 million.
• Several institutional investors, including IFS Advisors LLC and Fairman Group LLC, significantly increased their positions in Alphabet, indicating growing confidence in the stock.
• Alphabet's recent earnings report showed a 13.8% year-over-year revenue increase and earnings per share of $2.31, outperforming analyst estimates.

Princeton Global Asset Management LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 6.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,695 shares of the information services provider's stock after purchasing an additional 2,421 shares during the period. Alphabet accounts for about 1.2% of Princeton Global Asset Management LLC's investment portfolio, making the stock its 24th biggest holding. Princeton Global Asset Management LLC's holdings in Alphabet were worth $6,687,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GOOG. IFS Advisors LLC lifted its position in Alphabet by 400.0% during the 2nd quarter. IFS Advisors LLC now owns 150 shares of the information services provider's stock worth $27,000 after acquiring an additional 120 shares during the last quarter. Robbins Farley lifted its position in Alphabet by 60.0% during the 2nd quarter. Robbins Farley now owns 160 shares of the information services provider's stock worth $28,000 after acquiring an additional 60 shares during the last quarter. WestEnd Advisors LLC lifted its position in Alphabet by 58.7% during the 2nd quarter. WestEnd Advisors LLC now owns 165 shares of the information services provider's stock worth $29,000 after acquiring an additional 61 shares during the last quarter. MorganRosel Wealth Management LLC acquired a new position in Alphabet during the 1st quarter worth $26,000. Finally, Fairman Group LLC lifted its position in Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider's stock worth $31,000 after acquiring an additional 97 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Lake Street Capital reissued a "buy" rating on shares of Alphabet in a research report on Wednesday, July 9th. Wells Fargo & Company restated an "equal weight" rating on shares of Alphabet in a report on Wednesday, July 9th. KeyCorp set a $265.00 price objective on shares of Alphabet in a report on Wednesday, September 3rd. Weiss Ratings restated a "buy (b)" rating on shares of Alphabet in a report on Wednesday, October 8th. Finally, Roth Capital restated a "buy" rating on shares of Alphabet in a report on Wednesday, July 9th. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to MarketBeat.com, Alphabet currently has a consensus rating of "Moderate Buy" and a consensus price target of $246.26.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 17,816 shares of the business's stock in a transaction dated Monday, September 29th. The shares were sold at an average price of $247.42, for a total value of $4,408,034.72. Following the transaction, the insider directly owned 42,985 shares in the company, valued at $10,635,348.70. The trade was a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frances Arnold sold 103 shares of the business's stock in a transaction dated Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total transaction of $25,042.39. Following the completion of the transaction, the director owned 17,284 shares in the company, valued at approximately $4,202,258.92. This trade represents a 0.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,150 shares of company stock valued at $55,805,379 over the last 90 days. Company insiders own 12.99% of the company's stock.

Alphabet Stock Performance

NASDAQ GOOG opened at $252.53 on Thursday. The stock has a market cap of $3.05 trillion, a P/E ratio of 26.89, a PEG ratio of 1.70 and a beta of 1.00. The company's 50-day simple moving average is $235.22 and its 200 day simple moving average is $194.81. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.88. 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 (NASDAQ:GOOG - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts' consensus estimates 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 net margin of 31.12% and a return on equity of 34.31%. The firm's revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.89 earnings per share. As a group, research analysts forecast that Alphabet Inc. will post 8.89 earnings per share 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.

Want to see what other hedge funds are holding GOOG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOG - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.