Sagespring Wealth Partners LLC Purchases 8,807 Shares of Alphabet Inc. $GOOGL

Key Points

• Sagespring Wealth Partners LLC increased its position in Alphabet Inc. by 13.7%, acquiring an additional 8,807 shares during the second quarter, bringing its total holdings to approximately $12.85 million.
• Several institutional investors, including Nuveen LLC and Vanguard Group Inc., also grew their stakes in Alphabet significantly during the first quarter.
• Recent analyst upgrades for Alphabet include new price targets, with Oppenheimer raising its target from $270 to $300, reflecting a positive outlook for the stock.

Sagespring Wealth Partners LLC boosted its position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 13.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 72,940 shares of the information services provider's stock after acquiring an additional 8,807 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Alphabet were worth $12,854,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOGL. Nuveen LLC bought a new stake in shares of Alphabet during the first quarter worth $4,317,606,000. Vanguard Group Inc. grew its stake in shares of Alphabet by 2.9% during the first quarter. Vanguard Group Inc. now owns 509,826,331 shares of the information services provider's stock worth $78,839,544,000 after buying an additional 14,307,345 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Alphabet by 11.4% during the first 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 worth $6,783,364,000 after buying an additional 4,473,901 shares during the last quarter. Amundi grew its stake in shares of Alphabet by 11.8% during the first quarter. Amundi now owns 33,403,871 shares of the information services provider's stock worth $5,034,992,000 after buying an additional 3,537,173 shares during the last quarter. Finally, Evergreen Quality Fund GP Ltd. grew its stake in shares of Alphabet by 178.3% during the first 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 last quarter. Institutional investors own 40.03% of the company's stock.

Insider Activity

In other news, CAO Amie Thuener O'toole sold 2,778 shares of the company's stock in a transaction dated Monday, September 15th. The shares were 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 in the company, valued at approximately $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sundar Pichai sold 32,500 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer owned 2,397,392 shares in the company, valued at $598,149,304. This represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,150 shares of company stock worth $55,805,379. Company insiders own 11.64% of the company's stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GOOGL. Oppenheimer boosted their target price on shares of Alphabet from $270.00 to $300.00 and gave the stock an "outperform" rating in a research note on Monday, October 20th. Wedbush boosted their price objective on shares of Alphabet from $245.00 to $260.00 and gave the stock an "outperform" rating in a research note on Friday. Susquehanna boosted their price objective 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. Morgan Stanley set a $270.00 price objective on shares of Alphabet and gave the stock an "overweight" rating in a research note on Thursday, October 2nd. Finally, JPMorgan Chase & Co. reissued a "buy" rating on shares of Alphabet in a research note on Tuesday, October 14th. Four equities research analysts have rated the stock with a Strong Buy rating, thirty-four have assigned a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus target price of $263.55.

Alphabet Price Performance

GOOGL stock opened at $259.92 on Friday. The firm has a market cap of $3.14 trillion, a price-to-earnings ratio of 27.68, a PEG ratio of 1.75 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 $261.68. The company's fifty day simple moving average is $236.72 and its 200 day simple moving average is $195.60.

Alphabet (NASDAQ:GOOGL - Get Free Report) last announced 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 net margin of 31.12% and a return on equity of 34.31%. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. On average, analysts expect that Alphabet Inc. will post 8.9 earnings per share for the current year.

Alphabet Company 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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