Summit Place Financial Advisors LLC Makes New $2.01 Million Investment in Alphabet Inc. $GOOGL

Key Points

• Summit Place Financial Advisors LLC has made a new investment of approximately $2.01 million in Alphabet Inc., acquiring 11,427 shares of the company.
• Several brokerages have boosted their target prices for Alphabet's stock, with some reaching as high as $315.00.
• Insider selling occurred recently, with director Frances Arnold selling 103 shares for a total of $25,042.39, reducing her ownership stake in the company.

Summit Place Financial Advisors LLC acquired a new position in Alphabet Inc. (NASDAQ:GOOGL - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 11,427 shares of the information services provider's stock, valued at approximately $2,014,000.

Several other hedge funds and other institutional investors have also bought and sold shares of GOOGL. Guardian Wealth Management Inc. raised its position in shares of Alphabet by 242.9% in the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after buying an additional 119 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in shares of Alphabet in the 1st quarter valued at approximately $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet in the 1st quarter valued at approximately $28,000. NBZ Investment Advisors LLC raised its position in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock valued at $30,000 after buying an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet in the 1st quarter valued at approximately $39,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on GOOGL. Citizens Jmp boosted their target price on shares of Alphabet from $250.00 to $290.00 and gave the company an "outperform" rating in a research report on Friday, September 19th. Sanford C. Bernstein lifted their price target on shares of Alphabet from $185.00 to $195.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. KeyCorp lifted their price target on shares of Alphabet from $230.00 to $265.00 and gave the company an "overweight" rating in a report on Wednesday, September 3rd. CIBC lifted their price target on shares of Alphabet to $315.00 in a report on Monday. Finally, Phillip Securities lowered shares of Alphabet from a "strong-buy" rating to a "moderate buy" rating in a report on Monday, September 8th. Four research 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 stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of "Moderate Buy" and a consensus price target of $255.86.

Insider Buying and Selling

In other news, Director Frances Arnold sold 103 shares of the company's stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director directly owned 17,284 shares of the company's stock, valued at approximately $4,202,258.92. This represents a 0.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction on Monday, October 13th. The shares were sold at an average price of $242.92, for a total transaction of $145,752.00. Following the completion of the sale, the director directly owned 5,116 shares in the company, valued at approximately $1,242,778.72. This represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 246,150 shares of company stock worth $55,805,379. Corporate insiders own 11.55% of the company's stock.

Alphabet Trading Up 1.3%

GOOGL opened at $256.55 on Tuesday. Alphabet Inc. has a fifty-two week low of $140.53 and a fifty-two week high of $257.33. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a market capitalization of $3.10 trillion, a price-to-earnings ratio of 27.32, a PEG ratio of 1.71 and a beta of 1.00. The company's 50 day moving average price is $232.66 and its two-hundred day moving average price is $192.92.

Alphabet (NASDAQ:GOOGL - 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, topping analysts' consensus estimates 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. As a group, research analysts predict that Alphabet Inc. will post 8.9 earnings per share for the current 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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