Ropes Wealth Advisors LLC increases stock holdings in Alphabet Inc. (NASDAQ:GOOGL)


Ropes Wealth Advisors LLC increased its stake in shares of Alphabet Inc. (NASDAQ: GOOGLGet a rating) by 24.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund held 4,064 shares of the information services provider after buying an additional 799 shares during the period. Alphabet represents 1.9% of Ropes Wealth Advisors LLC’s portfolio, making the stock its 6th largest position. Ropes Wealth Advisors LLC’s holdings in Alphabet were worth $11,303,000 when it last filed with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently increased or reduced their stakes in the company. Affinity Capital Advisors LLC increased its position in Alphabet by 1.3% in the fourth quarter. Affinity Capital Advisors LLC now owns 310 shares of the information services provider worth $898,000 after buying 4 additional shares in the last quarter. Summit Financial Strategies Inc. increased its position in Alphabet by 1.3% in the fourth quarter. Summit Financial Strategies Inc. now owns 322 shares of the information services provider worth $933,000 after buying 4 additional shares in the last quarter. Palisades Hudson Asset Management LP increased its position in Alphabet by 1.1% in the fourth quarter. Palisades Hudson Asset Management LP now owns 361 shares of the information services provider worth $1,046,000 after buying 4 additional shares in the last quarter. AFT Forsyth & Company Inc. increased its position in Alphabet by 0.3% in the fourth quarter. AFT Forsyth & Company Inc. now owns 1,183 shares of the information services provider worth $3,427,000 after purchasing 4 additional shares in the last quarter. Finally, Bay Harbor Wealth Management LLC increased its position in Alphabet by 6.8% in the fourth quarter. Bay Harbor Wealth Management LLC now owns 63 shares of the information services provider worth $175,000 after buying 4 additional shares in the last quarter. Institutional investors hold 41.70% of the company’s shares.

Insider activity at Alphabet

In related news, the director John L. Hennessy sold 31 shares of the company in a transaction dated Monday, May 9. The stock was sold at an average price of $2,280.98, for a total transaction of $70,710.38. As a result of the transaction, the administrator now owns 265 shares of the company, valued at approximately $604,459.70. The sale was disclosed in a document filed with the SEC, accessible via the SEC website. In other Alphabet news, CAD Amie Thuener O’toole sold 847 shares of the company in a transaction that took place on Tuesday, August 2. The stock was sold at an average price of $114.33, for a total transaction of $96,837.51. As a result of the transaction, the chief accounting officer now owns 24,052 shares of the company, valued at approximately $2,749,865.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, accessible via this hyperlink. Additionally, director John L. Hennessy sold 31 shares of the company in a trade that took place on Monday, May 9. The stock was sold at an average price of $2,280.98, for a total value of $70,710.38. As a result of the transaction, the administrator now owns 265 shares of the company, valued at approximately $604,459.70. Disclosure of this sale can be found here. Insiders sold a total of 7,584 shares of the company worth $11,646,684 in the past 90 days. Insiders of the company own 11.44% of the shares of the company.

Alphabet stock up 2.6%

GOOGL opened at $118.08 on Thursday. The company has a market capitalization of $1.56 trillion, a P/E ratio of 21.97, a P/E/G ratio of 1.85 and a beta of 1.08. The company’s 50-day moving average price is $154.96 and its 200-day moving average price is $138.24. The company has a current ratio of 2.81, a quick ratio of 2.78 and a debt ratio of 0.06. Alphabet Inc. has a 12-month low of $101.88 and a 12-month high of $151.55.

Alphabet (NASDAQ: GOOGLGet a rating) last announced its quarterly results on Tuesday, July 26. The information services provider reported earnings per share (EPS) of $1.21 for the quarter, missing analyst consensus estimates of $1.32 per ($0.11). Alphabet had a net margin of 25.89% and a return on equity of 28.65%. During the same period a year earlier, the company posted EPS of $27.26. On average, stock analysts expect Alphabet Inc. to post EPS of 5.22 for the current year.

A Wall Street analyst gives his opinion

Several brokerages have recently weighed in on GOOGL. Wolfe Research reduced its price target on Alphabet from $175.00 to $145.00 and set an “outperform” rating for the company in a Wednesday, April 27 research report. Monness Crespi & Hardt reduced their price target on Alphabet to $145.00 in a Tuesday, July 5 research report. Credit Suisse Group reduced its price target on Alphabet from $143.00 to $140.00 and set an “outperform” rating for the company in a Wednesday, July 27 research report. Wedbush reduced its price target on Alphabet from $190.00 to $155.65 in a research report on Wednesday, April 27. Finally, Exane BNP Paribas upgraded Alphabet from an “outperforming” rating to a “neutral” rating in a research report on Wednesday July 20. Five investment analysts gave the stock a hold rating, thirty-three gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and an average price target of $147.36.

Alphabetical Profile

(Get a rating)

Alphabet Inc provides various products and platforms in the United States, Europe, the Middle East, Africa, Asia-Pacific, Canada and Latin America. It operates through Google Services, Google Cloud and Other Bets segments. The Google Services segment offers products and services, including Ads, Android, Chrome, Hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search and YouTube.

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Institutional ownership by quarter for Alphabet (NASDAQ:GOOGL)



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