Canvas Wealth Advisors LLC Grows Holdings in Alphabet Inc. $GOOG

Canvas Wealth Advisors LLC lifted its holdings in Alphabet Inc. (NASDAQ:GOOG) by 5.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,761 shares of the information services provider’s stock after buying an additional 517 shares during the quarter. Canvas Wealth Advisors LLC’s holdings in Alphabet were worth $2,081,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. MorganRosel Wealth Management LLC purchased a new stake in Alphabet during the 1st quarter valued at about $26,000. IFS Advisors LLC raised its stake 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 period. Robbins Farley raised its stake 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 period. WestEnd Advisors LLC raised its stake 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 period. Finally, Fairman Group LLC grew its holdings in Alphabet by 121.3% during the 2nd quarter. Fairman Group LLC now owns 177 shares of the information services provider’s stock valued at $31,000 after buying an additional 97 shares in the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Up 0.5%

NASDAQ:GOOG opened at $252.53 on Thursday. Alphabet Inc. has a twelve month low of $142.66 and a twelve month high of $257.88. The company has a market cap of $3.05 trillion, a price-to-earnings ratio of 26.89, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. The stock has a fifty day simple moving average of $235.22 and a 200-day simple moving average of $194.81. The company has a current ratio of 1.90, a quick ratio of 1.90 and a debt-to-equity ratio of 0.07.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.The business had revenue of $96.43 billion during the quarter, compared to the consensus estimate of $93.67 billion. During the same period last year, the company earned $1.89 earnings per share. The business’s revenue for the quarter was up 13.8% compared to the same quarter last year. Analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on GOOG shares. Raymond James Financial reaffirmed an “outperform” rating and set a $210.00 price objective (up from $185.00) on shares of Alphabet in a report on Thursday, July 24th. Scotiabank reissued an “outperform” rating and issued a $310.00 target price on shares of Alphabet in a report on Thursday, October 16th. TD Cowen raised their target price on shares of Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, October 8th. KeyCorp set a $265.00 target price on shares of Alphabet in a report on Wednesday, September 3rd. Finally, Citizens Jmp raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a report on Thursday, June 26th. Six analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $246.26.

Insider Buying and Selling at Alphabet

In other news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction on Monday, September 29th. The stock was sold at an average price of $247.42, for a total transaction of $4,408,034.72. Following the completion of the sale, the insider directly owned 42,985 shares in the company, valued at approximately $10,635,348.70. This trade represents a 29.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Frances Arnold sold 103 shares of Alphabet stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $243.13, for a total value of $25,042.39. Following the sale, the director owned 17,284 shares of the company’s stock, 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. In the last 90 days, insiders sold 246,150 shares of company stock valued at $55,805,379. 12.99% of the stock is owned by company insiders.

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.