Convergence Financial LLC Acquires 479 Shares of Alphabet Inc. $GOOG

Convergence Financial LLC increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 22.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,638 shares of the information services provider’s stock after buying an additional 479 shares during the period. Convergence Financial LLC’s holdings in Alphabet were worth $468,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. RDA Financial Network boosted its position in shares of Alphabet by 5.3% in the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider’s stock worth $1,968,000 after purchasing an additional 554 shares during the last quarter. Bleakley Financial Group LLC lifted its stake in Alphabet by 1.4% in the second quarter. Bleakley Financial Group LLC now owns 170,020 shares of the information services provider’s stock valued at $30,160,000 after buying an additional 2,304 shares during the period. Oldfather Financial Services LLC bought a new position in Alphabet during the second quarter worth about $213,000. Tower View Wealth Management LLC grew its position in shares of Alphabet by 6.9% during the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock worth $4,904,000 after buying an additional 1,776 shares during the period. Finally, Dock Street Asset Management Inc. grew its position in shares of Alphabet by 0.8% during the 2nd quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock worth $41,563,000 after buying an additional 1,970 shares during the period. Institutional investors own 27.26% of the company’s stock.

Alphabet Trading Up 0.2%

Shares of NASDAQ:GOOG opened at $285.34 on Friday. The firm has a market cap of $3.45 trillion, a price-to-earnings ratio of 28.14, a PEG ratio of 1.86 and a beta of 1.05. 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 $142.66 and a 12 month high of $291.93. The company’s fifty day simple moving average is $250.48 and its 200 day simple moving average is $204.23.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.58. Alphabet had a return on equity of 36.08% and a net margin of 32.23%.The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. During the same quarter in the prior year, the company earned $2.12 EPS. The company’s revenue was up 15.9% on a year-over-year basis. As a group, research analysts forecast that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider John Kent Walker sold 17,816 shares of Alphabet stock in a transaction that occurred on 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 sale, the insider directly owned 42,985 shares in the company, valued at $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 is available at the SEC website. Also, CEO Sundar Pichai sold 32,500 shares of the business’s stock in a transaction on Wednesday, October 15th. The stock was sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the completion of the sale, the chief executive officer directly owned 2,369,619 shares in the company, valued at approximately $592,760,192.85. This represents a 1.35% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 189,896 shares of company stock worth $44,892,175 in the last 90 days. Company insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on GOOG. TD Cowen increased their price target on shares of Alphabet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Raymond James Financial set a $275.00 target price on shares of Alphabet and gave the stock an “outperform” rating in a report on Friday, October 24th. Robert W. Baird boosted their price target on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a report on Monday, September 22nd. Piper Sandler upped their price objective on shares of Alphabet from $285.00 to $330.00 and gave the company an “overweight” rating in a research report on Thursday, October 30th. Finally, Hsbc Global Res upgraded Alphabet to a “strong-buy” rating in a report on Tuesday, October 7th. Five analysts have rated the stock with a Strong Buy rating, twenty-seven have given a Buy rating, four have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Alphabet has an average rating of “Moderate Buy” and an average target price of $324.81.

Alphabet 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.