Alphabet Inc. $GOOG Shares Bought by Riverbend Wealth Management LLC

by · The Cerbat Gem

Riverbend Wealth Management LLC grew its position in Alphabet Inc. (NASDAQ:GOOG – Free Report) by 4.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,157 shares of the information services provider’s stock after buying an additional 185 shares during the quarter. Riverbend Wealth Management LLC’s holdings in Alphabet were worth $737,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. ACT Advisors LLC. boosted its holdings in shares of Alphabet by 3.5% in the second quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock worth $288,000 after buying an additional 55 shares during the period. LongView Wealth Management boosted its holdings in shares of Alphabet by 1.1% in the second quarter. LongView Wealth Management now owns 5,126 shares of the information services provider’s stock worth $909,000 after buying an additional 56 shares during the period. Kooman & Associates boosted its holdings in shares of Alphabet by 1.4% in the second quarter. Kooman & Associates now owns 4,127 shares of the information services provider’s stock worth $732,000 after buying an additional 56 shares during the period. Colton Groome Financial Advisors LLC boosted its holdings in shares of Alphabet by 3.4% in the second quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider’s stock worth $309,000 after buying an additional 57 shares during the period. Finally, Brueske Advisory Services LLC boosted its holdings in shares of Alphabet by 2.7% in the second quarter. Brueske Advisory Services LLC now owns 2,194 shares of the information services provider’s stock worth $389,000 after buying an additional 58 shares during the period. 27.26% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have commented on GOOG shares. Morgan Stanley raised their target price on shares of Alphabet from $210.00 to $270.00 and gave the stock an “overweight” rating in a report on Thursday, October 2nd. Raymond James Financial reissued an “outperform” rating and issued a $210.00 price target (up from $185.00) on shares of Alphabet in a research report on Thursday, July 24th. Cowen reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, October 8th. Barclays reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Finally, Roth Capital reissued a “buy” rating on shares of Alphabet in a research report on Wednesday, July 9th. Six equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $244.68.

Read Our Latest Stock Analysis on GOOG

Alphabet Price Performance

NASDAQ GOOG opened at $253.79 on Monday. The firm has a market capitalization of $3.07 trillion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 1.72 and a beta of 1.00. The company has a 50 day simple moving average of $232.18 and a 200-day simple moving average of $193.25. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a 52-week low of $142.66 and a 52-week high of $257.58.

Alphabet (NASDAQ:GOOG – Get Free Report) last issued 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 $2.12 by $0.19. The firm had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The company’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.89 earnings per share. Equities research analysts predict that Alphabet Inc. will post 8.89 earnings per share for the current fiscal year.

Insider Buying and Selling at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Kent Walker sold 23,820 shares of the firm’s stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 243,372 shares of company stock worth $55,110,740 in the last ninety days. Insiders own 12.99% of the company’s stock.

Alphabet Company Profile

(Free Report)

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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