IMG Wealth Management Inc. Increases Holdings in Alphabet Inc. $GOOG

IMG Wealth Management Inc. increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 19.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,738 shares of the information services provider’s stock after purchasing an additional 278 shares during the period. IMG Wealth Management Inc.’s holdings in Alphabet were worth $308,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. RDA Financial Network lifted its holdings in 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 buying an additional 554 shares in the last quarter. Oldfather Financial Services LLC acquired a new stake in shares of Alphabet in the 2nd quarter valued at about $213,000. Tower View Wealth Management LLC raised its stake in shares of Alphabet by 6.9% in the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider’s stock valued at $4,904,000 after purchasing an additional 1,776 shares in the last quarter. Dock Street Asset Management Inc. raised its stake in shares of Alphabet by 0.8% in the 2nd quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider’s stock valued at $41,563,000 after purchasing an additional 1,970 shares in the last quarter. Finally, Truist Financial Corp grew its position in shares of Alphabet by 0.4% during the 2nd quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider’s stock valued at $643,381,000 after buying an additional 15,065 shares during the last quarter. Institutional investors and hedge funds own 27.26% of the company’s stock.

Insiders Place Their Bets

In other Alphabet news, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares in the company, valued at approximately $8,371,905.30. The trade was a 35.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Sundar Pichai sold 32,500 shares of Alphabet stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $249.50, for a total transaction of $8,108,750.00. Following the completion of the transaction, the chief executive officer owned 2,397,392 shares in the company, valued at approximately $598,149,304. This trade represents a 1.34% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is owned by insiders.

Alphabet Trading Up 0.5%

Alphabet stock opened at $253.73 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The firm has a market cap of $3.07 trillion, a price-to-earnings ratio of 27.02, a price-to-earnings-growth ratio of 1.70 and a beta of 1.00. Alphabet Inc. has a 1 year low of $142.66 and a 1 year high of $257.88. The firm’s 50 day moving average price is $236.22 and its two-hundred day moving average price is $195.53.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share (EPS) for the quarter, topping 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 firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.89 earnings per share. On average, research analysts predict that Alphabet Inc. will post 8.89 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on GOOG shares. Robert W. Baird boosted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the company an “outperform” rating in a research report on Monday, September 22nd. Cowen reaffirmed a “buy” rating on shares of Alphabet in a research report on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on shares of Alphabet from $232.00 to $260.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Citizens Jmp raised shares of Alphabet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, June 26th. Finally, Piper Sandler restated a “neutral” rating on shares of Alphabet in a research report on Wednesday, July 9th. Six investment 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, Alphabet currently has an average rating of “Moderate Buy” and an average target price of $246.26.

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.