Peak Financial Management Inc. increases its stake in Alphabet Inc. (NASDAQ:GOOGL)


Peak Financial Management Inc. increased its stake in Alphabet Inc. (NASDAQ: GOOGLGet a rating) by 5.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor held 314 shares of the information services provider after buying 17 additional shares during the quarter. Peak Financial Management Inc.’s holdings in Alphabet were worth $873,000 when it last filed with the SEC.

Several other institutional investors also bought and sold shares of the stock. Morling Financial Advisors LLC purchased a new stake in Alphabet during the fourth quarter for $29,000. West Bancorporation Inc. purchased a new stake in Alphabet during the fourth quarter for $29,000. Wealthgate Family Office LLC purchased a new stake in Alphabet during the fourth quarter for $32,000. NS Partners Ltd purchased a new stake in Alphabet during the fourth quarter at a value of $41,000. Finally, Schubert & Co bought a new stake in Alphabet during the fourth quarter at a value of $43,000. Hedge funds and other institutional investors own 41.70% of the company’s shares.

In other Alphabet news, the director Lawrence Page sold 100 shares of the company in a transaction that took place on Monday, April 18. The stock was sold at an average price of $2,574.16, for a total transaction of $257,416.00. Following the sale, the administrator now owns 19,527,502 shares of the company, valued at $50,266,914,548.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, available at this link. Also, director Brin Sergei sold 2,639 shares of the company in a transaction that took place on Monday, April 11. The shares were sold at an average price of $2,632.28, for a total value of $6,946,586.92. As a result of the sale, the administrator now owns 18,599,842 shares of the company, valued at approximately $48,959,992,099.76. Disclosure of this sale can be found here. Insiders have sold 551,528 shares of the company valued at $24,397,562 over the past three months. 11.44% of the shares are currently held by insiders of the company.

GOOGL has been the subject of a number of research analyst reports. Barclays cut its price target on Alphabet from $3,300.00 to $3,200.00 and set an “overweight” rating on the stock in a Wednesday April 27 research report. Wells Fargo & Company cut its price target on Alphabet from $3,600.00 to $3,400.00 in a Wednesday, April 27 report. MKM Partners reduced its price target on Alphabet from $3,375.00 to $3,300.00 and set a “buy” rating for the company in a Thursday, April 14 report. Wedbush reduced its price target on Alphabet from $3,800.00 to $3,113.00 in a Wednesday, April 27 report. Finally, JPMorgan Chase & Co. cut its price target on Alphabet from $3,200.00 to $2,800.00 and set an “overweight” rating for the company in a Wednesday, June 29 report. One investment analyst gave the stock a hold rating, thirty-four gave the company a buy rating and one gave the company a high buy rating. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $3,277.59.

Shares of NASDAQ GOOGL opened at $2,174.75 on Tuesday. Alphabet Inc. has a 1-year minimum of $2,037.69 and a 1-year maximum of $3,030.93. The company has a 50-day moving average of $2,256.24 and a 200-day moving average of $2,556.07. The company has a debt ratio of 0.06, a current ratio of 2.87 and a quick ratio of 2.85. The company has a market capitalization of $1.43 trillion, a price/earnings ratio of 19.67, a PEG ratio of 1.06 and a beta of 1.10.

Alphabet shares will be split on the morning of Monday, July 18. The 20-1 split was announced on Tuesday, February 1. The newly issued shares will be distributed to shareholders after market close on Friday, July 15.

Alphabet (NASDAQ: GOOGLGet a rating) last released its quarterly results on Tuesday, April 26. The information services provider reported EPS of $24.62 for the quarter, missing analyst consensus estimates of $25.70 per ($1.08). The company posted revenue of $56.02 billion in the quarter, versus $56.17 billion expected by analysts. Alphabet had a net margin of 27.57% and a return on equity of 30.18%. During the same period a year earlier, the company posted EPS of $26.29. Research analysts expect Alphabet Inc. to post EPS of 110.62 for the current fiscal year.

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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Geraldine L. Melton