Alphabet Inc. (NASDAQ:GOOG) Stake Raised by McCarthy Asset Management Inc.

McCarthy Asset Management Inc. increased its holdings in Alphabet Inc. (NASDAQ:GOOGGet Rating) by 1,904.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,000 shares of the information services provider’s stock after acquiring an additional 8,551 shares during the period. Alphabet comprises about 0.7% of McCarthy Asset Management Inc.’s holdings, making the stock its 19th largest holding. McCarthy Asset Management Inc.’s holdings in Alphabet were worth $865,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. increased its position in Alphabet by 1,872.0% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 18,292,839 shares of the information services provider’s stock worth $1,758,856,000 after purchasing an additional 17,365,189 shares during the last quarter. Baillie Gifford & Co. increased its position in Alphabet by 1,879.5% in the 3rd quarter. Baillie Gifford & Co. now owns 11,694,544 shares of the information services provider’s stock worth $1,124,431,000 after purchasing an additional 11,103,769 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Alphabet by 1,899.8% during the 3rd quarter. Nordea Investment Management AB now owns 6,677,522 shares of the information services provider’s stock valued at $654,531,000 after acquiring an additional 6,343,615 shares during the last quarter. New York State Teachers Retirement System increased its holdings in shares of Alphabet by 1,835.5% during the 3rd quarter. New York State Teachers Retirement System now owns 6,444,438 shares of the information services provider’s stock valued at $619,633,000 after acquiring an additional 6,111,475 shares during the last quarter. Finally, Truist Financial Corp increased its holdings in shares of Alphabet by 1,861.3% during the 3rd quarter. Truist Financial Corp now owns 4,489,234 shares of the information services provider’s stock valued at $431,640,000 after acquiring an additional 4,260,344 shares during the last quarter. 28.69% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on GOOG. Cowen lowered their price objective on Alphabet from $135.00 to $125.00 and set an “outperform” rating on the stock in a report on Wednesday, January 11th. Raymond James lowered their price objective on Alphabet from $143.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. UBS Group set a $115.00 price objective on Alphabet in a report on Thursday, January 12th. Cowen lowered their price objective on Alphabet from $150.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. Finally, Sanford C. Bernstein set a $120.00 target price on Alphabet in a report on Thursday, January 12th. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $140.56.

Insider Activity at Alphabet

In related news, SVP Prabhakar Raghavan sold 22,203 shares of the firm’s stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the sale, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Prabhakar Raghavan sold 22,203 shares of Alphabet stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total value of $1,992,719.25. Following the completion of the sale, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder 2017 Gp L.L.C. Gv sold 107,393 shares of Alphabet stock in a transaction on Monday, October 31st. The shares were sold at an average price of $38.64, for a total value of $4,149,665.52. The disclosure for this sale can be found here. In the last three months, insiders acquired 661,702 shares of company stock valued at $23,399,217 and sold 190,464 shares valued at $8,535,735. Insiders own 12.99% of the company’s stock.

Alphabet Trading Up 1.9 %

GOOG stock opened at $101.21 on Tuesday. The business has a fifty day moving average price of $93.62 and a 200 day moving average price of $102.10. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $152.10. The stock has a market capitalization of $1.31 trillion, a price-to-earnings ratio of 20.10, a P/E/G ratio of 1.74 and a beta of 1.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.52 and a quick ratio of 2.47.

Alphabet (NASDAQ:GOOGGet Rating) last released its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The business had revenue of $69.09 billion for the quarter, compared to analyst estimates of $70.67 billion. During the same period in the prior year, the business earned $1.40 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

Alphabet Company Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

See Also

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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