Weiss Asset Management LP purchased a new position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 5,653 shares of the information services provider’s stock, valued at approximately $544,000.
Other large investors have also made changes to their positions in the company. Walled Lake Planning & Wealth Management LLC grew its holdings in shares of Alphabet by 1,900.0% during the third quarter. Walled Lake Planning & Wealth Management LLC now owns 34,120 shares of the information services provider’s stock valued at $3,281,000 after buying an additional 32,414 shares during the last quarter. Grand Jean Capital Management Inc. grew its holdings in shares of Alphabet by 1,926.2% during the third quarter. Grand Jean Capital Management Inc. now owns 137,135 shares of the information services provider’s stock valued at $13,186,000 after buying an additional 130,367 shares during the last quarter. Connecticut Wealth Management LLC grew its holdings in shares of Alphabet by 1,415.4% during the third quarter. Connecticut Wealth Management LLC now owns 8,350 shares of the information services provider’s stock valued at $803,000 after buying an additional 7,799 shares during the last quarter. Clarity Financial LLC grew its holdings in shares of Alphabet by 2,118.6% during the third quarter. Clarity Financial LLC now owns 61,722 shares of the information services provider’s stock valued at $5,935,000 after buying an additional 58,940 shares during the last quarter. Finally, Element Wealth LLC grew its holdings in shares of Alphabet by 2,245.1% during the third quarter. Element Wealth LLC now owns 2,861 shares of the information services provider’s stock valued at $275,000 after buying an additional 2,739 shares during the last quarter. 28.69% of the stock is owned by institutional investors and hedge funds.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on the stock. Oppenheimer boosted their price objective on shares of Alphabet from $130.00 to $155.00 and gave the company an “outperform” rating in a report on Friday, February 3rd. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Bank of America upped their price target on shares of Alphabet from $116.00 to $119.00 and gave the company a “buy” rating in a report on Tuesday, January 31st. Jefferies Financial Group set a $125.00 price target on shares of Alphabet in a report on Friday, February 3rd. Finally, The Goldman Sachs Group set a $128.00 price target on shares of Alphabet in a report on Friday, February 3rd. One analyst has rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $137.13.
Alphabet Stock Up 4.7 %
Alphabet (NASDAQ:GOOG – Get Rating) last released its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.09). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The company had revenue of $76.05 billion for the quarter, compared to analyst estimates of $76.49 billion. During the same quarter last year, the company earned $1.53 EPS. The firm’s revenue for the quarter was up 1.0% on a year-over-year basis. Sell-side analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, Director Kavitark Ram Shriram sold 37,500 shares of the company’s stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the director now owns 144,740 shares in the company, valued at approximately $14,474,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, Director Ann Mather sold 340 shares of the stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $96.92, for a total value of $32,952.80. Following the completion of the sale, the director now owns 11,300 shares in the company, valued at approximately $1,095,196. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kavitark Ram Shriram sold 37,500 shares of the stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $100.00, for a total transaction of $3,750,000.00. Following the completion of the sale, the director now owns 144,740 shares of the company’s stock, valued at approximately $14,474,000. The disclosure for this sale can be found here. Insiders sold a total of 74,245 shares of company stock worth $7,174,078 in the last 90 days. Insiders own 12.99% of the company’s stock.
Alphabet Profile
Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.
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