Pinnacle Associates Ltd. raised its stake in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 4.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 380,112 shares of the information services provider’s stock after buying an additional 14,600 shares during the period. Alphabet comprises approximately 0.8% of Pinnacle Associates Ltd.’s holdings, making the stock its 28th largest position. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $37,099,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in the stock. OLD Second National Bank of Aurora grew its position in shares of Alphabet by 1,900.0% during the 3rd quarter. OLD Second National Bank of Aurora now owns 260 shares of the information services provider’s stock valued at $25,000 after acquiring an additional 247 shares during the period. Westchester Capital Management Inc. grew its position in shares of Alphabet by 1,900.0% during the 3rd quarter. Westchester Capital Management Inc. now owns 260 shares of the information services provider’s stock valued at $25,000 after acquiring an additional 247 shares during the period. Carolina Wealth Advisors LLC grew its position in shares of Alphabet by 1,900.0% during the 3rd quarter. Carolina Wealth Advisors LLC now owns 300 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 285 shares during the period. Saban Cheryl grew its position in shares of Alphabet by 1,900.0% during the 3rd quarter. Saban Cheryl now owns 200 shares of the information services provider’s stock valued at $29,000 after acquiring an additional 190 shares during the period. Finally, Gould Capital LLC grew its position in shares of Alphabet by 2,150.0% during the 3rd quarter. Gould Capital LLC now owns 315 shares of the information services provider’s stock valued at $30,000 after acquiring an additional 301 shares during the period. 28.69% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, insider John Kent Walker sold 11,313 shares of the company’s stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $100.00, for a total transaction of $1,131,300.00. Following the sale, the insider now directly owns 41,970 shares in the company, valued at approximately $4,197,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder 2021 Gp L.L.C. Gv acquired 415,000 shares of the firm’s stock in a transaction on Monday, March 13th. The stock was acquired at an average price of $29.29 per share, with a total value of $12,155,350.00. Following the completion of the purchase, the insider now directly owns 1,709,527 shares in the company, valued at $50,072,045.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider John Kent Walker sold 11,313 shares of the business’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $100.00, for a total value of $1,131,300.00. Following the transaction, the insider now owns 41,970 shares of the company’s stock, valued at approximately $4,197,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 112,192 shares of company stock worth $11,373,417. 12.99% of the stock is currently owned by corporate insiders.
Alphabet Stock Down 0.2 %
Alphabet (NASDAQ:GOOG – Get Rating) last announced its earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.14 by ($0.09). The business had revenue of $76.05 billion for the quarter, compared to analysts’ expectations of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The firm’s quarterly revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.53 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 5.11 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
GOOG has been the subject of several recent analyst reports. UBS Group set a $120.00 target price on shares of Alphabet in a report on Monday, February 6th. Credit Suisse Group set a $136.00 target price on shares of Alphabet in a report on Friday, February 3rd. Roth Capital reaffirmed a “buy” rating on shares of Alphabet in a report on Friday, February 3rd. Oppenheimer upped their target price on shares of Alphabet from $130.00 to $155.00 and gave the stock an “outperform” rating in a report on Friday, February 3rd. Finally, Sanford C. Bernstein set a $130.00 target price on shares of Alphabet in a report on Monday, February 6th. One equities research analyst has rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $135.11.
About Alphabet
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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