Alpha Cubed Investments LLC Has $2.20 Million Stake in Alphabet Inc. (GOOG)
Alpha Cubed Investments LLC increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 7.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,656 shares of the information services provider’s stock after buying an additional 191 shares during the period. Alpha Cubed Investments LLC’s holdings in Alphabet were worth $2,203,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of GOOG. Feltz Wealth PLAN Inc. bought a new position in shares of Alphabet during the first quarter valued at approximately $170,000. Pinnacle Bank bought a new position in shares of Alphabet during the first quarter valued at approximately $181,000. Palo Capital Inc. bought a new position in shares of Alphabet during the first quarter valued at approximately $202,000. BTC Capital Management Inc. bought a new position in shares of Alphabet during the first quarter valued at approximately $209,000. Finally, Saratoga Research & Investment Management bought a new position in shares of Alphabet during the first quarter valued at approximately $211,000. Institutional investors and hedge funds own 34.54% of the company’s stock.
Alphabet Inc. (NASDAQ GOOG) traded up 0.03% during midday trading on Monday, hitting $916.16. The company had a trading volume of 256,025 shares. The company has a market capitalization of $634.79 billion, a P/E ratio of 33.20 and a beta of 0.94. Alphabet Inc. has a 52 week low of $727.54 and a 52 week high of $988.25. The stock has a 50 day moving average price of $934.52 and a 200 day moving average price of $896.81.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, topping analysts’ consensus estimates of $4.43 by $0.58. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The business had revenue of $26.01 billion for the quarter, compared to analyst estimates of $25.61 billion. During the same quarter in the prior year, the company earned $8.42 earnings per share. The company’s revenue was up 21.0% on a year-over-year basis. Equities analysts forecast that Alphabet Inc. will post $30.60 earnings per share for the current fiscal year.
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Several brokerages have commented on GOOG. UBS AG restated a “buy” rating and issued a $1,050.00 target price on shares of Alphabet in a research note on Monday, May 15th. Vetr upgraded Alphabet from a “buy” rating to a “strong-buy” rating and set a $1,031.46 target price for the company in a research note on Monday. BidaskClub upgraded Alphabet from a “hold” rating to a “buy” rating in a research note on Friday. Robert W. Baird restated an “outperform” rating and issued a $1,100.00 target price on shares of Alphabet in a research note on Saturday. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $1,050.00 target price on shares of Alphabet in a research note on Wednesday, August 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, forty have assigned a buy rating and one has issued a strong buy rating to the stock. Alphabet currently has a consensus rating of “Buy” and a consensus price target of $1,030.47.
In related news, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, June 7th. The stock was sold at an average price of $981.45, for a total value of $3,925,800.00. Following the transaction, the chief executive officer now owns 2,058 shares of the company’s stock, valued at $2,019,824.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP James Grier Campbell sold 183 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $911.16, for a total value of $166,742.28. The disclosure for this sale can be found here. Insiders sold 47,169 shares of company stock worth $44,206,482 in the last three months. 13.92% of the stock is currently owned by corporate insiders.
Alphabet Inc is a holding company. The Company’s businesses include Google Inc (Google) and its Internet products, such as Access, Calico, CapitalG, GV, Nest, Verily, Waymo and X. The Company’s segments include Google and Other Bets. The Google segment includes its Internet products, such as Search, Ads, Commerce, Maps, YouTube, Google Cloud, Android, Chrome and Google Play, as well as its hardware initiatives.
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