Pinnacle Associates Ltd. lifted its position in Alphabet Inc (NASDAQ:GOOG) by 5.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,555 shares of the information services provider’s stock after acquiring an additional 980 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $22,739,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the company. TLW Wealth Management LLC lifted its holdings in Alphabet by 0.5% during the 4th quarter. TLW Wealth Management LLC now owns 5,319 shares of the information services provider’s stock valued at $7,112,000 after buying an additional 26 shares in the last quarter. Kanawha Capital Management LLC bought a new stake in Alphabet during the 4th quarter valued at about $237,000. Iberiabank Corp lifted its holdings in Alphabet by 2.1% during the 4th quarter. Iberiabank Corp now owns 9,288 shares of the information services provider’s stock valued at $12,418,000 after buying an additional 194 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new stake in Alphabet during the 4th quarter valued at about $1,370,000. Finally, Weaver Consulting Group raised its holdings in shares of Alphabet by 7.5% in the 4th quarter. Weaver Consulting Group now owns 158 shares of the information services provider’s stock valued at $193,000 after purchasing an additional 11 shares in the last quarter. Hedge funds and other institutional investors own 33.00% of the company’s stock.

NASDAQ GOOG traded down $0.78 on Wednesday, hitting $1,438.44. 736,211 shares of the company’s stock traded hands, compared to its average volume of 1,476,573. The company has a current ratio of 3.66, a quick ratio of 3.64 and a debt-to-equity ratio of 0.08. Alphabet Inc has a 1-year low of $1,013.54 and a 1-year high of $1,532.11. The firm’s 50-day moving average price is $1,341.80 and its two-hundred day moving average price is $1,338.82. The firm has a market capitalization of $982.44 billion, a PE ratio of 29.05, a P/E/G ratio of 2.15 and a beta of 1.06.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, April 28th. The information services provider reported $9.87 EPS for the quarter, missing the consensus estimate of $11.27 by ($1.40). Alphabet had a net margin of 20.71% and a return on equity of 17.43%. The business had revenue of $41.16 billion for the quarter, compared to analyst estimates of $40.29 billion. During the same quarter in the previous year, the firm posted $9.50 earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. On average, research analysts anticipate that Alphabet Inc will post 41.47 earnings per share for the current fiscal year.

In related news, CAO Amie Thuener O’toole sold 61 shares of the business’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $1,098.26, for a total value of $66,993.86. Following the completion of the transaction, the chief accounting officer now directly owns 388 shares in the company, valued at approximately $426,124.88. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ann Mather sold 30 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $1,328.50, for a total transaction of $39,855.00. Following the completion of the transaction, the director now owns 1,119 shares of the company’s stock, valued at $1,486,591.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 265 shares of company stock valued at $327,951. Company insiders own 12.99% of the company’s stock.

Several equities research analysts have recently commented on the stock. Pivotal Research boosted their price target on shares of Alphabet from $1,425.00 to $1,575.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Goldman Sachs Group restated a “buy” rating on shares of Alphabet in a report on Wednesday, April 29th. Cowen boosted their price target on shares of Alphabet from $1,450.00 to $1,525.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Credit Suisse Group reduced their price target on shares of Alphabet from $1,700.00 to $1,500.00 and set an “outperform” rating for the company in a report on Monday, April 20th. Finally, UBS Group lifted their price objective on shares of Alphabet from $1,530.00 to $1,600.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $1,580.52.

Alphabet Profile

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

Further Reading: Growth Stocks

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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