Alpha Cubed Investments LLC Boosts Stake in Alphabet Inc. (GOOGL)
Alpha Cubed Investments LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOGL) by 43.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,041 shares of the information services provider’s stock after buying an additional 2,759 shares during the period. Alphabet makes up approximately 1.6% of Alpha Cubed Investments LLC’s holdings, making the stock its 24th largest position. Alpha Cubed Investments LLC’s holdings in Alphabet were worth $7,665,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. River & Mercantile Asset Management LLP bought a new stake in Alphabet during the fourth quarter valued at $5,376,000. Ibex Wealth Advisors increased its stake in Alphabet by 6.7% in the fourth quarter. Ibex Wealth Advisors now owns 2,398 shares of the information services provider’s stock valued at $1,986,000 after buying an additional 151 shares during the last quarter. Jackson Grant Investment Advisers Inc. increased its stake in Alphabet by 0.6% in the fourth quarter. Jackson Grant Investment Advisers Inc. now owns 170 shares of the information services provider’s stock valued at $135,000 after buying an additional 1 shares during the last quarter. Perigon Wealth Management LLC increased its stake in Alphabet by 72.6% in the fourth quarter. Perigon Wealth Management LLC now owns 3,828 shares of the information services provider’s stock valued at $3,250,000 after buying an additional 1,610 shares during the last quarter. Finally, HighPoint Advisor Group LLC increased its stake in Alphabet by 13.0% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,846 shares of the information services provider’s stock valued at $1,582,000 after buying an additional 212 shares during the last quarter. 33.87% of the stock is owned by hedge funds and other institutional investors.
Shares of Alphabet Inc. (GOOGL) traded down 0.11% during midday trading on Tuesday, hitting $927.11. 207,548 shares of the stock were exchanged. Alphabet Inc. has a 12 month low of $743.59 and a 12 month high of $1,008.61. The stock has a 50 day moving average price of $952.77 and a 200-day moving average price of $916.26. The company has a market cap of $642.38 billion, a PE ratio of 33.60 and a beta of 0.99.
Alphabet (NASDAQ:GOOGL) last issued its earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, missing the Zacks’ consensus estimate of $8.25 by $3.24. The business had revenue of $20.92 billion for the quarter, compared to analyst estimates of $20.83 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. During the same period last year, the company posted $8.42 earnings per share. On average, analysts predict that Alphabet Inc. will post $30.59 EPS for the current year.
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Several analysts have commented on the company. J P Morgan Chase & Co increased their target price on Alphabet from $1,075.00 to $1,115.00 and gave the company an “overweight” rating in a research note on Saturday, July 22nd. Vetr upgraded Alphabet from a “hold” rating to a “buy” rating and set a $1,020.52 target price on the stock in a research note on Tuesday, July 25th. UBS AG reiterated an “overweight” rating on shares of Alphabet in a research note on Thursday, August 24th. Canaccord Genuity downgraded Alphabet from a “buy” rating to a “hold” rating and increased their target price for the company from $967.93 to $1,000.00 in a research note on Thursday, June 15th. Finally, FBR & Co reiterated an “outperform” rating and set a $1,050.00 target price (up from $1,032.00) on shares of Alphabet in a research note on Tuesday, July 25th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, forty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $1,053.45.
Alphabet Company Profile
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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