Checchi Capital Advisers LLC Boosts Stake in Alphabet Inc. (GOOG)
Checchi Capital Advisers LLC boosted its stake in Alphabet Inc. (NASDAQ:GOOG) by 7.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,957 shares of the information services provider’s stock after buying an additional 212 shares during the period. Checchi Capital Advisers LLC’s holdings in Alphabet were worth $2,453,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Feltz Wealth PLAN Inc. bought a new position in shares of Alphabet during the first quarter worth about $170,000. Pinnacle Bank bought a new position in shares of Alphabet during the first quarter worth about $181,000. Palo Capital Inc. bought a new position in shares of Alphabet during the first quarter worth about $202,000. BTC Capital Management Inc. bought a new position in shares of Alphabet during the first quarter worth about $209,000. Finally, Saratoga Research & Investment Management bought a new position in shares of Alphabet during the first quarter worth about $211,000. 34.54% of the stock is owned by hedge funds and other institutional investors.
Alphabet Inc. (NASDAQ GOOG) traded up 0.26% during midday trading on Wednesday, reaching $923.73. The company’s stock had a trading volume of 382,427 shares. The firm has a 50 day moving average of $934.52 and a 200 day moving average of $896.81. Alphabet Inc. has a 52-week low of $727.54 and a 52-week high of $988.25. The firm has a market cap of $640.03 billion, a P/E ratio of 33.48 and a beta of 0.94.
Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Monday, July 24th. The information services provider reported $5.01 earnings per share for the quarter, topping the consensus estimate of $4.43 by $0.58. The company had revenue of $26.01 billion for the quarter, compared to the consensus estimate of $25.61 billion. Alphabet had a return on equity of 13.66% and a net margin of 19.49%. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $8.42 EPS. Analysts anticipate that Alphabet Inc. will post $30.59 earnings per share for the current fiscal year.
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A number of research analysts have issued reports on GOOG shares. Jefferies Group LLC reissued a “buy” rating and set a $1,200.00 price objective (up from $950.00) on shares of Alphabet in a report on Sunday, May 28th. Morgan Stanley reissued a “buy” rating and set a $1,050.00 price objective on shares of Alphabet in a report on Tuesday, May 23rd. Deutsche Bank AG reissued a “buy” rating on shares of Alphabet in a report on Monday, May 22nd. Aegis reissued a “buy” rating on shares of Alphabet in a report on Monday, May 22nd. Finally, MKM Partners reissued a “buy” rating and set a $1,170.00 price objective (up from $1,000.00) on shares of Alphabet in a report on Monday, May 8th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, forty have issued a buy rating and one has assigned a strong buy rating to the company. Alphabet currently has a consensus rating of “Buy” and a consensus price target of $1,030.47.
In other Alphabet news, VP James Grier Campbell sold 183 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $968.95, for a total transaction of $177,317.85. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, June 7th. The shares were sold at an average price of $981.45, for a total value of $3,925,800.00. Following the sale, the chief executive officer now owns 2,058 shares in the company, valued at $2,019,824.10. The disclosure for this sale can be found here. Insiders sold a total of 47,169 shares of company stock worth $44,206,482 in the last 90 days. 13.92% of the stock is currently owned by company 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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