McCarthy Asset Management Inc. Boosts Position in Alphabet Inc. (NASDAQ:GOOG)

McCarthy Asset Management Inc. boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 62.5% during the 4th quarter, Holdings Channel reports. The fund owned 6,343 shares of the information services provider’s stock after buying an additional 2,440 shares during the period. Alphabet comprises about 0.6% of McCarthy Asset Management Inc.’s portfolio, making the stock its 20th largest position. McCarthy Asset Management Inc.’s holdings in Alphabet were worth $894,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC purchased a new position in Alphabet during the 4th quarter worth approximately $26,000. Tandem Wealth Advisors LLC acquired a new stake in Alphabet in the 3rd quarter valued at $25,000. Equitec Proprietary Markets LLC acquired a new stake in Alphabet during the 4th quarter worth $28,000. Buck Wealth Strategies LLC acquired a new stake in Alphabet during the 3rd quarter worth $32,000. Finally, Barometer Capital Management Inc. acquired a new stake in Alphabet during the 3rd quarter worth $32,000. 27.26% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now owns 1,777,106 shares in the company, valued at $243,854,485.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Ruth Porat sold 48,077 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The stock was sold at an average price of $137.22, for a total transaction of $6,597,125.94. Following the completion of the sale, the chief financial officer now owns 1,777,106 shares in the company, valued at $243,854,485.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frances Arnold sold 230 shares of the company’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the sale, the director now owns 15,104 shares of the company’s stock, valued at approximately $2,326,922.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 253,439 shares of company stock valued at $36,746,578. 12.99% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently weighed in on GOOG. Stifel Nicolaus boosted their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Susquehanna boosted their price target on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research note on Wednesday, January 31st. Morgan Stanley reissued an “overweight” rating and set a $165.00 price objective on shares of Alphabet in a research report on Thursday, April 11th. Oppenheimer upped their price target on Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Finally, Raymond James upped their price target on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $165.67.

Alphabet Price Performance

GOOG stock opened at $173.69 on Monday. The company has a market capitalization of $2.16 trillion, a P/E ratio of 26.64, a PEG ratio of 1.59 and a beta of 1.05. Alphabet Inc. has a twelve month low of $104.42 and a twelve month high of $176.42. The business has a 50 day simple moving average of $149.12 and a 200-day simple moving average of $142.78. The company has a current ratio of 2.15, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings data on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.40. The business had revenue of $80.54 billion during the quarter, compared to the consensus estimate of $78.75 billion. Alphabet had a return on equity of 29.52% and a net margin of 25.90%. The company’s revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.17 earnings per share. As a group, equities analysts anticipate that Alphabet Inc. will post 6.8 EPS for the current year.

Alphabet Company Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.