Red Crane Wealth Management LLC Acquires New Holdings in Alphabet Inc. $GOOG

Red Crane Wealth Management LLC acquired a new stake in Alphabet Inc. (NASDAQ:GOOG) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 1,264 shares of the information services provider’s stock, valued at approximately $224,000.

Several other hedge funds have also recently bought and sold shares of the company. ACT Advisors LLC. lifted its position in Alphabet by 3.5% in the 2nd quarter. ACT Advisors LLC. now owns 1,625 shares of the information services provider’s stock valued at $288,000 after purchasing an additional 55 shares during the last quarter. LongView Wealth Management raised its position in shares of Alphabet by 1.1% during the 2nd quarter. LongView Wealth Management now owns 5,126 shares of the information services provider’s stock worth $909,000 after buying an additional 56 shares in the last quarter. Kooman & Associates raised its position in shares of Alphabet by 1.4% during the 2nd quarter. Kooman & Associates now owns 4,127 shares of the information services provider’s stock worth $732,000 after buying an additional 56 shares in the last quarter. Greenup Street Wealth Management LLC raised its position in shares of Alphabet by 0.5% during the 2nd quarter. Greenup Street Wealth Management LLC now owns 11,656 shares of the information services provider’s stock worth $2,068,000 after buying an additional 56 shares in the last quarter. Finally, Colton Groome Financial Advisors LLC raised its position in shares of Alphabet by 3.4% during the 2nd quarter. Colton Groome Financial Advisors LLC now owns 1,742 shares of the information services provider’s stock worth $309,000 after buying an additional 57 shares in the last quarter. 27.26% of the stock is currently owned by institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the transaction, the chief accounting officer directly owned 17,293 shares of the company’s stock, valued at $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider directly owned 42,999 shares in the company, valued at approximately $8,371,905.30. This trade represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 246,150 shares of company stock valued at $55,805,379 over the last ninety days. Corporate insiders own 12.99% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GOOG shares. TD Cowen lifted their price objective on shares of Alphabet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Wells Fargo & Company reaffirmed an “equal weight” rating on shares of Alphabet in a research note on Wednesday, July 9th. Raymond James Financial set a $275.00 price objective on shares of Alphabet and gave the stock an “outperform” rating in a research note on Friday. Robert W. Baird lifted their price objective on shares of Alphabet from $215.00 to $275.00 and gave the stock an “outperform” rating in a research note on Monday, September 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Alphabet in a research note on Friday. Six research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $249.68.

Alphabet Stock Performance

Alphabet stock opened at $260.51 on Friday. The firm’s 50 day simple moving average is $237.33 and its 200-day simple moving average is $196.66. The company has a market cap of $3.15 trillion, a P/E ratio of 27.74, a price-to-earnings-growth ratio of 1.76 and a beta of 1.00. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. Alphabet Inc. has a fifty-two week low of $142.66 and a fifty-two week high of $262.51.

Alphabet (NASDAQ:GOOG) last released its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, topping the consensus estimate of $2.12 by $0.19. The business had revenue of $96.43 billion for the quarter, compared to the consensus estimate of $93.67 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the firm posted $1.89 earnings per share. As a group, equities research analysts predict that Alphabet Inc. will post 8.89 EPS for the current year.

Alphabet 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.