Alphabet Inc (GOOG) Position Boosted by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its position in shares of Alphabet Inc (NASDAQ:GOOG) by 35.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 5,975 shares of the information services provider’s stock after buying an additional 1,548 shares during the period. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $5,430,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Burt Wealth Advisors increased its position in Alphabet by 17.2% during the second quarter. Burt Wealth Advisors now owns 136 shares of the information services provider’s stock worth $123,000 after purchasing an additional 20 shares during the last quarter. Farmers National Bank increased its position in Alphabet by 15.0% during the first quarter. Farmers National Bank now owns 161 shares of the information services provider’s stock worth $134,000 after purchasing an additional 21 shares during the last quarter. St. Johns Investment Management Company LLC increased its position in Alphabet by 1,046.7% during the second quarter. St. Johns Investment Management Company LLC now owns 172 shares of the information services provider’s stock worth $156,000 after purchasing an additional 157 shares during the last quarter. Catamount Wealth Management increased its position in Alphabet by 5.8% during the second quarter. Catamount Wealth Management now owns 182 shares of the information services provider’s stock worth $165,000 after purchasing an additional 10 shares during the last quarter. Finally, Baker Boyer National Bank acquired a new position in Alphabet during the second quarter worth approximately $200,000. 34.74% of the stock is currently owned by institutional investors and hedge funds.

In other Alphabet news, VP James Grier Campbell sold 183 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $959.26, for a total transaction of $175,544.58. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Sundar Pichai sold 4,000 shares of the stock in a transaction on Wednesday, October 4th. The shares were sold at an average price of $958.40, for a total transaction of $3,833,600.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,396 shares of company stock valued at $34,231,541. Company insiders own 13.92% of the company’s stock.

Shares of Alphabet Inc (NASDAQ:GOOG) opened at $1,005.15 on Wednesday. The firm has a market cap of $705,130.00, a price-to-earnings ratio of 33.82 and a beta of 0.94. Alphabet Inc has a fifty-two week low of $755.80 and a fifty-two week high of $1,062.38. The company has a current ratio of 5.77, a quick ratio of 5.73 and a debt-to-equity ratio of 0.03.

Alphabet (NASDAQ:GOOG) last released its quarterly earnings results on Thursday, October 26th. The information services provider reported $9.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $8.31 by $1.26. The business had revenue of $27.77 billion during the quarter, compared to analyst estimates of $27.17 billion. Alphabet had a net margin of 20.09% and a return on equity of 14.26%. The business’s revenue was up 23.7% on a year-over-year basis. During the same period last year, the business earned $9.06 EPS.

Several brokerages recently commented on GOOG. Vetr raised shares of Alphabet from a “hold” rating to a “buy” rating and set a $1,084.59 price target for the company in a research report on Wednesday, November 29th. UBS reaffirmed a “buy” rating on shares of Alphabet in a research report on Monday, November 27th. Oppenheimer reaffirmed an “outperform” rating on shares of Alphabet in a research report on Friday, October 27th. Goldman Sachs Group reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. Finally, Macquarie reaffirmed a “buy” rating on shares of Alphabet in a research report on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and thirty-nine have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $1,047.96.

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About Alphabet

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.

Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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