Morris Financial Concepts Inc. Grows Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Morris Financial Concepts Inc. grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOGGet Rating) by 991.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 491 shares of the information services provider’s stock after purchasing an additional 446 shares during the period. Morris Financial Concepts Inc.’s holdings in Alphabet were worth $47,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in GOOG. Totem Point Management LLC increased its position in shares of Alphabet by 22.0% during the first quarter. Totem Point Management LLC now owns 3,171 shares of the information services provider’s stock valued at $8,857,000 after acquiring an additional 571 shares in the last quarter. Somerville Kurt F increased its position in shares of Alphabet by 10.3% during the first quarter. Somerville Kurt F now owns 118 shares of the information services provider’s stock valued at $330,000 after acquiring an additional 11 shares in the last quarter. BCK Partners Inc. bought a new stake in shares of Alphabet during the first quarter valued at approximately $2,564,000. Hall Capital Management Co. Inc. increased its position in shares of Alphabet by 53.2% during the first quarter. Hall Capital Management Co. Inc. now owns 144 shares of the information services provider’s stock valued at $402,000 after acquiring an additional 50 shares in the last quarter. Finally, Fairfield Bush & CO. increased its position in shares of Alphabet by 6.8% during the first quarter. Fairfield Bush & CO. now owns 3,370 shares of the information services provider’s stock valued at $9,412,000 after acquiring an additional 214 shares in the last quarter. 28.69% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Up 1.0 %

Shares of GOOG stock opened at $92.80 on Friday. Alphabet Inc. has a 52-week low of $83.45 and a 52-week high of $152.10. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.47 and a current ratio of 2.52. The firm has a market capitalization of $1.20 trillion, a PE ratio of 18.43, a PEG ratio of 1.61 and a beta of 1.08. The stock has a fifty day simple moving average of $93.23 and a two-hundred day simple moving average of $102.78.

Alphabet (NASDAQ:GOOGGet Rating) last issued its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). Alphabet had a return on equity of 26.41% and a net margin of 23.75%. The business had revenue of $69.09 billion during the quarter, compared to analysts’ expectations of $70.67 billion. During the same quarter in the previous year, the company posted $1.40 EPS. The company’s quarterly revenue was up 6.1% on a year-over-year basis. On average, analysts predict that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

Insider Buying and Selling at Alphabet

In other Alphabet news, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the transaction, the senior vice president now owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Ann Mather sold 280 shares of the stock in a transaction dated Tuesday, October 25th. The shares were sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the transaction, the director now owns 11,200 shares of the company’s stock, valued at approximately $1,156,176. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction dated Tuesday, January 3rd. The shares were sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following the completion of the transaction, the senior vice president now directly owns 76,579 shares of the company’s stock, valued at approximately $6,872,965.25. The disclosure for this sale can be found here. In the last 90 days, insiders purchased 1,461,702 shares of company stock valued at $36,999,217 and sold 190,744 shares valued at $8,564,640. Insiders own 12.99% of the company’s stock.

Analysts Set New Price Targets

GOOG has been the subject of a number of research analyst reports. Oppenheimer cut their target price on shares of Alphabet from $155.00 to $135.00 and set an “outperform” rating for the company in a research report on Wednesday, October 26th. Piper Sandler cut their target price on shares of Alphabet from $135.00 to $122.00 and set an “overweight” rating for the company in a research report on Wednesday, October 26th. Credit Suisse Group set a $128.00 target price on shares of Alphabet in a research report on Wednesday, October 26th. Societe Generale cut their target price on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating for the company in a research report on Wednesday, November 30th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on shares of Alphabet from $135.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, October 21st. One investment analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $141.88.

Alphabet Company Profile

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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