Picton Mahoney Asset Management Buys 183,655 Shares of Alphabet Inc. (NASDAQ:GOOGL)

Picton Mahoney Asset Management lifted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,573.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 195,330 shares of the information services provider’s stock after acquiring an additional 183,655 shares during the quarter. Alphabet makes up approximately 0.7% of Picton Mahoney Asset Management’s holdings, making the stock its 22nd biggest position. Picton Mahoney Asset Management’s holdings in Alphabet were worth $18,684,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Horizon Investment Services LLC grew its stake in shares of Alphabet by 1,912.9% during the 3rd quarter. Horizon Investment Services LLC now owns 46,659 shares of the information services provider’s stock valued at $4,463,000 after acquiring an additional 44,341 shares during the period. Trustmark National Bank Trust Department lifted its holdings in Alphabet by 1,898.9% in the 3rd quarter. Trustmark National Bank Trust Department now owns 28,724 shares of the information services provider’s stock worth $2,747,000 after purchasing an additional 27,287 shares in the last quarter. Sawgrass Asset Management LLC lifted its holdings in Alphabet by 1,791.1% in the 3rd quarter. Sawgrass Asset Management LLC now owns 196,430 shares of the information services provider’s stock worth $18,789,000 after purchasing an additional 186,043 shares in the last quarter. Schnieders Capital Management LLC lifted its holdings in Alphabet by 2,483.5% in the 3rd quarter. Schnieders Capital Management LLC now owns 113,260 shares of the information services provider’s stock worth $10,833,000 after purchasing an additional 108,876 shares in the last quarter. Finally, Paradigm Financial Partners LLC lifted its holdings in Alphabet by 1,893.8% in the 3rd quarter. Paradigm Financial Partners LLC now owns 59,015 shares of the information services provider’s stock worth $5,985,000 after purchasing an additional 56,055 shares in the last quarter. 34.06% of the stock is currently owned by institutional investors.

Insider Transactions at Alphabet

In other news, CAO Amie Thuener O’toole sold 637 shares of the stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $99.87, for a total transaction of $63,617.19. Following the transaction, the chief accounting officer now owns 25,282 shares of the company’s stock, valued at approximately $2,524,913.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, SVP Prabhakar Raghavan sold 22,203 shares of the stock in a transaction on Tuesday, January 3rd. The stock was sold at an average price of $89.75, for a total transaction of $1,992,719.25. Following 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 filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Amie Thuener O’toole sold 637 shares of the firm’s stock in a transaction dated Wednesday, February 1st. The shares were sold at an average price of $99.87, for a total value of $63,617.19. Following the sale, the chief accounting officer now directly owns 25,282 shares in the company, valued at approximately $2,524,913.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,583 shares of company stock valued at $3,418,900. 11.44% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Morgan Stanley boosted their price target on Alphabet from $125.00 to $135.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Wells Fargo & Company boosted their price target on Alphabet from $145.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Truist Financial lowered their price target on Alphabet from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, February 3rd. Credit Suisse Group lowered their price target on Alphabet from $145.00 to $136.00 and set an “outperform” rating on the stock in a report on Friday, February 3rd. Finally, New Street Research began coverage on Alphabet in a report on Wednesday, January 4th. They issued a “buy” rating and a $118.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating, thirty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $132.32.

Alphabet Stock Performance

Shares of Alphabet stock opened at $89.87 on Tuesday. The stock’s fifty day moving average is $93.45 and its two-hundred day moving average is $98.22. The company has a market capitalization of $1.15 trillion, a PE ratio of 19.75, a price-to-earnings-growth ratio of 1.23 and a beta of 1.08. The company has a quick ratio of 2.34, a current ratio of 2.38 and a debt-to-equity ratio of 0.06. Alphabet Inc. has a 52 week low of $83.34 and a 52 week high of $143.79.

Alphabet (NASDAQ:GOOGL – Get Rating) last posted its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). Alphabet had a return on equity of 23.54% and a net margin of 21.20%. The firm had revenue of $76.05 billion for the quarter, compared to the consensus estimate of $63.15 billion. During the same period in the previous year, the company posted $1.53 EPS. As a group, analysts expect that Alphabet Inc. will post 5.12 earnings per share for the current year.

Alphabet Company Profile

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Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.