Gabelli Funds LLC Has $84.57 Million Stake in Alphabet Inc. (NASDAQ:GOOG)

Gabelli Funds LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,634.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 879,528 shares of the information services provider’s stock after buying an additional 828,807 shares during the period. Alphabet accounts for about 0.7% of Gabelli Funds LLC’s investment portfolio, making the stock its 20th biggest holding. Gabelli Funds LLC’s holdings in Alphabet were worth $84,567,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Walled Lake Planning & Wealth Management LLC raised its stake in shares of Alphabet by 1,900.0% during the third quarter. Walled Lake Planning & Wealth Management LLC now owns 34,120 shares of the information services provider’s stock worth $3,281,000 after buying an additional 32,414 shares during the last quarter. Connecticut Wealth Management LLC raised its stake in shares of Alphabet by 1,415.4% during the third quarter. Connecticut Wealth Management LLC now owns 8,350 shares of the information services provider’s stock worth $803,000 after buying an additional 7,799 shares during the last quarter. Element Wealth LLC raised its stake in shares of Alphabet by 2,245.1% during the third quarter. Element Wealth LLC now owns 2,861 shares of the information services provider’s stock worth $275,000 after buying an additional 2,739 shares during the last quarter. Curated Wealth Partners LLC increased its stake in Alphabet by 1,916.3% in the third quarter. Curated Wealth Partners LLC now owns 5,081 shares of the information services provider’s stock valued at $489,000 after purchasing an additional 4,829 shares in the last quarter. Finally, Willow Creek Wealth Management Inc. increased its stake in Alphabet by 1,924.7% in the third quarter. Willow Creek Wealth Management Inc. now owns 16,380 shares of the information services provider’s stock valued at $1,575,000 after purchasing an additional 15,571 shares in the last quarter. 28.69% of the stock is owned by institutional investors.

Alphabet Stock Performance

Shares of GOOG stock opened at $94.02 on Monday. The stock has a market cap of $1.20 trillion, a P/E ratio of 20.66, a P/E/G ratio of 1.30 and a beta of 1.09. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.38 and a quick ratio of 2.34. The company has a fifty day moving average price of $94.29 and a two-hundred day moving average price of $97.96. Alphabet Inc. has a one year low of $83.45 and a one year high of $144.16.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings results on Thursday, February 2nd. The information services provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.14 by ($0.09). The firm had revenue of $76.05 billion during the quarter, compared to analyst estimates of $76.49 billion. Alphabet had a net margin of 21.20% and a return on equity of 23.54%. The business’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.53 EPS. As a group, equities analysts predict that Alphabet Inc. will post 5.12 EPS for the current year.

Insider Activity

In other news, CAO Amie Thuener O’toole sold 855 shares of the stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total value of $77,933.25. Following the transaction, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Ann Mather sold 340 shares of the firm’s stock in a transaction dated Wednesday, January 25th. The shares were sold at an average price of $96.92, for a total transaction of $32,952.80. Following the transaction, the director now directly owns 11,300 shares of the company’s stock, valued at $1,095,196. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Amie Thuener O’toole sold 855 shares of the firm’s stock in a transaction dated Wednesday, January 4th. The stock was sold at an average price of $91.15, for a total transaction of $77,933.25. Following the transaction, the chief accounting officer now directly owns 25,122 shares in the company, valued at $2,289,870.30. The disclosure for this sale can be found here. Insiders have sold 36,745 shares of company stock valued at $3,424,078 over the last ninety days. 12.99% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. UBS Group set a $120.00 target price on shares of Alphabet in a research note on Monday, February 6th. Cowen lowered their target price on shares of Alphabet from $135.00 to $125.00 and set an “outperform” rating for the company in a research note on Wednesday, January 11th. Piper Sandler lowered their target price on shares of Alphabet from $122.00 to $120.00 and set an “overweight” rating for the company in a research note on Friday, February 3rd. Societe Generale reduced their price target on shares of Alphabet from $147.00 to $132.00 and set a “buy” rating for the company in a report on Wednesday, November 30th. Finally, Royal Bank of Canada set a $130.00 price target on shares of Alphabet in a report on Friday, February 3rd. One analyst has rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $137.13.

About Alphabet

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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.