SCS Capital Management LLC Buys 215,536 Shares of Alphabet Inc. (NASDAQ:GOOGL)

SCS Capital Management LLC increased its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) by 1,900.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 226,880 shares of the information services provider’s stock after buying an additional 215,536 shares during the quarter. Alphabet accounts for approximately 0.6% of SCS Capital Management LLC’s holdings, making the stock its 21st largest holding. SCS Capital Management LLC’s holdings in Alphabet were worth $21,701,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Point72 Europe London LLP acquired a new stake in Alphabet during the 3rd quarter worth $1,321,000. Guggenheim Capital LLC raised its stake in shares of Alphabet by 1,865.1% in the 3rd quarter. Guggenheim Capital LLC now owns 1,072,704 shares of the information services provider’s stock valued at $102,605,000 after purchasing an additional 1,018,115 shares during the period. Cim Investment Management Inc. raised its stake in shares of Alphabet by 1,900.0% in the 3rd quarter. Cim Investment Management Inc. now owns 33,380 shares of the information services provider’s stock valued at $3,193,000 after purchasing an additional 31,711 shares during the period. Royal Capital Wealth Management LLC raised its stake in shares of Alphabet by 1,871.4% in the 3rd quarter. Royal Capital Wealth Management LLC now owns 13,110 shares of the information services provider’s stock valued at $1,254,000 after purchasing an additional 12,445 shares during the period. Finally, Bienville Capital Management LLC raised its stake in shares of Alphabet by 1,850.8% in the 3rd quarter. Bienville Capital Management LLC now owns 47,560 shares of the information services provider’s stock valued at $4,549,000 after purchasing an additional 45,122 shares during the period. Institutional investors and hedge funds own 34.06% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Rosenblatt Securities dropped their price target on Alphabet from $130.00 to $128.00 and set a “buy” rating on the stock in a research note on Friday, February 3rd. Wells Fargo & Company lifted their price target on Alphabet from $145.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, February 3rd. Loop Capital lifted their price target on Alphabet from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, February 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $115.00 target price on shares of Alphabet in a research report on Wednesday, March 8th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $132.00 target price on shares of Alphabet in a research report on Friday, February 3rd. Five equities research analysts have rated the stock with a hold rating, thirty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $132.32.

Alphabet Stock Down 1.8 %

Shares of GOOGL opened at $90.63 on Monday. Alphabet Inc. has a one year low of $83.34 and a one year high of $143.79. The company has a market cap of $1.16 trillion, a P/E ratio of 19.91, a P/E/G ratio of 1.25 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 firm has a 50 day simple moving average of $94.19 and a two-hundred day simple moving average of $96.59.

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

Insider Buying and Selling at Alphabet

In other Alphabet news, CAO Amie Thuener O’toole sold 855 shares of the business’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total transaction of $77,933.25. Following the completion of the transaction, the chief accounting officer now directly owns 25,122 shares in the company, valued at $2,289,870.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Ann Mather sold 380 shares of the company’s stock in a transaction on Tuesday, December 27th. The shares were sold at an average price of $89.24, for a total transaction of $33,911.20. Following the completion of the transaction, the director now directly owns 11,300 shares in the company, valued at $1,008,412. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction on 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 owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The disclosure for this sale can be found here. Insiders sold a total of 36,745 shares of company stock worth $3,424,078 over the last three months. Corporate insiders own 11.44% of the company’s stock.

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.