Cerro Pacific Wealth Advisors LLC Purchases 833 Shares of Alphabet Inc. $GOOGL

Cerro Pacific Wealth Advisors LLC increased its position in Alphabet Inc. (NASDAQ:GOOGL) by 6.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,910 shares of the information services provider’s stock after purchasing an additional 833 shares during the quarter. Cerro Pacific Wealth Advisors LLC’s holdings in Alphabet were worth $2,275,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mystic Asset Management Inc. grew its stake in Alphabet by 6.7% in the first quarter. Mystic Asset Management Inc. now owns 28,454 shares of the information services provider’s stock worth $4,400,000 after purchasing an additional 1,791 shares in the last quarter. Harbour Trust & Investment Management Co boosted its position in Alphabet by 0.3% during the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock valued at $4,187,000 after acquiring an additional 80 shares in the last quarter. Cypress Capital LLC boosted its position in Alphabet by 4.1% during the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock valued at $2,213,000 after acquiring an additional 563 shares in the last quarter. Bridgeway Capital Management LLC boosted its position in Alphabet by 17.9% during the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock valued at $13,637,000 after acquiring an additional 13,371 shares in the last quarter. Finally, Alaethes Wealth LLC boosted its position in Alphabet by 1.1% during the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock valued at $1,182,000 after acquiring an additional 84 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $250.46 on Wednesday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.90 and a current ratio of 1.90. The stock has a 50-day moving average of $233.60 and a two-hundred day moving average of $193.31. The stock has a market cap of $3.03 trillion, a P/E ratio of 26.67, a P/E/G ratio of 1.74 and a beta of 1.00. Alphabet Inc. has a one year low of $140.53 and a one year high of $257.33.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings data on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating analysts’ consensus estimates of $2.15 by $0.16. The business had revenue of $96.43 billion for the quarter, compared to analyst estimates of $93.60 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%. As a group, research analysts predict that Alphabet Inc. will post 8.9 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on GOOGL. Canaccord Genuity Group increased their target price on Alphabet from $230.00 to $270.00 and gave the company a “buy” rating in a research report on Thursday, September 4th. Melius Research increased their target price on Alphabet from $220.00 to $255.00 in a research report on Thursday, September 25th. Oppenheimer increased their target price on Alphabet from $270.00 to $300.00 and gave the company an “outperform” rating in a research report on Monday. Citigroup increased their target price on Alphabet from $225.00 to $280.00 and gave the company a “buy” rating in a research report on Monday, September 15th. Finally, Loop Capital reaffirmed a “hold” rating and set a $190.00 target price (up previously from $165.00) on shares of Alphabet in a research report on Tuesday, August 5th. Four analysts have rated the stock with a Strong Buy rating, thirty-four have issued a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, Alphabet currently has a consensus rating of “Moderate Buy” and a consensus target price of $257.60.

Insider Activity

In other news, insider John Kent Walker sold 23,820 shares of the stock in a transaction dated Monday, August 4th. The stock was sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider directly owned 42,999 shares of the company’s stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 2,778 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $245.00, for a total value of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at $4,236,785. This represents a 13.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 246,150 shares of company stock valued at $55,805,379. Company insiders own 11.55% of the company’s stock.

Alphabet Company Profile

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