Steel Grove Capital Advisors LLC Has $44.46 Million Stock Position in Alphabet Inc. $GOOGL

Steel Grove Capital Advisors LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 104.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 252,272 shares of the information services provider’s stock after buying an additional 128,986 shares during the quarter. Alphabet makes up 5.2% of Steel Grove Capital Advisors LLC’s portfolio, making the stock its 4th largest position. Steel Grove Capital Advisors LLC’s holdings in Alphabet were worth $44,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mystic Asset Management Inc. boosted its stake in Alphabet by 6.7% in the 1st 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 stake in Alphabet by 0.3% in the 1st quarter. Harbour Trust & Investment Management Co now owns 27,075 shares of the information services provider’s stock worth $4,187,000 after purchasing an additional 80 shares in the last quarter. Cypress Capital LLC boosted its stake in Alphabet by 4.1% in the 1st quarter. Cypress Capital LLC now owns 14,310 shares of the information services provider’s stock worth $2,213,000 after purchasing an additional 563 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in Alphabet by 17.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 88,187 shares of the information services provider’s stock worth $13,637,000 after purchasing an additional 13,371 shares in the last quarter. Finally, Alaethes Wealth LLC boosted its stake in Alphabet by 1.1% in the 1st quarter. Alaethes Wealth LLC now owns 7,646 shares of the information services provider’s stock worth $1,182,000 after purchasing an additional 84 shares in the last quarter. Institutional investors own 40.03% of the company’s stock.

Alphabet Stock Performance

GOOGL opened at $281.31 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.90 and a quick ratio of 1.90. The firm has a fifty day moving average price of $244.00 and a 200 day moving average price of $199.98. Alphabet Inc. has a 1 year low of $140.53 and a 1 year high of $291.59. The stock has a market cap of $3.40 trillion, a P/E ratio of 27.74, a P/E/G ratio of 1.86 and a beta of 1.00.

Alphabet (NASDAQ:GOOGL) last posted its earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.29 by $0.58. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. The firm had revenue of $102.35 billion during the quarter, compared to analysts’ expectations of $99.90 billion. Equities research analysts anticipate that Alphabet Inc. will post 8.9 earnings per share for the current year.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O’toole sold 2,778 shares of the business’s stock in a transaction on 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. The trade was a 13.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Kent Walker sold 23,820 shares of the business’s stock in a transaction on Monday, August 4th. The shares were sold at an average price of $194.70, for a total transaction of $4,637,754.00. Following the completion of the transaction, the insider 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 246,150 shares of company stock worth $55,805,379 in the last three months. Company insiders own 11.64% of the company’s stock.

Analyst Upgrades and Downgrades

GOOGL has been the subject of a number of recent analyst reports. Moffett Nathanson lifted their target price on shares of Alphabet from $295.00 to $305.00 and gave the stock a “buy” rating in a research note on Thursday. Phillip Securities cut shares of Alphabet from a “strong-buy” rating to a “moderate buy” rating in a research note on Monday, September 8th. The Goldman Sachs Group lifted their price objective on shares of Alphabet from $288.00 to $330.00 and gave the company a “buy” rating in a research note on Thursday. CICC Research lifted their price objective on shares of Alphabet from $240.00 to $303.00 and gave the company an “outperform” rating in a research note on Friday. Finally, Stifel Nicolaus set a $333.00 price objective on shares of Alphabet in a research note on Thursday. Three research analysts have rated the stock with a Strong Buy rating, thirty-five have assigned a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $302.20.

Alphabet 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.