Kinney Asset Management LLC Invests $20.20 Million in Alphabet Inc. (NASDAQ:GOOGL)

Kinney Asset Management LLC purchased a new position in Alphabet Inc. (NASDAQ:GOOGL – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 228,967 shares of the information services provider’s stock, valued at approximately $20,202,000. Alphabet comprises about 15.6% of Kinney Asset Management LLC’s holdings, making the stock its 3rd largest holding.

Several other institutional investors and hedge funds also recently made changes to their positions in GOOGL. Vanguard Group Inc. lifted its position in shares of Alphabet by 1,919.4% in the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock worth $45,628,484,000 after purchasing an additional 453,413,389 shares during the period. State Street Corp lifted its position in shares of Alphabet by 1,900.6% in the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock worth $20,770,809,000 after purchasing an additional 206,300,042 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Alphabet by 1,759.2% in the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock worth $11,106,502,000 after purchasing an additional 109,870,525 shares during the period. Massachusetts Financial Services Co. MA lifted its position in shares of Alphabet by 1,955.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 61,134,061 shares of the information services provider’s stock worth $5,847,474,000 after purchasing an additional 58,159,150 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Alphabet by 1,896.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 58,060,946 shares of the information services provider’s stock worth $5,553,529,000 after purchasing an additional 55,153,448 shares during the period. Institutional investors own 34.06% of the company’s stock.

Alphabet Stock Performance

GOOGL opened at $123.48 on Friday. Alphabet Inc. has a 1-year low of $83.34 and a 1-year high of $126.43. The company has a 50 day simple moving average of $108.64 and a two-hundred day simple moving average of $99.13. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.35 and a quick ratio of 2.32. The firm has a market cap of $1.57 trillion, a P/E ratio of 27.50, a PEG ratio of 1.54 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its earnings results on Tuesday, April 25th. The information services provider reported $1.17 EPS for the quarter, topping the consensus estimate of $1.06 by $0.11. Alphabet had a net margin of 20.58% and a return on equity of 22.84%. The firm had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $57.19 billion. During the same quarter in the previous year, the firm earned $1.23 earnings per share. Equities analysts forecast that Alphabet Inc. will post 5.41 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on GOOGL shares. BNP Paribas raised shares of Alphabet from a “neutral” rating to an “outperform” rating and set a $123.00 target price for the company in a research report on Friday, March 17th. Rosenblatt Securities lowered their price target on shares of Alphabet from $130.00 to $128.00 and set a “buy” rating for the company in a research report on Friday, February 3rd. MKM Partners lifted their price target on shares of Alphabet from $120.00 to $126.00 in a research report on Friday, February 3rd. Oppenheimer lifted their price target on shares of Alphabet from $135.00 to $145.00 and gave the company an “outperform” rating in a research report on Wednesday, April 26th. Finally, StockNews.com began coverage on shares of Alphabet in a research report on Thursday, May 18th. They set a “buy” rating for the company. Four equities research analysts have rated the stock with a hold rating, thirty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $130.56.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 800 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $125.00, for a total transaction of $100,000.00. Following the sale, the director now owns 5,940 shares of the company’s stock, valued at $742,500. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Alphabet news, Director Ann Mather sold 380 shares of the business’s stock in a transaction on Monday, February 27th. The shares were sold at an average price of $90.05, for a total transaction of $34,219.00. Following the transaction, the director now owns 11,300 shares in the company, valued at $1,017,565. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $125.00, for a total transaction of $100,000.00. Following the transaction, the director now owns 5,940 shares in the company, valued at approximately $742,500. The disclosure for this sale can be found here. Over the last quarter, insiders have purchased 732,217 shares of company stock valued at $21,135,371 and have sold 753,384 shares valued at $30,574,577. Insiders own 0.88% of the company’s stock.

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.