RiverFront Investment Group LLC Raises Position in Alphabet Inc. (NASDAQ:GOOG)

RiverFront Investment Group LLC increased its stake in Alphabet Inc. (NASDAQ:GOOG) by 6.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 122,006 shares of the information services provider’s stock after buying an additional 7,781 shares during the quarter. RiverFront Investment Group LLC’s holdings in Alphabet were worth $17,193,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Conservest Capital Advisors Inc. acquired a new stake in Alphabet in the fourth quarter valued at approximately $824,000. Sargent Investment Group LLC boosted its stake in shares of Alphabet by 2.5% in the fourth quarter. Sargent Investment Group LLC now owns 38,009 shares of the information services provider’s stock valued at $5,357,000 after purchasing an additional 914 shares during the period. Stonebrook Private Inc. acquired a new stake in Alphabet during the 4th quarter valued at $1,384,000. Omnia Family Wealth LLC increased its stake in Alphabet by 6.8% during the 4th quarter. Omnia Family Wealth LLC now owns 8,114 shares of the information services provider’s stock worth $1,144,000 after buying an additional 514 shares during the period. Finally, Opinicus Capital Inc. acquired a new position in Alphabet in the 4th quarter worth $1,126,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $173.69 on Monday. The firm’s 50-day simple moving average is $149.12 and its 200 day simple moving average is $142.78. The stock has a market cap of $2.16 trillion, a P/E ratio of 26.64, a P/E/G ratio of 1.59 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.15 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a fifty-two week low of $104.42 and a fifty-two week high of $176.42.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, April 25th. The information services provider reported $1.89 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.40. Alphabet had a net margin of 25.90% and a return on equity of 29.52%. The company had revenue of $80.54 billion during the quarter, compared to analyst estimates of $78.75 billion. During the same period in the prior year, the business posted $1.17 EPS. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. Equities analysts expect that Alphabet Inc. will post 6.8 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on GOOG. Oppenheimer upped their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Susquehanna increased their price target on shares of Alphabet from $150.00 to $170.00 and gave the stock a “positive” rating in a research report on Wednesday, January 31st. Stifel Nicolaus boosted their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Raymond James boosted their target price on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, January 24th. Finally, Morgan Stanley restated an “overweight” rating and issued a $165.00 price target on shares of Alphabet in a research note on Thursday, April 11th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Alphabet presently has an average rating of “Buy” and a consensus price target of $165.67.

Insider Activity

In related news, Director Frances Arnold sold 230 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the completion of the sale, the director now directly owns 15,104 shares of the company’s stock, valued at $2,326,922.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 660 shares of the business’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $143.59, for a total transaction of $94,769.40. Following the sale, the chief accounting officer now directly owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Frances Arnold sold 230 shares of the stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $154.06, for a total value of $35,433.80. Following the completion of the sale, the director now directly owns 15,104 shares of the company’s stock, valued at $2,326,922.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 253,439 shares of company stock worth $36,746,578. 12.99% of the stock is owned by company insiders.

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.