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

Kinney Asset Management LLC acquired a new position in shares of Alphabet Inc. (NASDAQ:GOOGL – Get Rating) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 228,967 shares of the information services provider’s stock, valued at approximately $20,202,000. Alphabet accounts for approximately 15.6% of Kinney Asset Management LLC’s investment portfolio, making the stock its 3rd biggest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in GOOGL. Vanguard Group Inc. grew its stake in 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 valued at $45,628,484,000 after acquiring an additional 453,413,389 shares during the period. State Street Corp lifted its holdings in 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 valued at $20,770,809,000 after purchasing an additional 206,300,042 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in 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 valued at $11,106,502,000 after purchasing an additional 109,870,525 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in 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 valued at $5,847,474,000 after purchasing an additional 58,159,150 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in 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 valued at $5,553,529,000 after purchasing an additional 55,153,448 shares in the last quarter. Institutional investors and hedge funds own 34.06% of the company’s stock.

Analysts Set New Price Targets

GOOGL has been the topic of a number of research reports. Credit Suisse Group decreased their price objective on Alphabet from $136.00 to $135.00 and set an “outperform” rating on the stock in a report on Wednesday, April 26th. Loop Capital lowered Alphabet from a “buy” rating to a “hold” rating and set a $125.00 price objective on the stock. in a report on Monday, May 15th. Barclays lifted their price target on Alphabet from $150.00 to $160.00 and gave the stock an “overweight” rating in a report on Friday, February 3rd. Oppenheimer lifted their price target on Alphabet from $135.00 to $145.00 and gave the stock an “outperform” rating in a report on Wednesday, April 26th. Finally, MKM Partners lifted their price target on Alphabet from $120.00 to $126.00 in a report on Friday, February 3rd. Four research analysts have rated the stock with a hold rating, thirty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $130.56.

Insider Transactions at Alphabet

In other news, SVP Prabhakar Raghavan sold 32,379 shares of the company’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the completion of the sale, the senior vice president now owns 76,580 shares in the company, valued at $7,922,966.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Prabhakar Raghavan sold 32,379 shares of the stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $103.46, for a total transaction of $3,349,931.34. Following the sale, the senior vice president now owns 76,580 shares of the company’s stock, valued at $7,922,966.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Ann Mather sold 380 shares of the stock in a transaction on Monday, February 27th. The shares were sold at an average price of $90.05, for a total value of $34,219.00. Following the sale, the director now directly owns 11,300 shares in the company, valued at approximately $1,017,565. The disclosure for this sale can be found here. Over the last 90 days, insiders purchased 732,217 shares of company stock worth $21,135,371 and sold 753,384 shares worth $30,574,577. Company insiders own 0.88% of the company’s stock.

Alphabet Stock Performance

Shares of GOOGL opened at $123.48 on Friday. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $126.43. The company has a quick ratio of 2.32, a current ratio of 2.35 and a debt-to-equity ratio of 0.05. The stock has a 50 day moving average price of $108.64 and a 200 day moving average price of $99.13. The company has a market capitalization of $1.57 trillion, a price-to-earnings ratio of 27.50, a price-to-earnings-growth ratio of 1.54 and a beta of 1.10.

Alphabet (NASDAQ:GOOGL – Get Rating) last released its quarterly 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 return on equity of 22.84% and a net margin of 20.58%. The business had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $57.19 billion. During the same quarter in the prior year, the business earned $1.23 earnings per share. Research analysts predict that Alphabet Inc. will post 5.41 EPS for the current fiscal year.

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.