GAMMA Investing LLC Invests $4.44 Million in Alphabet Inc. (NASDAQ:GOOG)

GAMMA Investing LLC purchased a new position in Alphabet Inc. (NASDAQ:GOOG) during the 4th quarter, HoldingsChannel reports. The fund purchased 31,302 shares of the information services provider’s stock, valued at approximately $4,439,000. Alphabet makes up approximately 1.2% of GAMMA Investing LLC’s investment portfolio, making the stock its 11th largest position.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Ellenbecker Investment Group raised its stake in Alphabet by 4.6% during the fourth quarter. Ellenbecker Investment Group now owns 3,670 shares of the information services provider’s stock worth $517,000 after purchasing an additional 161 shares during the period. Element Wealth LLC raised its stake in Alphabet by 4.2% during the fourth quarter. Element Wealth LLC now owns 3,128 shares of the information services provider’s stock worth $441,000 after purchasing an additional 127 shares during the period. Masso Torrence Wealth Management Inc. raised its stake in Alphabet by 2.6% during the fourth quarter. Masso Torrence Wealth Management Inc. now owns 23,311 shares of the information services provider’s stock worth $3,285,000 after purchasing an additional 593 shares during the period. Lorne Steinberg Wealth Management Inc. raised its stake in Alphabet by 3.5% during the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 4,144 shares of the information services provider’s stock worth $584,000 after purchasing an additional 142 shares during the period. Finally, Parkside Financial Bank & Trust raised its stake in Alphabet by 16.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 21,438 shares of the information services provider’s stock worth $3,021,000 after purchasing an additional 3,023 shares during the period. 27.26% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on GOOG shares. Raymond James lifted their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a research report on Wednesday, January 24th. Oppenheimer lifted their price target on shares of Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a research report on Monday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $165.00 price target on shares of Alphabet in a research report on Thursday, April 11th. Stifel Nicolaus lifted their price target on shares of Alphabet from $154.00 to $174.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Finally, Susquehanna lifted their price target on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research report on Wednesday, January 31st. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $159.86.

Alphabet Trading Up 0.7 %

Shares of GOOG stock opened at $161.10 on Thursday. The company has a debt-to-equity ratio of 0.05, a quick ratio of 2.10 and a current ratio of 2.10. The stock has a market capitalization of $2.00 trillion, a P/E ratio of 27.78, a price-to-earnings-growth ratio of 1.47 and a beta of 1.05. The company has a 50 day moving average price of $148.20 and a 200 day moving average price of $142.40. Alphabet Inc. has a fifty-two week low of $103.27 and a fifty-two week high of $161.70.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. The firm had revenue of $86.31 billion during the quarter, compared to analysts’ expectations of $85.28 billion. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The business’s quarterly revenue was up 13.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.05 earnings per share. Equities research analysts predict that Alphabet Inc. will post 6.79 EPS for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the completion of the transaction, the chief executive officer now owns 2,303,011 shares in the company, valued at approximately $362,516,961.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $136.49, for a total transaction of $93,086.18. Following the completion of the transaction, the chief accounting officer now owns 28,602 shares in the company, valued at approximately $3,903,886.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $157.41, for a total transaction of $3,541,725.00. Following the transaction, the chief executive officer now owns 2,303,011 shares of the company’s stock, valued at approximately $362,516,961.51. The disclosure for this sale can be found here. Insiders sold 251,339 shares of company stock worth $36,377,482 in the last 90 days. Corporate insiders own 12.99% 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.