Cherry Creek Investment Advisors Inc. Raises Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Cherry Creek Investment Advisors Inc. boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 263.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,571 shares of the information services provider’s stock after buying an additional 6,934 shares during the quarter. Alphabet accounts for about 0.9% of Cherry Creek Investment Advisors Inc.’s holdings, making the stock its 26th biggest holding. Cherry Creek Investment Advisors Inc.’s holdings in Alphabet were worth $1,823,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Weiss Asset Management LP purchased a new stake in shares of Alphabet during the third quarter worth approximately $25,000. Safe Harbor Fiduciary LLC acquired a new stake in shares of Alphabet in the 3rd quarter valued at $33,000. Sanctuary Wealth Management L.L.C. lifted its position in shares of Alphabet by 87.3% during the 3rd quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after purchasing an additional 117 shares during the last quarter. Iron Horse Wealth Management LLC increased its holdings in Alphabet by 32.3% in the third quarter. Iron Horse Wealth Management LLC now owns 344 shares of the information services provider’s stock valued at $57,000 after buying an additional 84 shares during the last quarter. Finally, Kieckhefer Group LLC purchased a new stake in Alphabet during the 4th quarter worth about $76,000. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Up 2.8 %

Shares of GOOG stock opened at $202.63 on Friday. Alphabet Inc. has a 1-year low of $131.55 and a 1-year high of $203.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The business’s fifty day moving average price is $189.03 and its 200 day moving average price is $175.35. The firm has a market capitalization of $2.48 trillion, a PE ratio of 26.87, a P/E/G ratio of 1.27 and a beta of 0.99.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. The business’s revenue was up 15.1% compared to the same quarter last year. During the same quarter last year, the firm posted $1.55 EPS. As a group, sell-side analysts forecast that Alphabet Inc. will post 8.02 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on GOOG shares. JPMorgan Chase & Co. boosted their target price on Alphabet from $208.00 to $212.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Wells Fargo & Company raised their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 30th. Scotiabank raised their price target on Alphabet from $212.00 to $240.00 and gave the stock a “sector outperform” rating in a research note on Friday, January 24th. Citizens Jmp downgraded Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Finally, Phillip Securities upgraded shares of Alphabet to a “strong-buy” rating in a research note on Friday, November 1st. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, Alphabet presently has a consensus rating of “Moderate Buy” and an average price target of $206.69.

Insiders Place Their Bets

In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the sale, the chief executive officer now directly owns 2,084,306 shares in the company, valued at approximately $369,672,512.16. The trade was a 1.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $170.41, for a total value of $232,950.47. Following the completion of the transaction, the chief accounting officer now owns 23,515 shares of the company’s stock, valued at approximately $4,007,191.15. This represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 121,630 shares of company stock worth $22,258,133. 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.