Cedar Point Capital Partners LLC Buys New Stake in Alphabet Inc. (NASDAQ:GOOGL)

Cedar Point Capital Partners LLC bought a new stake in Alphabet Inc. (NASDAQ:GOOGL) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 1,251 shares of the information services provider’s stock, valued at approximately $237,000.

A number of other hedge funds have also recently modified their holdings of the stock. Citizens Financial Group Inc. RI boosted its stake in Alphabet by 98.5% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 475,925 shares of the information services provider’s stock worth $86,690,000 after purchasing an additional 236,214 shares during the period. City of London Investment Management Co. Ltd. boosted its stake in Alphabet by 7.8% during the 2nd quarter. City of London Investment Management Co. Ltd. now owns 199,835 shares of the information services provider’s stock worth $36,384,000 after purchasing an additional 14,420 shares during the period. Wulff Hansen & CO. boosted its stake in Alphabet by 18,810.2% during the 2nd quarter. Wulff Hansen & CO. now owns 4,434,260 shares of the information services provider’s stock worth $807,700,000 after purchasing an additional 4,410,811 shares during the period. Luts & Greenleigh Group Inc. acquired a new stake in Alphabet during the 2nd quarter worth $1,391,000. Finally, Lmcg Investments LLC boosted its stake in Alphabet by 1.3% during the 2nd quarter. Lmcg Investments LLC now owns 272,392 shares of the information services provider’s stock worth $49,616,000 after purchasing an additional 3,366 shares during the period. 40.03% of the stock is owned by hedge funds and other institutional investors.

Alphabet Stock Performance

Shares of NASDAQ GOOGL opened at $195.30 on Wednesday. The company has a market cap of $2.39 trillion, a PE ratio of 25.90, a price-to-earnings-growth ratio of 1.27 and a beta of 0.98. Alphabet Inc. has a 12 month low of $130.66 and a 12 month high of $202.29. 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 company has a 50-day simple moving average of $186.79 and a 200-day simple moving average of $173.61.

Alphabet (NASDAQ:GOOGL) last issued its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 EPS for the quarter, topping 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 $72.85 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. During the same period in the previous year, the firm posted $1.55 earnings per share. On average, equities analysts anticipate that Alphabet Inc. will post 8.02 earnings per share for the current year.

Insider Transactions at Alphabet

In related news, Director John L. Hennessy sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $189.80, for a total value of $284,700.00. Following the sale, the director now directly owns 21,824 shares of the company’s stock, valued at approximately $4,142,195.20. This trade represents a 6.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Amie Thuener O’toole sold 1,367 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $171.42, for a total transaction of $234,331.14. Following the completion of the sale, the chief accounting officer now directly owns 26,349 shares in the company, valued at $4,516,745.58. This represents a 4.93 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 122,887 shares of company stock worth $22,470,464 over the last ninety days. 11.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GOOGL. Loop Capital increased their price target on shares of Alphabet from $170.00 to $185.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. increased their price target on shares of Alphabet from $212.00 to $232.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. BMO Capital Markets reiterated an “outperform” rating and set a $217.00 price target (up previously from $215.00) on shares of Alphabet in a research note on Wednesday, October 30th. Wells Fargo & Company raised their target price on shares of Alphabet from $187.00 to $190.00 and gave the stock an “equal weight” rating in a research note on Monday, January 13th. Finally, Morgan Stanley raised their target price on shares of Alphabet from $205.00 to $215.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Nine research analysts have rated the stock with a hold rating, thirty have issued a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $209.82.

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.