Granite Bay Wealth Management LLC Increases Stake in Alphabet Inc. (NASDAQ:GOOG)

Granite Bay Wealth Management LLC grew its position in Alphabet Inc. (NASDAQ:GOOG) by 36.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,301,920 shares of the information services provider’s stock after acquiring an additional 346,471 shares during the quarter. Alphabet comprises about 1.5% of Granite Bay Wealth Management LLC’s portfolio, making the stock its 19th largest position. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $176,647,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tandem Wealth Advisors LLC purchased a new position in Alphabet in the 3rd quarter worth about $25,000. Bruce G. Allen Investments LLC purchased a new position in Alphabet in the 4th quarter worth about $26,000. HWG Holdings LP purchased a new position in Alphabet in the 2nd quarter worth about $26,000. Buck Wealth Strategies LLC purchased a new position in Alphabet in the 3rd quarter worth about $32,000. Finally, Barometer Capital Management Inc. purchased a new position in Alphabet during the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Susquehanna raised their target price 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. Morgan Stanley reissued an “overweight” rating and set a $165.00 target price on shares of Alphabet in a research report on Thursday, April 11th. Raymond James raised their price target on shares of Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Finally, Oppenheimer raised 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $157.50.

Alphabet Stock Down 1.8 %

NASDAQ:GOOG opened at $156.33 on Tuesday. Alphabet Inc. has a fifty-two week low of $103.27 and a fifty-two week high of $161.70. The stock has a market capitalization of $1.94 trillion, a P/E ratio of 26.95, a P/E/G ratio of 1.47 and a beta of 1.05. 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 company’s 50-day simple moving average is $146.73 and its 200-day simple moving average is $141.34.

Alphabet (NASDAQ:GOOG) last released its earnings results on Tuesday, January 30th. The information services provider reported $1.64 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.04. The company 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%. Alphabet’s revenue for the quarter was up 13.5% on a year-over-year basis. During the same period last year, the business earned $1.05 EPS. On average, equities analysts anticipate that Alphabet Inc. will post 6.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 800 shares of the firm’s stock in a transaction that occurred on Friday, April 12th. The shares were sold at an average price of $159.56, for a total transaction of $127,648.00. Following the completion of the transaction, the director now directly owns 7,991 shares of the company’s stock, valued at approximately $1,275,043.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $155.67, for a total value of $3,502,575.00. Following the completion of the sale, the chief executive officer now owns 2,325,513 shares of the company’s stock, valued at approximately $362,012,608.71. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director John L. Hennessy sold 800 shares of the business’s stock in a transaction on Friday, April 12th. The stock was sold at an average price of $159.56, for a total transaction of $127,648.00. Following the completion of the sale, the director now directly owns 7,991 shares of the company’s stock, valued at approximately $1,275,043.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 251,339 shares of company stock valued at $36,033,907. 12.99% of the stock is owned by insiders.

About Alphabet

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.