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

Granite Bay Wealth Management LLC lifted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 36.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,301,920 shares of the information services provider’s stock after acquiring an additional 346,471 shares during the period. Alphabet accounts for about 1.5% of Granite Bay Wealth Management LLC’s holdings, making the stock its 19th biggest position. Granite Bay Wealth Management LLC’s holdings in Alphabet were worth $176,647,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Veracity Capital LLC grew its position in Alphabet by 12.4% in the 4th quarter. Veracity Capital LLC now owns 10,597 shares of the information services provider’s stock valued at $1,493,000 after buying an additional 1,173 shares during the last quarter. Independence Bank of Kentucky lifted its holdings in Alphabet by 25.3% in the fourth quarter. Independence Bank of Kentucky now owns 6,093 shares of the information services provider’s stock valued at $859,000 after acquiring an additional 1,230 shares during the period. Washington Trust Bank lifted its holdings in Alphabet by 33.0% in the third quarter. Washington Trust Bank now owns 7,359 shares of the information services provider’s stock valued at $970,000 after acquiring an additional 1,826 shares during the period. CNB Bank lifted its holdings in Alphabet by 6.6% in the third quarter. CNB Bank now owns 27,723 shares of the information services provider’s stock valued at $3,655,000 after acquiring an additional 1,710 shares during the period. Finally, Sloy Dahl & Holst LLC lifted its holdings in Alphabet by 1.9% in the third quarter. Sloy Dahl & Holst LLC now owns 8,238 shares of the information services provider’s stock valued at $1,086,000 after acquiring an additional 155 shares during the period. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Trading Down 1.8 %

NASDAQ:GOOG opened at $156.33 on Tuesday. The company has a market capitalization of $1.94 trillion, a PE ratio of 26.95, a price-to-earnings-growth ratio of 1.47 and a beta of 1.05. The company has a quick ratio of 2.10, a current ratio of 2.10 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 52-week low of $103.27 and a 52-week high of $161.70. The stock has a fifty day simple moving average of $146.73 and a 200-day simple moving average of $141.34.

Alphabet (NASDAQ:GOOG) last announced its earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.04. Alphabet had a net margin of 24.01% and a return on equity of 27.22%. The firm had revenue of $86.31 billion during the quarter, compared to the consensus estimate of $85.28 billion. During the same quarter in the previous year, the company posted $1.05 EPS. The firm’s revenue for the quarter was up 13.5% on a year-over-year basis. On average, equities research analysts expect that Alphabet Inc. will post 6.78 earnings per share for the current fiscal year.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 22,500 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the transaction, the chief executive officer now owns 2,332,691 shares of the company’s stock, valued at approximately $309,548,095.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Alphabet news, CEO Sundar Pichai sold 22,500 shares of Alphabet stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $132.70, for a total value of $2,985,750.00. Following the completion of the sale, the chief executive officer now owns 2,332,691 shares in the company, valued at approximately $309,548,095.70. 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 660 shares of Alphabet stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $143.59, for a total value of $94,769.40. Following the completion of the sale, the chief accounting officer now owns 27,920 shares of the company’s stock, valued at approximately $4,009,032.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 251,339 shares of company stock valued at $36,033,907. 12.99% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GOOG has been the subject of a number of recent analyst reports. Susquehanna raised their target price on Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a report on Wednesday, January 31st. Oppenheimer raised their target price on Alphabet from $172.00 to $185.00 and gave the company an “outperform” rating in a report on Monday, April 8th. Raymond James raised their target price on Alphabet from $150.00 to $160.00 and gave the company an “outperform” rating in a report on Wednesday, January 24th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $165.00 target price on shares of Alphabet in a report on Thursday, April 11th. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $157.50.

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.