Riggs Asset Managment Co. Inc. Increases Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Riggs Asset Managment Co. Inc. increased its stake in shares of Alphabet Inc. (NASDAQ:GOOG) by 1.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 46,778 shares of the information services provider’s stock after purchasing an additional 721 shares during the quarter. Alphabet accounts for 2.1% of Riggs Asset Managment Co. Inc.’s holdings, making the stock its 15th biggest holding. Riggs Asset Managment Co. Inc.’s holdings in Alphabet were worth $6,592,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its stake in Alphabet by 11.3% in the third quarter. JPMorgan Chase & Co. now owns 95,941,129 shares of the information services provider’s stock worth $12,649,838,000 after purchasing an additional 9,703,425 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of Alphabet during the fourth quarter worth $11,600,970,000. FMR LLC boosted its stake in shares of Alphabet by 3.8% during the third quarter. FMR LLC now owns 120,234,117 shares of the information services provider’s stock valued at $15,852,868,000 after purchasing an additional 4,348,188 shares during the period. Cerity Partners LLC grew its holdings in shares of Alphabet by 198.7% in the fourth quarter. Cerity Partners LLC now owns 3,882,882 shares of the information services provider’s stock worth $547,215,000 after purchasing an additional 2,583,128 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Alphabet by 93.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 4,591,383 shares of the information services provider’s stock worth $647,064,000 after buying an additional 2,222,950 shares during the period. Hedge funds and other institutional investors own 27.26% of the company’s stock.

Insider Transactions at Alphabet

In related news, CAO Amie Thuener O’toole sold 660 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $143.59, for a total value of $94,769.40. Following the sale, the chief accounting officer now owns 27,920 shares in the company, valued at $4,009,032.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Frances Arnold sold 230 shares of the business’s stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $154.06, for a total transaction of $35,433.80. Following the completion of the transaction, the director now directly owns 15,104 shares in the company, valued at $2,326,922.24. 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 660 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $143.59, for a total value of $94,769.40. Following the sale, the chief accounting officer now directly owns 27,920 shares in the company, valued at $4,009,032.80. The disclosure for this sale can be found here. Insiders sold a total of 251,339 shares of company stock worth $36,377,482 over the last three months. 12.99% of the stock is currently owned by insiders.

Alphabet Trading Up 1.4 %

GOOG opened at $157.95 on Tuesday. Alphabet Inc. has a 12 month low of $103.27 and a 12 month high of $161.70. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. The firm has a market cap of $1.96 trillion, a price-to-earnings ratio of 27.23, a PEG ratio of 1.44 and a beta of 1.05. The stock has a fifty day moving average price of $147.65 and a 200-day moving average price of $142.12.

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

Analyst Upgrades and Downgrades

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

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.