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

Riggs Asset Managment Co. Inc. grew its holdings in Alphabet Inc. (NASDAQ:GOOG) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,923 shares of the information services provider’s stock after acquiring an additional 392 shares during the period. Alphabet comprises about 2.4% of Riggs Asset Managment Co. Inc.’s investment portfolio, making the stock its 11th biggest position. Riggs Asset Managment Co. Inc.’s holdings in Alphabet were worth $8,849,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Fiduciary Advisors Inc. purchased a new stake in shares of Alphabet in the fourth quarter worth about $27,000. Weiss Asset Management LP purchased a new stake in shares of Alphabet in the third quarter worth about $25,000. Safe Harbor Fiduciary LLC purchased a new stake in shares of Alphabet in the third quarter worth about $33,000. Sanctuary Wealth Management L.L.C. lifted its position in shares of Alphabet by 87.3% in the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider’s stock worth $42,000 after buying an additional 117 shares in the last quarter. Finally, Iron Horse Wealth Management LLC lifted its position in shares of Alphabet by 32.3% in the third quarter. Iron Horse Wealth Management LLC now owns 344 shares of the information services provider’s stock worth $57,000 after buying an additional 84 shares in the last quarter. 27.26% of the stock is currently owned by hedge funds and other institutional investors.

Alphabet Stock Down 6.9 %

Shares of NASDAQ:GOOG opened at $193.30 on Thursday. Alphabet Inc. has a 52-week low of $131.55 and a 52-week high of $208.70. The stock has a market cap of $2.37 trillion, a P/E ratio of 25.64, a price-to-earnings-growth ratio of 1.32 and a beta of 1.00. The business’s 50 day moving average is $191.88 and its 200 day moving average is $175.91. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last announced its quarterly earnings data on Tuesday, February 4th. The information services provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.12 by $0.03. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. Sell-side analysts predict that Alphabet Inc. will post 8.02 EPS for the current year.

Analyst Upgrades and Downgrades

GOOG has been the topic of a number of research analyst reports. Oppenheimer boosted their target price on Alphabet from $215.00 to $225.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Scotiabank boosted their price objective on Alphabet from $212.00 to $240.00 and gave the stock a “sector outperform” rating in a research note on Friday, January 24th. Wells Fargo & Company boosted their price objective on Alphabet from $182.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 30th. UBS Group boosted their price objective on Alphabet from $187.00 to $192.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Finally, Pivotal Research boosted their price objective on Alphabet from $215.00 to $225.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Six equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $209.13.

Insider Buying and Selling

In other Alphabet news, CAO Amie Thuener O’toole sold 1,367 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $170.41, for a total transaction of $232,950.47. Following the completion of the sale, the chief accounting officer now owns 23,515 shares in the company, valued at $4,007,191.15. This represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Sundar Pichai sold 22,500 shares of the company’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $176.67, for a total value of $3,975,075.00. Following the sale, the chief executive officer now owns 2,061,806 shares of the company’s stock, valued at approximately $364,259,266.02. This represents a 1.08 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,529 shares of company stock valued at $16,600,078 over the last quarter. 12.99% of the stock is owned by corporate 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.