Sage Mountain Advisors LLC Raises Position in Alphabet Inc. $GOOGL

Sage Mountain Advisors LLC raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOGL) by 9.0% during the 2nd quarter, HoldingsChannel reports. The fund owned 49,205 shares of the information services provider’s stock after acquiring an additional 4,043 shares during the quarter. Sage Mountain Advisors LLC’s holdings in Alphabet were worth $8,671,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. DDD Partners LLC boosted its position in shares of Alphabet by 3.1% in the second quarter. DDD Partners LLC now owns 3,802 shares of the information services provider’s stock worth $670,000 after purchasing an additional 116 shares during the period. Moment Partners LLC boosted its position in shares of Alphabet by 9.3% in the second quarter. Moment Partners LLC now owns 5,896 shares of the information services provider’s stock worth $1,039,000 after purchasing an additional 504 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Alphabet by 1.3% in the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,277,797 shares of the information services provider’s stock worth $2,516,176,000 after purchasing an additional 183,812 shares during the period. MN Wealth Advisors LLC boosted its position in shares of Alphabet by 12.8% in the second quarter. MN Wealth Advisors LLC now owns 9,070 shares of the information services provider’s stock worth $1,598,000 after purchasing an additional 1,026 shares during the period. Finally, West Michigan Advisors LLC boosted its position in shares of Alphabet by 22.9% in the second quarter. West Michigan Advisors LLC now owns 9,236 shares of the information services provider’s stock worth $1,628,000 after purchasing an additional 1,724 shares during the period. 40.03% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

GOOGL has been the subject of a number of recent analyst reports. BNP Paribas Exane upped their price target on shares of Alphabet from $247.00 to $281.00 and gave the stock a “neutral” rating in a research report on Monday. CICC Research upped their price target on shares of Alphabet from $240.00 to $303.00 and gave the stock an “outperform” rating in a research report on Friday, October 31st. Guggenheim upped their price target on shares of Alphabet from $280.00 to $330.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. Citigroup reiterated a “buy” rating and issued a $343.00 price target (up from $280.00) on shares of Alphabet in a research report on Thursday, October 30th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Alphabet in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-six have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $303.09.

Insider Activity at Alphabet

In related news, CEO Sundar Pichai sold 32,500 shares of the company’s stock in a transaction on Wednesday, October 15th. The shares were sold at an average price of $250.15, for a total transaction of $8,129,875.00. Following the sale, the chief executive officer owned 2,369,619 shares of the company’s stock, valued at $592,760,192.85. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Frances Arnold sold 112 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $291.80, for a total transaction of $32,681.60. Following the sale, the director directly owned 18,004 shares in the company, valued at approximately $5,253,567.20. The trade was a 0.62% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 190,896 shares of company stock valued at $45,092,175 over the last quarter. 11.64% of the stock is currently owned by insiders.

Alphabet Price Performance

Alphabet stock opened at $277.54 on Wednesday. The company has a market cap of $3.36 trillion, a price-to-earnings ratio of 27.37, a PEG ratio of 1.86 and a beta of 1.00. The firm’s fifty day moving average is $246.91 and its 200 day moving average is $202.13. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52-week low of $140.53 and a 52-week high of $291.59.

Alphabet (NASDAQ:GOOGL) last released its quarterly earnings results on Wednesday, October 29th. The information services provider reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.29 by $0.58. The company had revenue of $102.35 billion for the quarter, compared to the consensus estimate of $99.90 billion. Alphabet had a net margin of 32.23% and a return on equity of 36.08%. Sell-side analysts forecast that Alphabet Inc. will post 8.9 EPS for the current fiscal year.

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.