Palisades Hudson Asset Management L.P. Boosts Stock Holdings in Alphabet Inc. (NASDAQ:GOOG)

Palisades Hudson Asset Management L.P. grew its position in shares of Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 1,900.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,100 shares of the information services provider’s stock after purchasing an additional 6,745 shares during the quarter. Alphabet makes up about 0.4% of Palisades Hudson Asset Management L.P.’s portfolio, making the stock its 29th biggest holding. Palisades Hudson Asset Management L.P.’s holdings in Alphabet were worth $683,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in GOOG. Ignite Planners LLC boosted its position in shares of Alphabet by 4.7% during the 2nd quarter. Ignite Planners LLC now owns 134 shares of the information services provider’s stock valued at $320,000 after acquiring an additional 6 shares during the last quarter. Financial Advisors Network Inc. raised its holdings in Alphabet by 4.5% in the 1st quarter. Financial Advisors Network Inc. now owns 161 shares of the information services provider’s stock valued at $450,000 after buying an additional 7 shares during the period. Turim 21 Investimentos Ltda. raised its holdings in Alphabet by 10.8% in the 1st quarter. Turim 21 Investimentos Ltda. now owns 82 shares of the information services provider’s stock valued at $229,000 after buying an additional 8 shares during the period. McAdam LLC raised its holdings in Alphabet by 2.8% in the 2nd quarter. McAdam LLC now owns 294 shares of the information services provider’s stock valued at $643,000 after buying an additional 8 shares during the period. Finally, West Michigan Advisors LLC raised its holdings in Alphabet by 3.7% in the 1st quarter. West Michigan Advisors LLC now owns 252 shares of the information services provider’s stock valued at $704,000 after buying an additional 9 shares during the period. 28.69% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on GOOG. JPMorgan Chase & Co. set a $115.00 price objective on shares of Alphabet in a report on Wednesday, October 26th. Raymond James reduced their price objective on shares of Alphabet from $143.00 to $120.00 and set an “outperform” rating on the stock in a report on Wednesday, October 26th. Credit Suisse Group set a $128.00 price objective on shares of Alphabet in a report on Wednesday, October 26th. The Goldman Sachs Group set a $135.00 price objective on shares of Alphabet in a report on Friday, November 18th. Finally, Sanford C. Bernstein set a $120.00 price target on shares of Alphabet in a research note on Thursday, January 12th. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $140.56.

Insider Activity at Alphabet

In related news, Director Ann Mather sold 280 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the transaction, the director now directly owns 11,200 shares of the company’s stock, valued at $1,156,176. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Ann Mather sold 280 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $103.23, for a total value of $28,904.40. Following the completion of the transaction, the director now directly owns 11,200 shares of the company’s stock, valued at $1,156,176. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Amie Thuener O’toole sold 855 shares of the company’s stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $91.15, for a total value of $77,933.25. Following the completion of the transaction, the chief accounting officer now directly owns 25,122 shares of the company’s stock, valued at $2,289,870.30. The disclosure for this sale can be found here. Over the last three months, insiders acquired 661,702 shares of company stock valued at $23,399,217 and sold 190,744 shares valued at $8,564,640. 12.99% of the stock is currently owned by corporate insiders.

Alphabet Stock Up 5.7 %

GOOG stock opened at $99.28 on Monday. The company’s 50 day moving average price is $93.52 and its 200 day moving average price is $102.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.47 and a current ratio of 2.52. Alphabet Inc. has a fifty-two week low of $83.45 and a fifty-two week high of $152.10. The firm has a market capitalization of $1.28 trillion, a price-to-earnings ratio of 19.72, a PEG ratio of 1.74 and a beta of 1.08.

Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings results on Tuesday, October 25th. The information services provider reported $1.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.19). The business had revenue of $69.09 billion during the quarter, compared to analyst estimates of $70.67 billion. Alphabet had a net margin of 23.75% and a return on equity of 26.41%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the company earned $1.40 earnings per share. On average, equities research analysts anticipate that Alphabet Inc. will post 4.68 EPS for the current fiscal year.

About Alphabet

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Alphabet Inc provides 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 offers products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.