Capital Market Strategies LLC Takes $823,000 Position in Alphabet Inc. (NASDAQ:GOOG)

Capital Market Strategies LLC bought a new stake in shares of Alphabet Inc. (NASDAQ:GOOG) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 6,804 shares of the information services provider’s stock, valued at approximately $823,000. Alphabet makes up about 0.8% of Capital Market Strategies LLC’s investment portfolio, making the stock its 29th largest holding.

Other large investors have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC boosted its stake in Alphabet by 61,587.1% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock worth $11,539,004,000 after acquiring an additional 129,835,437 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Alphabet by 1,807.4% during the third quarter. Bank of New York Mellon Corp now owns 57,069,444 shares of the information services provider’s stock worth $5,487,226,000 after acquiring an additional 54,077,519 shares in the last quarter. Norges Bank bought a new stake in Alphabet during the fourth quarter worth about $3,059,614,000. GQG Partners LLC bought a new stake in Alphabet during the first quarter worth about $2,170,024,000. Finally, Morgan Stanley boosted its stake in Alphabet by 37.6% during the fourth quarter. Morgan Stanley now owns 71,779,112 shares of the information services provider’s stock worth $6,368,961,000 after acquiring an additional 19,612,974 shares in the last quarter. Institutional investors own 27.13% of the company’s stock.

Insider Buying and Selling

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $15.06, for a total transaction of $563,319.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Alphabet news, insider John Kent Walker sold 42,900 shares of the stock in a transaction on Tuesday, September 5th. The shares were sold at an average price of $136.51, for a total transaction of $5,856,279.00. Following the completion of the transaction, the insider now owns 10,383 shares in the company, valued at $1,417,383.33. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the stock in a transaction on Tuesday, June 20th. The shares were sold at an average price of $15.06, for a total transaction of $563,319.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 133,497 shares of company stock worth $12,785,260. 12.99% of the stock is owned by insiders.

Analysts Set New Price Targets

GOOG has been the subject of several recent analyst reports. Robert W. Baird lifted their target price on shares of Alphabet from $123.00 to $140.00 in a report on Wednesday, July 26th. Susquehanna lifted their target price on shares of Alphabet from $120.00 to $150.00 in a report on Wednesday, July 26th. Wedbush initiated coverage on shares of Alphabet in a report on Monday, August 21st. They issued an “outperform” rating for the company. Finally, Oppenheimer lifted their target price on shares of Alphabet from $145.00 to $160.00 in a report on Wednesday, July 26th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Alphabet has a consensus rating of “Buy” and a consensus price target of $130.94.

Alphabet Stock Performance

GOOG opened at $138.30 on Friday. The firm has a market cap of $1.74 trillion, a P/E ratio of 29.30, a PEG ratio of 1.58 and a beta of 1.06. Alphabet Inc. has a 1-year low of $83.45 and a 1-year high of $139.55. The company has a 50 day simple moving average of $129.86 and a two-hundred day simple moving average of $117.78. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. Alphabet had a net margin of 21.05% and a return on equity of 23.49%. The business had revenue of $74.60 billion during the quarter, compared to analyst estimates of $72.85 billion. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s revenue was up 7.1% on a year-over-year basis. Equities analysts forecast that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.

About Alphabet

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, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.