Glassy Mountain Advisors Inc. Acquires Shares of 64,332 Alphabet Inc. (NASDAQ:GOOG)

Glassy Mountain Advisors Inc. acquired a new stake in Alphabet Inc. (NASDAQ:GOOG) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 64,332 shares of the information services provider’s stock, valued at approximately $7,782,000. Alphabet accounts for approximately 3.5% of Glassy Mountain Advisors Inc.’s investment portfolio, making the stock its 9th biggest position.

Other institutional investors have also recently bought and sold shares of the company. Fifth Third Wealth Advisors LLC bought a new position in shares of Alphabet during the 1st quarter worth $314,000. Jmac Enterprises LLC grew its stake in shares of Alphabet by 6.0% during the 1st quarter. Jmac Enterprises LLC now owns 17,707 shares of the information services provider’s stock worth $1,842,000 after acquiring an additional 1,005 shares during the period. Pinnacle Associates Ltd. lifted its holdings in Alphabet by 4.7% during the 1st quarter. Pinnacle Associates Ltd. now owns 392,090 shares of the information services provider’s stock worth $40,777,000 after purchasing an additional 17,471 shares in the last quarter. Meyer Handelman Co. lifted its holdings in Alphabet by 7.4% during the 1st quarter. Meyer Handelman Co. now owns 264,040 shares of the information services provider’s stock worth $27,460,000 after purchasing an additional 18,210 shares in the last quarter. Finally, Windward Capital Management Co. CA lifted its holdings in Alphabet by 2.1% during the 1st quarter. Windward Capital Management Co. CA now owns 317,199 shares of the information services provider’s stock worth $32,989,000 after purchasing an additional 6,615 shares in the last quarter. Institutional investors own 27.13% of the company’s stock.

Alphabet Price Performance

Shares of GOOG stock opened at $138.30 on Friday. The stock has a market cap of $1.74 trillion, a price-to-earnings ratio of 29.30, a PEG ratio of 1.58 and a beta of 1.06. The business’s fifty day moving average is $129.86 and its 200 day moving average is $117.78. Alphabet Inc. has a twelve month low of $83.45 and a twelve month high of $139.55. The company has a quick ratio of 2.14, a current ratio of 2.17 and a debt-to-equity ratio of 0.05.

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

Analysts Set New Price Targets

GOOG has been the topic of a number of recent research reports. Wedbush assumed coverage on Alphabet in a report on Monday, August 21st. They set an “outperform” rating on the stock. Susquehanna raised their price target on Alphabet from $120.00 to $150.00 in a report on Wednesday, July 26th. Robert W. Baird boosted their target price on Alphabet from $123.00 to $140.00 in a research report on Wednesday, July 26th. Finally, Oppenheimer boosted their target price on Alphabet from $145.00 to $160.00 in a research report on Wednesday, July 26th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Alphabet currently has a consensus rating of “Buy” and an average price target of $130.94.

Insider Buying and Selling

In other Alphabet news, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the firm’s stock in a transaction dated 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 can be accessed through this link. In other Alphabet news, CAO Amie Thuener O’toole sold 3,749 shares of the company’s stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $136.28, for a total transaction of $510,913.72. Following the transaction, the chief accounting officer now owns 25,568 shares in the company, valued at approximately $3,484,407.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder 2019 Gp L.L.C. Gv sold 37,405 shares of the business’s 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. Insiders have sold a total of 133,497 shares of company stock valued at $12,785,260 over the last ninety days. Company insiders own 12.99% of the company’s stock.

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.