Elevated Capital Advisors LLC Takes $981,000 Position in Alphabet Inc (NASDAQ:GOOG)

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Elevated Capital Advisors LLC bought a new position in Alphabet Inc (NASDAQ:GOOG) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 568 shares of the information services provider’s stock, valued at approximately $981,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Advisor Group Holdings Inc. purchased a new position in shares of Alphabet during the 1st quarter valued at about $73,436,000. Copper Rock Capital Partners LLC lifted its holdings in Alphabet by 6,302.5% during the second quarter. Copper Rock Capital Partners LLC now owns 594,344 shares of the information services provider’s stock valued at $798,166,000 after purchasing an additional 585,061 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Alphabet by 10.1% during the second quarter. Bank of New York Mellon Corp now owns 3,723,037 shares of the information services provider’s stock valued at $5,262,923,000 after purchasing an additional 340,937 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Alphabet by 101.3% in the second quarter. Nordea Investment Management AB now owns 669,872 shares of the information services provider’s stock worth $930,532,000 after purchasing an additional 337,121 shares during the period. Finally, Baupost Group LLC MA purchased a new stake in shares of Alphabet in the first quarter worth $349,424,000. Institutional investors own 32.42% of the company’s stock.

NASDAQ:GOOG traded down $20.54 during mid-day trading on Wednesday, hitting $1,520.90. 1,300,390 shares of the stock traded hands, compared to its average volume of 1,976,554. The stock has a market capitalization of $1,034.46 billion, a price-to-earnings ratio of 33.57, a PEG ratio of 2.10 and a beta of 1.07. Alphabet Inc has a 52 week low of $1,013.54 and a 52 week high of $1,733.18. The firm’s 50 day moving average is $1,550.45 and its two-hundred day moving average is $1,395.57. The company has a quick ratio of 3.40, a current ratio of 3.41 and a debt-to-equity ratio of 0.02.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings results on Thursday, July 30th. The information services provider reported $10.13 EPS for the quarter, beating the consensus estimate of $8.43 by $1.70. The company had revenue of $31.60 billion for the quarter, compared to the consensus estimate of $30.58 billion. Alphabet had a net margin of 18.99% and a return on equity of 15.62%. As a group, research analysts predict that Alphabet Inc will post 44.74 EPS for the current year.

A number of equities research analysts have issued reports on the company. KeyCorp initiated coverage on Alphabet in a research note on Monday. They issued an “overweight” rating for the company. Mizuho boosted their price target on Alphabet from $1,650.00 to $1,750.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. increased their price objective on shares of Alphabet from $1,505.00 to $1,700.00 and gave the company an “overweight” rating in a report on Wednesday, July 15th. Stifel Nicolaus downgraded shares of Alphabet from a “buy” rating to a “hold” rating in a report on Friday, July 31st. Finally, Deutsche Bank raised their target price on shares of Alphabet from $1,700.00 to $1,975.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Five investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $1,688.62.

In other Alphabet news, Director John L. Hennessy sold 60 shares of the company’s stock in a transaction dated Monday, July 6th. The shares were sold at an average price of $1,495.85, for a total value of $89,751.00. Following the transaction, the director now directly owns 664 shares in the company, valued at approximately $993,244.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.99% of the stock is owned by corporate insiders.

Alphabet Company Profile

Alphabet Inc provides online advertising services in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It offers performance and brand advertising services. The company operates through Google and Other Bets segments. The Google segment offers products, such as Ads, Android, Chrome, Google Cloud, Google Maps, Google Play, Hardware, Search, and YouTube, as well as technical infrastructure.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOG)

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