Cherry Creek Investment Advisors Inc. Boosts Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Cherry Creek Investment Advisors Inc. raised its stake in shares of Alphabet Inc. (NASDAQ:GOOGL) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,256 shares of the information services provider’s stock after buying an additional 113 shares during the quarter. Cherry Creek Investment Advisors Inc.’s holdings in Alphabet were worth $427,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of GOOGL. State Street Corp lifted its stake in shares of Alphabet by 0.3% during the third quarter. State Street Corp now owns 222,555,548 shares of the information services provider’s stock worth $36,910,838,000 after purchasing an additional 743,369 shares in the last quarter. Geode Capital Management LLC lifted its position in Alphabet by 2.0% in the third quarter. Geode Capital Management LLC now owns 134,030,679 shares of the information services provider’s stock worth $22,154,651,000 after purchasing an additional 2,626,431 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Alphabet by 7.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 63,667,407 shares of the information services provider’s stock valued at $10,559,240,000 after acquiring an additional 4,567,275 shares during the last quarter. Fisher Asset Management LLC raised its stake in Alphabet by 2.5% during the 3rd quarter. Fisher Asset Management LLC now owns 49,857,900 shares of the information services provider’s stock valued at $8,268,933,000 after purchasing an additional 1,237,385 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Alphabet by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 37,233,079 shares of the information services provider’s stock worth $6,175,106,000 after acquiring an additional 523,416 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Alphabet Trading Down 1.4 %

Shares of NASDAQ GOOGL opened at $201.23 on Tuesday. Alphabet Inc. has a 52-week low of $130.66 and a 52-week high of $205.48. The company has a debt-to-equity ratio of 0.04, a quick ratio of 1.95 and a current ratio of 1.95. The firm has a 50 day moving average price of $188.97 and a two-hundred day moving average price of $174.03. The stock has a market cap of $2.46 trillion, a P/E ratio of 26.69, a price-to-earnings-growth ratio of 1.31 and a beta of 0.99.

Analysts Set New Price Targets

A number of research firms have issued reports on GOOGL. Loop Capital upped their price target on shares of Alphabet from $170.00 to $185.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Stifel Nicolaus raised their price target on shares of Alphabet from $200.00 to $225.00 and gave the company a “buy” rating in a report on Monday, January 13th. Phillip Securities raised shares of Alphabet to a “strong-buy” rating in a research report on Friday, November 1st. Piper Sandler reaffirmed an “overweight” rating and issued a $210.00 price objective (up from $200.00) on shares of Alphabet in a research report on Wednesday, October 30th. Finally, Bank of America restated a “buy” rating and set a $210.00 price objective on shares of Alphabet in a research note on Monday, December 23rd. Nine investment analysts have rated the stock with a hold rating, twenty-nine have issued a buy rating and four have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and a consensus price target of $211.00.

Insider Transactions at Alphabet

In related news, Director Kavitark Ram Shriram sold 37,134 shares of the business’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $185.02, for a total transaction of $6,870,532.68. Following the transaction, the director now directly owns 282,832 shares in the company, valued at approximately $52,329,576.64. The trade was a 11.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Amie Thuener O’toole sold 1,340 shares of Alphabet stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $202.08, for a total transaction of $270,787.20. Following the completion of the sale, the chief accounting officer now directly owns 17,848 shares in the company, valued at approximately $3,606,723.84. This represents a 6.98 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 122,529 shares of company stock worth $22,453,483 over the last three months. 11.55% of the stock is owned by company insiders.

Alphabet Company 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.