ARK Investment Management LLC Grows Stock Position in Alphabet Inc. $GOOG

Key Points

• ARK Investment Management increased its stake in Alphabet Inc. by 2.3% in the second quarter, owning 133,766 shares valued at approximately $23.7 million.
• Alphabet reported a quarterly earnings per share of $2.31, surpassing estimates and showing a 13.8% year-over-year revenue increase to $96.43 billion.
• Many analysts have upgraded Alphabet's rating, with price targets reaching as high as $275.00, indicating strong confidence in the company's future performance.

ARK Investment Management LLC grew its holdings in shares of Alphabet Inc. (NASDAQ:GOOG - Free Report) by 2.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 133,766 shares of the information services provider's stock after purchasing an additional 3,004 shares during the quarter. ARK Investment Management LLC's holdings in Alphabet were worth $23,729,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. RDA Financial Network grew its stake in shares of Alphabet by 5.3% during the 2nd quarter. RDA Financial Network now owns 11,094 shares of the information services provider's stock valued at $1,968,000 after acquiring an additional 554 shares during the period. Oldfather Financial Services LLC bought a new position in shares of Alphabet during the 2nd quarter valued at approximately $213,000. Tower View Wealth Management LLC grew its stake in shares of Alphabet by 6.9% during the 2nd quarter. Tower View Wealth Management LLC now owns 27,644 shares of the information services provider's stock valued at $4,904,000 after acquiring an additional 1,776 shares during the period. Dock Street Asset Management Inc. grew its stake in shares of Alphabet by 0.8% during the 2nd quarter. Dock Street Asset Management Inc. now owns 234,306 shares of the information services provider's stock valued at $41,563,000 after acquiring an additional 1,970 shares during the period. Finally, Truist Financial Corp grew its stake in shares of Alphabet by 0.4% during the 2nd quarter. Truist Financial Corp now owns 3,626,927 shares of the information services provider's stock valued at $643,381,000 after acquiring an additional 15,065 shares during the period. Hedge funds and other institutional investors own 27.26% of the company's stock.

Alphabet Trading Up 2.7%

Alphabet stock opened at $260.51 on Friday. The company has a quick ratio of 1.90, a current ratio of 1.90 and a debt-to-equity ratio of 0.07. Alphabet Inc. has a 52 week low of $142.66 and a 52 week high of $262.51. The company has a market capitalization of $3.15 trillion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.71 and a beta of 1.00. The stock has a 50-day moving average price of $237.33 and a 200 day moving average price of $196.32.

Alphabet (NASDAQ:GOOG - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The information services provider reported $2.31 earnings per share for the quarter, beating the consensus estimate of $2.12 by $0.19. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.67 billion. Alphabet had a return on equity of 34.31% and a net margin of 31.12%.Alphabet's quarterly revenue was up 13.8% on a year-over-year basis. During the same period last year, the business earned $1.89 earnings per share. Sell-side analysts anticipate that Alphabet Inc. will post 8.89 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GOOG. Robert W. Baird boosted their price objective on Alphabet from $215.00 to $275.00 and gave the company an "outperform" rating in a research note on Monday, September 22nd. Barclays reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Hsbc Global Res upgraded Alphabet to a "strong-buy" rating in a research note on Tuesday, October 7th. Roth Capital reiterated a "buy" rating on shares of Alphabet in a research note on Wednesday, July 9th. Finally, Morgan Stanley upped their price target on Alphabet from $210.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, October 2nd. Six investment analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Alphabet has an average rating of "Moderate Buy" and an average target price of $249.68.

Insider Activity at Alphabet

In related news, CAO Amie Thuener O'toole sold 2,778 shares of Alphabet stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $245.00, for a total transaction of $680,610.00. Following the completion of the transaction, the chief accounting officer directly owned 17,293 shares in the company, valued at approximately $4,236,785. This trade represents a 13.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider John Kent Walker sold 23,820 shares of Alphabet stock in a transaction that occurred on Monday, August 4th. The shares were sold at an average price of $194.70, for a total value of $4,637,754.00. Following the transaction, the insider owned 42,999 shares of the company's stock, valued at approximately $8,371,905.30. This represents a 35.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 246,150 shares of company stock worth $55,805,379. 12.99% of the stock is owned by corporate insiders.

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

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