CCM Investment Advisers LLC Buys 1,064 Shares of Alphabet Inc. $GOOGL

Key Points

• CCM Investment Advisers LLC increased its stake in Alphabet Inc. by 0.7%, owning a total of 151,028 shares valued at approximately $26.6 million, making it the eighth largest position in their portfolio.
• Several analysts recently raised their price targets for Alphabet, with UBS increasing theirs to $202 and Truist Financial to $285, reflecting a consensus rating of "Moderate Buy" and a target price of $233.44.
• Insider activity showed that Director Kavitark Ram Shriram sold 15,000 shares at an average price of $185.76, resulting in a 5.87% decrease in his position, contributing to a total of 258,088 shares sold by insiders in the last ninety days.

CCM Investment Advisers LLC boosted its stake in shares of Alphabet Inc. (NASDAQ:GOOGL - Free Report) by 0.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 151,028 shares of the information services provider's stock after acquiring an additional 1,064 shares during the quarter. Alphabet accounts for 2.9% of CCM Investment Advisers LLC's portfolio, making the stock its 8th largest position. CCM Investment Advisers LLC's holdings in Alphabet were worth $26,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Guardian Wealth Management Inc. lifted its holdings in Alphabet by 242.9% during the 1st quarter. Guardian Wealth Management Inc. now owns 168 shares of the information services provider's stock valued at $26,000 after purchasing an additional 119 shares during the last quarter. von Borstel & Associates Inc. acquired a new position in shares of Alphabet in the 1st quarter worth approximately $28,000. IMA Advisory Services Inc. acquired a new position in shares of Alphabet in the 1st quarter worth approximately $28,000. NBZ Investment Advisors LLC boosted its holdings in shares of Alphabet by 85.7% in the 1st quarter. NBZ Investment Advisors LLC now owns 195 shares of the information services provider's stock worth $30,000 after acquiring an additional 90 shares in the last quarter. Finally, Financial Gravity Asset Management Inc. acquired a new position in shares of Alphabet in the 1st quarter worth approximately $39,000. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently weighed in on GOOGL shares. UBS Group raised their target price on Alphabet from $192.00 to $202.00 and gave the company a "neutral" rating in a research note on Thursday, July 24th. Truist Financial increased their price objective on shares of Alphabet from $225.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, September 22nd. Cantor Fitzgerald restated a "neutral" rating and issued a $201.00 price objective on shares of Alphabet in a research report on Wednesday. Needham & Company LLC raised their price objective on shares of Alphabet from $220.00 to $260.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Finally, Wells Fargo & Company raised their price objective on shares of Alphabet from $184.00 to $187.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 29th. Three research analysts have rated the stock with a Strong Buy rating, thirty-three have given a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $233.44.

Insider Activity at Alphabet

In other Alphabet news, Director Kavitark Ram Shriram sold 15,000 shares of the company's stock in a transaction on Friday, July 18th. The shares were sold at an average price of $185.76, for a total transaction of $2,786,400.00. Following the completion of the sale, the director owned 240,400 shares in the company, valued at approximately $44,656,704. The trade was a 5.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John L. Hennessy sold 600 shares of the company's stock in a transaction on Monday, September 15th. The shares were sold at an average price of $249.44, for a total transaction of $149,664.00. Following the sale, the director owned 5,716 shares of the company's stock, valued at $1,425,799.04. The trade was a 9.50% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 258,088 shares of company stock worth $52,405,304. 11.64% of the stock is owned by company insiders.

Alphabet Price Performance

Shares of GOOGL stock opened at $246.54 on Friday. The stock has a 50-day moving average price of $215.93 and a 200 day moving average price of $183.03. The firm has a market cap of $2.98 trillion, a price-to-earnings ratio of 26.26, a PEG ratio of 1.66 and a beta of 1.01. Alphabet Inc. has a 12 month low of $140.53 and a 12 month high of $256.00. 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 (NASDAQ:GOOGL - Get Free Report) last issued its earnings results on Wednesday, July 23rd. The information services provider reported $2.31 EPS for the quarter, beating the consensus estimate of $2.15 by $0.16. The company had revenue of $96.43 billion during the quarter, compared to analysts' expectations of $93.60 billion. Alphabet had a net margin of 31.12% and a return on equity of 34.31%. Research analysts expect that Alphabet Inc. will post 8.9 EPS for the current year.

Alphabet Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Monday, September 8th were given a dividend of $0.21 per share. The ex-dividend date was Monday, September 8th. This represents a $0.84 annualized dividend and a dividend yield of 0.3%. Alphabet's payout ratio is presently 8.95%.

Alphabet 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.

Want to see what other hedge funds are holding GOOGL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alphabet Inc. (NASDAQ:GOOGL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.