Castle Rock Wealth Management LLC Acquires 2,645 Shares of Alphabet Inc. (NASDAQ:GOOG)

Castle Rock Wealth Management LLC boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 15.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,928 shares of the information services provider’s stock after purchasing an additional 2,645 shares during the period. Alphabet comprises approximately 0.8% of Castle Rock Wealth Management LLC’s investment portfolio, making the stock its 20th biggest position. Castle Rock Wealth Management LLC’s holdings in Alphabet were worth $2,444,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GOOG. Fifth Third Wealth Advisors LLC bought a new position in shares of Alphabet in the 1st quarter valued at $314,000. Jmac Enterprises LLC lifted its stake in shares of Alphabet by 6.0% in the 1st quarter. Jmac Enterprises LLC now owns 17,707 shares of the information services provider’s stock valued at $1,842,000 after acquiring an additional 1,005 shares during the last quarter. Pinnacle Associates Ltd. lifted its stake in shares of Alphabet by 4.7% in the 1st quarter. Pinnacle Associates Ltd. now owns 392,090 shares of the information services provider’s stock valued at $40,777,000 after acquiring an additional 17,471 shares during the last quarter. Meyer Handelman Co. lifted its stake in shares of Alphabet by 7.4% in the 1st quarter. Meyer Handelman Co. now owns 264,040 shares of the information services provider’s stock valued at $27,460,000 after acquiring an additional 18,210 shares during the last quarter. Finally, Windward Capital Management Co. CA increased its holdings in Alphabet by 2.1% in the first quarter. Windward Capital Management Co. CA now owns 317,199 shares of the information services provider’s stock valued at $32,989,000 after purchasing an additional 6,615 shares during the period. 27.13% of the stock is currently owned by institutional investors.

Insider Activity at Alphabet

In related news, Director Ann Mather sold 380 shares of the firm’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $121.42, for a total value of $46,139.60. Following the transaction, the director now owns 4,700 shares of the company’s stock, valued at approximately $570,674. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Alphabet news, CAO Amie Thuener O’toole sold 3,749 shares of Alphabet stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $3,484,407.04. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Ann Mather sold 380 shares of Alphabet stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $121.42, for a total transaction of $46,139.60. Following the transaction, the director now directly owns 4,700 shares in the company, valued at approximately $570,674. The disclosure for this sale can be found here. In the last quarter, insiders have sold 96,092 shares of company stock valued at $12,221,941. 12.99% of the stock is owned by corporate insiders.

Alphabet Price Performance

GOOG stock opened at $138.96 on Tuesday. Alphabet Inc. has a 1 year low of $83.45 and a 1 year high of $139.93. The stock has a market capitalization of $1.75 trillion, a PE ratio of 29.44, a price-to-earnings-growth ratio of 1.60 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. The company’s 50-day moving average is $130.22 and its 200-day moving average is $118.50.

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

Analyst Ratings Changes

A number of analysts recently weighed in on GOOG shares. Oppenheimer increased their price objective on Alphabet from $145.00 to $160.00 in a report on Wednesday, July 26th. Wedbush started coverage on Alphabet in a report on Monday, August 21st. They issued an “outperform” rating for the company. Robert W. Baird increased their price objective on Alphabet from $123.00 to $140.00 in a report on Wednesday, July 26th. Finally, Susquehanna increased their price objective on Alphabet from $120.00 to $150.00 in a report on Wednesday, July 26th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $130.94.

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.