Parsons Capital Management Inc. RI Has $16.28 Million Holdings in Alphabet Inc. (NASDAQ:GOOG)

Parsons Capital Management Inc. RI boosted its holdings in shares of Alphabet Inc. (NASDAQ:GOOG) by 61.3% in the fourth quarter, HoldingsChannel reports. The firm owned 85,497 shares of the information services provider’s stock after acquiring an additional 32,488 shares during the period. Alphabet makes up 0.9% of Parsons Capital Management Inc. RI’s portfolio, making the stock its 23rd biggest position. Parsons Capital Management Inc. RI’s holdings in Alphabet were worth $16,282,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of GOOG. Centaurus Financial Inc. boosted its position in shares of Alphabet by 111.0% in the 2nd quarter. Centaurus Financial Inc. now owns 69,259 shares of the information services provider’s stock worth $12,704,000 after purchasing an additional 36,439 shares during the last quarter. Alternative Investment Advisors LLC. bought a new position in Alphabet during the second quarter worth about $216,000. Ashburton Jersey Ltd acquired a new position in shares of Alphabet during the 2nd quarter worth about $23,681,000. Mattson Financial Services LLC acquired a new position in shares of Alphabet during the 2nd quarter worth about $7,594,000. Finally, Global Wealth Strategies & Associates increased its stake in shares of Alphabet by 21.4% in the 3rd quarter. Global Wealth Strategies & Associates now owns 1,020 shares of the information services provider’s stock valued at $171,000 after acquiring an additional 180 shares during the last quarter. Institutional investors own 27.26% of the company’s stock.

Insider Activity

In other Alphabet news, Director Frances Arnold sold 441 shares of the company’s stock in a transaction that occurred on Monday, November 4th. The stock was sold at an average price of $171.06, for a total value of $75,437.46. Following the sale, the director now owns 16,490 shares in the company, valued at $2,820,779.40. This represents a 2.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavitark Ram Shriram sold 37,134 shares of Alphabet stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $185.02, for a total value of $6,870,532.68. Following the transaction, the director now owns 282,832 shares of the company’s stock, valued at $52,329,576.64. This represents a 11.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 121,630 shares of company stock valued at $22,258,133. 12.99% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on GOOG. Citizens Jmp cut shares of Alphabet from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 2nd. Oppenheimer boosted their price target on shares of Alphabet from $215.00 to $225.00 and gave the company an “outperform” rating in a report on Thursday. Wells Fargo & Company upped their price objective on shares of Alphabet from $182.00 to $187.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 30th. Jefferies Financial Group lifted their target price on Alphabet from $220.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Finally, Wedbush restated an “outperform” rating and issued a $220.00 price target on shares of Alphabet in a report on Thursday. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $206.69.

Alphabet Price Performance

Shares of NASDAQ GOOG opened at $202.63 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 1.95 and a quick ratio of 1.95. The business has a 50-day moving average of $189.03 and a 200-day moving average of $175.35. The stock has a market capitalization of $2.48 trillion, a price-to-earnings ratio of 26.87, a PEG ratio of 1.27 and a beta of 0.99. Alphabet Inc. has a fifty-two week low of $131.55 and a fifty-two week high of $203.84.

Alphabet (NASDAQ:GOOG) last posted its quarterly earnings results on Tuesday, October 29th. The information services provider reported $2.12 earnings per share for the quarter, beating analysts’ consensus estimates of $1.83 by $0.29. Alphabet had a return on equity of 31.66% and a net margin of 27.74%. The firm had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. During the same period last year, the company earned $1.55 earnings per share. The business’s revenue was up 15.1% compared to the same quarter last year. As a group, sell-side analysts predict that Alphabet Inc. will post 8.02 earnings per share for the current fiscal year.

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.