Cherry Creek Investment Advisors Inc. Raises Stake in Alphabet Inc. (NASDAQ:GOOG)

Cherry Creek Investment Advisors Inc. grew its holdings in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 263.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,571 shares of the information services provider's stock after purchasing an additional 6,934 shares during the period. Alphabet makes up 0.9% of Cherry Creek Investment Advisors Inc.'s investment portfolio, making the stock its 26th largest position. Cherry Creek Investment Advisors Inc.'s holdings in Alphabet were worth $1,823,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of GOOG. Weiss Asset Management LP acquired a new stake in shares of Alphabet in the third quarter valued at $25,000. Safe Harbor Fiduciary LLC purchased a new stake in Alphabet during the third quarter worth about $33,000. Sanctuary Wealth Management L.L.C. lifted its position in shares of Alphabet by 87.3% during the third quarter. Sanctuary Wealth Management L.L.C. now owns 251 shares of the information services provider's stock worth $42,000 after purchasing an additional 117 shares in the last quarter. Iron Horse Wealth Management LLC boosted its stake in shares of Alphabet by 32.3% in the third quarter. Iron Horse Wealth Management LLC now owns 344 shares of the information services provider's stock valued at $57,000 after purchasing an additional 84 shares during the period. Finally, Kieckhefer Group LLC acquired a new position in shares of Alphabet in the fourth quarter valued at approximately $76,000. 27.26% of the stock is owned by institutional investors and hedge funds.

Alphabet Stock Performance

GOOG traded up $2.97 during trading on Friday, hitting $205.60. 17,059,516 shares of the stock were exchanged, compared to its average volume of 16,222,196. The firm has a market capitalization of $2.52 trillion, a P/E ratio of 27.27, a PEG ratio of 1.27 and a beta of 0.99. Alphabet Inc. has a 1-year low of $131.55 and a 1-year high of $207.08. The stock has a fifty day moving average price of $189.70 and a two-hundred day moving average price of $175.54. The company has a quick ratio of 1.95, a current ratio of 1.95 and a debt-to-equity ratio of 0.04.

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

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Pivotal Research increased their target price on shares of Alphabet from $215.00 to $225.00 and gave the stock a "buy" rating in a report on Wednesday, October 30th. Seaport Res Ptn raised Alphabet from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 29th. Citigroup increased their price target on Alphabet from $212.00 to $216.00 and gave the company a "buy" rating in a research report on Wednesday, October 30th. Scotiabank boosted their price objective on Alphabet from $212.00 to $240.00 and gave the stock a "sector outperform" rating in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. raised their target price on shares of Alphabet from $208.00 to $212.00 and gave the company an "overweight" rating in a report on Wednesday, October 30th. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat, Alphabet has a consensus rating of "Moderate Buy" and a consensus price target of $206.69.

Insider Buying and Selling at Alphabet

In related news, insider John Kent Walker sold 16,820 shares of the firm's stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $192.62, for a total transaction of $3,239,868.40. Following the transaction, the insider now owns 43,981 shares of the company's stock, valued at $8,471,620.22. This trade represents a 27.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Amie Thuener O'toole sold 2,834 shares of the company's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $197.55, for a total value of $559,856.70. Following the sale, the chief accounting officer now directly owns 20,681 shares of the company's stock, valued at approximately $4,085,531.55. This represents a 12.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 121,630 shares of company stock worth $22,258,133. 12.99% of the stock is owned by company 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.