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

Parsons Capital Management Inc. RI increased its position in Alphabet Inc. (NASDAQ:GOOG - Free Report) by 61.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 85,497 shares of the information services provider's stock after purchasing an additional 32,488 shares during the quarter. Alphabet makes up 0.9% of Parsons Capital Management Inc. RI's portfolio, making the stock its 23rd largest holding. Parsons Capital Management Inc. RI's holdings in Alphabet were worth $16,282,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. James Hambro & Partners LLP increased its holdings in shares of Alphabet by 1.5% in the fourth quarter. James Hambro & Partners LLP now owns 878,197 shares of the information services provider's stock valued at $167,266,000 after purchasing an additional 13,274 shares in the last quarter. Mount Yale Investment Advisors LLC boosted its stake in shares of Alphabet by 1.5% in the 4th quarter. Mount Yale Investment Advisors LLC now owns 74,535 shares of the information services provider's stock valued at $14,194,000 after purchasing an additional 1,071 shares during the last quarter. Ridgecrest Wealth Partners LLC grew its position in shares of Alphabet by 3.5% during the 4th quarter. Ridgecrest Wealth Partners LLC now owns 23,797 shares of the information services provider's stock worth $4,532,000 after buying an additional 800 shares during the period. Valued Wealth Advisors LLC raised its stake in shares of Alphabet by 19.6% during the fourth quarter. Valued Wealth Advisors LLC now owns 830 shares of the information services provider's stock worth $158,000 after buying an additional 136 shares during the last quarter. Finally, McLean Asset Management Corp lifted its holdings in Alphabet by 10.1% in the fourth quarter. McLean Asset Management Corp now owns 5,953 shares of the information services provider's stock valued at $1,134,000 after buying an additional 548 shares during the period. Institutional investors and hedge funds own 27.26% of the company's stock.

Insiders Place Their Bets

In related news, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $177.36, for a total transaction of $3,990,600.00. Following the sale, the chief executive officer now owns 2,084,306 shares of the company's stock, valued at $369,672,512.16. This represents a 1.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Frances Arnold sold 441 shares of the company's stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $171.06, for a total transaction of $75,437.46. Following the sale, the director now directly owns 16,490 shares of the company's stock, valued at $2,820,779.40. This represents a 2.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 121,630 shares of company stock worth $22,258,133 over the last three months. Insiders own 12.99% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on the stock. UBS Group upped their target price on shares of Alphabet from $187.00 to $192.00 and gave the company a "neutral" rating in a research report on Wednesday, October 30th. Pivotal Research upped their price objective on Alphabet from $215.00 to $225.00 and gave the company a "buy" rating in a report on Wednesday, October 30th. Oppenheimer raised their target price on Alphabet from $215.00 to $225.00 and gave the stock an "outperform" rating in a report on Thursday. Phillip Securities upgraded shares of Alphabet to a "strong-buy" rating in a research report on Friday, November 1st. Finally, Seaport Res Ptn upgraded shares of Alphabet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 29th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $206.69.

Alphabet Trading Up 2.8 %

Shares of Alphabet stock 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 fifty day simple moving average of $189.03 and a two-hundred day simple moving average of $175.35. Alphabet Inc. has a 1 year low of $131.55 and a 1 year high of $203.84. The company has a market capitalization of $2.48 trillion, a price-to-earnings ratio of 26.87, a P/E/G ratio of 1.27 and a beta of 0.99.

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, topping the consensus estimate of $1.83 by $0.29. The business had revenue of $88.27 billion during the quarter, compared to the consensus estimate of $86.39 billion. Alphabet had a net margin of 27.74% and a return on equity of 31.66%. Alphabet's revenue was up 15.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.55 EPS. Research analysts forecast that Alphabet Inc. will post 8.02 EPS for the current year.

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.