Cadinha & Co. LLC Increases Stake in Alphabet Inc. with Acquisition of 742 Shares

On October 19, 2024, it was reported that Cadinha & Co. LLC has increased its investment in Alphabet Inc. (NASDAQ:GOOGL) by 0.6% in the third quarter of the year. According to a recent filing with the SEC, the firm now holds a total of 129,270 shares of the leading information technology company. This increase comes from the purchase of 742 additional shares over the quarter.

Alphabet has become a significant part of Cadinha & Co. LLC's investment portfolio, representing approximately 3.7% of their total investments, making it the 9th largest position within the portfolio. As of the latest SEC filing, Cadinha & Co. LLC's stake in Alphabet is valued at about $21.4 million.

In parallel, other investment firms have also made adjustments to their holdings in Alphabet. For instance, Fulton Bank N.A. raised its stake by 0.6% during the first quarter, acquiring a total of 136,951 shares valued at approximately $20.7 million after purchasing 853 additional shares.

Additionally, Abacus Wealth Partners LLC increased its holdings by 4.0% during the same period, now owning 3,108 shares valued at $469,000 following a buy of 120 shares. Moreover, Banque Cantonale Vaudoise raised its position by 0.8%, holding 309,076 shares valued at $46.6 million after acquiring 2,371 additional shares.

Two more firms, St. Louis Financial Planners Asset Management LLC and Cox Capital Management LLC, have also made new stakes in Alphabet during the first quarter, valued at $1.986 million and $4.510 million, respectively. Overall, institutional investors and hedge funds hold about 40.03% of Alphabet's stock.

Insider Activity at Alphabet

In recent insider transactions at Alphabet, CAO Amie Thuener O’toole sold 682 shares on August 2nd at an average price of $168.00, with a total value of approximately $114,576. Following this sale, her direct ownership stands at 31,334 shares, valued around $5.26 million. Additionally, Senior Vice President Prabhakar Raghavan sold 34,257 shares on August 15th at an average price of $162.60, totaling $5.57 million. After the transaction, he retains 312,210 shares worth about $50.77 million. In total, insiders sold 220,426 shares in the last ninety days, equating to a value of approximately $36 million. Insiders currently own 11.55% of Alphabet's shares.

Stock Performance of Alphabet

As of the latest trading day, shares of NASDAQ:GOOGL opened at $163.42. The stock's 50-day moving average stands at $161.77, while the 200-day moving average is $168.06. Alphabet Inc. holds a market capitalization of $2.02 trillion, with a price-to-earnings (P/E) ratio of 25.06 and a price-to-earnings growth (P/E/G) ratio of 1.21, along with a beta of 1.04. The company has experienced a 12-month low of $120.21 and a high of $191.75. Currently, Alphabet Inc. has a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

In the most recent earnings announcement on July 23rd, Alphabet reported earnings per share (EPS) of $1.89, surpassing the consensus estimate of $1.85. The company achieved a net margin of 26.7% and a return on equity of 30.49%, with $84.74 billion in revenue against an estimated $70.60 billion. For the current fiscal year, analysts expect Alphabet to post an EPS of 7.64.

Recent Analyst Ratings for Alphabet

Following Alphabet's performance, several equity research analysts have updated their ratings on the stock. Needham & Company LLC reissued a “buy” recommendation with a target price of $210.00. Meanwhile, BMO Capital Markets lowered its price target from $222.00 to $215.00, maintaining an “outperform” rating. Analysts at Wedbush reiterated an “outperform” rating with a price objective of $205.00, while Evercore ISI reduced their target from $225.00 to $200.00. Mizuho also increased its target price from $205.00 to $210.00 with an “outperform” rating. In total, eight analysts have given Alphabet a hold rating, while twenty-nine analysts rated it as a buy and four as a strong buy. The average rating for the stock is perceived as a “Moderate Buy” with an average target price of $201.76.

Overview of Alphabet Inc.

Alphabet Inc. operates various platforms and products across the globe, including in the United States, Europe, and Asia. The company is divided into segments such as Google Services, Google Cloud, and Other Bets. The Google Services segment offers an array of products, including ads, Android, Gmail, Google Drive, Google Play, and YouTube.

Cadinha, Alphabet, Shares