Cadinha & Co. LLC Increases Its Stake in Alphabet Inc. by Acquiring 742 Shares

On October 19, 2024, it was reported that Cadinha & Co. LLC has increased its ownership in Alphabet Inc. (NASDAQ:GOOGL) by 0.6% during the third quarter of 2024. According to the latest filing with the SEC, the fund now holds 129,270 shares of Alphabet's stock after purchasing an additional 742 shares in this period. This investment represents approximately 3.7% of Cadinha & Co. LLC’s overall portfolio, making Alphabet its ninth largest investment. As of the most recent filing, these holdings in Alphabet are valued at around $21,439,000.

Recently, other hedge funds have also made changes to their holdings in Alphabet. For instance, Fulton Bank N.A. increased its stake by 0.6% during the first quarter, bringing its total shares to 136,951, which is valued at $20,670,000 after purchasing an additional 853 shares. Similarly, Abacus Wealth Partners LLC raised its stake by 4.0% in the same quarter, acquiring an additional 120 shares to hold a total of 3,108 shares valued at $469,000.

Banque Cantonale Vaudoise also bolstered its position with an increase of 0.8%, now owning 309,076 shares valued at $46,645,000 after acquiring 2,371 shares. Additionally, St. Louis Financial Planners Asset Management LLC and Cox Capital Mgt LLC both acquired new stakes in Alphabet, valued at approximately $1,986,000 and $4,510,000 respectively. Altogether, institutional investors and hedge funds collectively hold about 40.03% of Alphabet's stock.

Recent Insider Activity

In terms of insider transactions, recent sales were made by company executives as well. Notably, Chief Accounting Officer Amie Thuener O’toole sold 682 shares on August 2nd at an average price of $168.00, totaling $114,576. Following this transaction, she retains 31,334 shares valued at approximately $5,264,112, indicating no significant change in her overall position. On another occasion, Senior Vice President Prabhakar Raghavan sold 34,257 shares on August 15th for a total of $5,570,188.20, after which he owns 312,210 shares valued at $50,765,346. The past ninety days have seen insiders sell a total of 220,426 shares worth around $35,993,340, with insider ownership currently at 11.55%.

Performance of Alphabet's Stock

Alphabet's stock opened at $163.42 on Friday, with a 50-day moving average of $161.77 and a 200-day moving average of $168.06. The company boasts a market capitalization of $2.02 trillion, a P/E ratio of 25.06, and a P/E/G ratio of 1.21, with a beta of 1.04. Over the past year, shares have fluctuated between a low of $120.21 and a high of $191.75. Financial ratios indicate a current ratio and quick ratio of 2.08 each, alongside a low debt-to-equity ratio of 0.04.

In its latest earnings announcement on July 23rd, Alphabet reported earnings per share (EPS) of $1.89, which was slightly ahead of analysts' expectations of $1.85. The company achieved a net margin of 26.70% and a return on equity of 30.49%. Revenue for the quarter was reported at $84.74 billion, significantly outpacing the estimated $70.60 billion. Looking ahead, analysts predict Alphabet will achieve EPS of 7.64 for the current fiscal year.

Analyst Ratings

Analysis from various equities research firms highlights a generally positive outlook for Alphabet. Needham & Company has maintained a "buy" rating with a price target of $210.00. Other notable ratings include BMO Capital Markets, which adjusted its price target down from $222.00 to $215.00 while maintaining an "outperform" rating, and Wedbush, which reaffirmed an "outperform" rating with a target of $205.00. Overall, among research analysts, eight have rated the stock as a hold, while twenty-nine suggest a buy and four classify it as a strong buy. The average recommendation reflects a “Moderate Buy” along with a projected price target of $201.76.

Overview of Alphabet Inc.

Alphabet Inc. is a global leader in providing a diverse range of products and services. Operative across various regions, including North America, Europe, and Asia, it functions through multiple segments, namely Google Services, Google Cloud, and Other Bets. The Google Services sector encompasses a wide array of services such as advertisements, the Android operating system, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

Cadinha, Alphabet, Shares