Gradient Investments Doubles Down on Alphabet Stock

Gradient Investments LLC has increased its stake in Alphabet Inc.'s (NASDAQ:GOOGL) stock by buying an additional 22,044 shares during the second quarter. The firm now owns 95,926 shares of the information services provider's stock, valued at $34,281,000. This represents a 29.8% increase from the end of the previous quarter.

The acquisition is part of a broader trend of institutional investors buying into Alphabet's stock. Berkshire Hathaway, for example, has significantly increased its stake in the company, with a total of approximately 106 million shares worth $37.9 billion at the end of June. This represents an 83% increase from the previous quarter and makes Alphabet one of Berkshire's top three holdings.

Alphabet's stock price has also been boosted by the company's strategic investments, including its $900 million investment in SpaceX in 2015, which is now worth approximately $94 billion. The company's ability to generate returns from these investments highlights its innovative approach and long-term thinking.