Shares of Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) are trading higher Monday after legendary investor Warren Buffett took a stake in the tech company.
What To Know: Buffett’s Berkshire Hathaway took a new position in Alphabet in the third quarter, the firm’s only new investment of the period. Berkshire purchased 17.85 million shares of the Google parent company, per an SEC filing from Friday.
Berkshire’s stake in Google is now worth about $4.9 billion, making it the company’s 10th largest equity investment.
Alphabet stock hit new all-time highs in early trading on Monday before paring some gains, according to Benzinga Pro.
The move from Berkshire is significant given that the Buffett-led firm has previously stayed away from investing in tech stocks. The firm previously argued that its Apple stake is more of a consumer-products investment, per Reuters.
Buffett is set to step down from his role as CEO of Berkshire Hathaway at the end of the year.
GOOG Analysis: Alphabet is trading approximately 12.9% above its 50-day moving average of $257.83 and a significant 46.8% above its 200-day moving average of $198.27. This upward trend indicates strong investor confidence and a positive outlook for the stock, as it consistently outperforms both short- and long-term averages. The Relative Strength Index (RSI) at 55.82 suggests that the stock is in a neutral zone, indicating potential for further upward movement without being overbought.
The calculated support level stands at $276.86, which aligns closely with the previous close of $276.98, providing a solid foundation for the stock should it experience any pullbacks. The immediate resistance level is at $291.93, just above the current trading price, which could serve as a psychological barrier for traders looking to capitalize on the stock’s momentum.
GOOG Price Action: Alphabet shares were up 4.3% at $288.91 at the time of publication on Monday, according to Benzinga Pro.
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