NEW YORK (TheStreet) -- Shares of Google (GOOGL) - Get Report are up 2.45% to $572.48 in late morning trading Tuesday, after the tech giant named Ruth Porat its new chief financial officer.

Porat, who has been Morgan Stanley's chief financial officer since 2010, is leaving the New York City-based firm in April to take the same post at Google. Google said in a separate statement that she will start as CFO on May 26, Bloomberg reports.

TheStreet's Jim Cramer, Portfolio Manager of the Action Alerts PLUS Charitable Trust Portfolio says, "I have been a huge fan of Ruth Porat for ages. She's a tough, no nonsense CFO who cares tremendously about profitable growth which is what is really needed at Google."

"She is a welcome addition to a team that has historically not been that rigorous about expense control and I am glad charitable trust, which you can follow along at ActionAlertsPlus.com, owns it. Unfortunately the trust also owns Morgan Stanley, and while I am confident that the business there is on an even keel, she will be missed," Cramer added.

"Porat has been one of the most powerful women on Wall Street, and she will immediately become one of the most powerful women in Silicon Valley," according to the New York Times.

The Mountain View, CA-based search engine focuses its business around search, advertising, operating systems and platforms, enterprise, and hardware products.

Insight from TheStreet's Research Team:

Google is a core holding of Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:

Shares traded higher this week on little news. The analyst community seems to be slowly but surely rallying behind the name, which we believe will provide support for the stock. Cowen raised its price target to $681 from $640 last Friday, as the firm believes mobile search can offset any iOS shift, that YouTube has the potential to capture share from the large TV ad market, and that the Play store could be worth $50 billion.

Two weeks ago, Bank of America Merrill Lynch upgraded Google to a Buy (with a $650 price target), predicated on several points. The first was early signs of renewed product momentum (Google I/O in May might have greater effect than last year). Second, was accelerating gross profit growth in the fourth quarter and the opportunity for upside in the second half of the year with app search ads. Third, was low Street earnings estimates and, finally, the attractive multiple vs. the S&P 500 (8% premium vs. 22% average).

We continue to see great value in Google shares at 18.5x forward estimates, slightly below historical levels, with double-digit earnings and revenue growth and industry dominance. We now look for any news about its cash hoard and whether it will announce a distribution of some sort -- something hinted at on the 4Q call. Our target is $600.

- Jim Cramer and Jack Mohr, ' Weekly Roundup' originally published 3/20/2015 on ActionAlertsPLUS.com.

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