Alphabet Inc. (NASDAQ:GOOGL) Stake Cut by Drake & Associates LLC

Drake & Associates LLC cut its position in shares of Alphabet Inc. (NASDAQ:GOOGL) by 2.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,340 shares of the information services provider’s stock after selling 104 shares during the quarter. Drake & Associates LLC’s holdings in Alphabet were worth $519,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in GOOGL. Live Oak Investment Partners bought a new stake in Alphabet in the fourth quarter valued at $26,000. Sanctuary Wealth Management L.L.C. bought a new stake in Alphabet in the fourth quarter valued at $34,000. Turim 21 Investimentos Ltda. bought a new stake in shares of Alphabet during the third quarter valued at about $38,000. IAG Wealth Partners LLC raised its stake in shares of Alphabet by 100.0% during the first quarter. IAG Wealth Partners LLC now owns 400 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 200 shares in the last quarter. Finally, AM Squared Ltd bought a new stake in shares of Alphabet during the fourth quarter valued at about $44,000. 35.08% of the stock is currently owned by institutional investors.

Alphabet Stock Up 0.6 %

Shares of Alphabet stock opened at $138.21 on Tuesday. The firm has a market cap of $1.74 trillion, a price-to-earnings ratio of 29.28, a P/E/G ratio of 1.59 and a beta of 1.06. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.17 and a quick ratio of 2.14. Alphabet Inc. has a 52-week low of $83.34 and a 52-week high of $139.16. The stock has a 50-day simple moving average of $129.60 and a 200-day simple moving average of $117.88.

Alphabet (NASDAQ:GOOGL) last announced its quarterly earnings results on Tuesday, July 25th. The information services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.32 by $0.12. Alphabet had a return on equity of 23.49% and a net margin of 21.05%. The business had revenue of $74.60 billion during the quarter, compared to analyst estimates of $60.24 billion. During the same period in the previous year, the company earned $1.21 EPS. On average, equities research analysts expect that Alphabet Inc. will post 5.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GOOGL. KeyCorp lifted their price objective on shares of Alphabet from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Wednesday, July 26th. Stifel Nicolaus lifted their price objective on shares of Alphabet from $130.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, July 21st. Wedbush assumed coverage on shares of Alphabet in a research note on Monday, August 21st. They set an “outperform” rating and a $160.00 price objective on the stock. Citigroup lifted their target price on Alphabet from $130.00 to $153.00 in a report on Wednesday, July 26th. Finally, Jefferies Financial Group lifted their target price on Alphabet from $150.00 to $165.00 in a report on Wednesday, July 26th. Four analysts have rated the stock with a hold rating, thirty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $143.89.

Insider Buying and Selling

In related news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the sale, the director now directly owns 7,584 shares in the company, valued at approximately $1,041,283.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 3,749 shares of Alphabet stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $136.28, for a total value of $510,913.72. Following the transaction, the chief accounting officer now directly owns 25,568 shares of the company’s stock, valued at approximately $3,484,407.04. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $137.30, for a total value of $27,460.00. Following the completion of the transaction, the director now directly owns 7,584 shares in the company, valued at $1,041,283.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 96,092 shares of company stock worth $12,221,941. 0.88% of the stock is currently owned by insiders.

Alphabet Profile

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, hardware, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.