Pine Ridge Advisers LLC Trims Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)

Pine Ridge Advisers LLC cut its holdings in Alphabet Inc. (NASDAQ:GOOGL) by 49.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 73,640 shares of the information services provider’s stock after selling 71,860 shares during the period. Alphabet makes up about 1.9% of Pine Ridge Advisers LLC’s portfolio, making the stock its 10th biggest holding. Pine Ridge Advisers LLC’s holdings in Alphabet were worth $8,815,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Alphabet by 1,919.4% during the 3rd quarter. Vanguard Group Inc. now owns 477,035,902 shares of the information services provider’s stock valued at $45,628,484,000 after purchasing an additional 453,413,389 shares during the last quarter. State Street Corp grew its holdings in Alphabet by 1,900.6% during the 3rd quarter. State Street Corp now owns 217,154,306 shares of the information services provider’s stock valued at $20,770,809,000 after purchasing an additional 206,300,042 shares during the last quarter. Moneta Group Investment Advisors LLC grew its holdings in Alphabet by 111,197.8% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 170,420,243 shares of the information services provider’s stock valued at $15,036,178,000 after purchasing an additional 170,267,122 shares during the last quarter. Geode Capital Management LLC grew its holdings in Alphabet by 1.3% during the 1st quarter. Geode Capital Management LLC now owns 118,576,618 shares of the information services provider’s stock valued at $12,271,705,000 after purchasing an additional 1,499,107 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Alphabet by 1,759.2% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 116,116,066 shares of the information services provider’s stock valued at $11,106,502,000 after purchasing an additional 109,870,525 shares during the last quarter. 35.08% of the stock is currently owned by institutional investors.

Alphabet Trading Up 0.7 %

NASDAQ GOOGL opened at $136.25 on Tuesday. The company has a fifty day simple moving average of $133.42 and a two-hundred day simple moving average of $127.88. The stock has a market cap of $1.71 trillion, a P/E ratio of 26.15, a P/E/G ratio of 1.51 and a beta of 1.05. Alphabet Inc. has a 12-month low of $84.86 and a 12-month high of $141.22. The company has a current ratio of 2.04, a quick ratio of 2.01 and a debt-to-equity ratio of 0.05.

Alphabet (NASDAQ:GOOGL) last posted its quarterly earnings results on Tuesday, October 24th. The information services provider reported $1.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.45 by $0.10. The business had revenue of $64.05 billion during the quarter, compared to analysts’ expectations of $63.13 billion. Alphabet had a net margin of 22.46% and a return on equity of 25.24%. On average, analysts forecast that Alphabet Inc. will post 5.74 earnings per share for the current year.

Insiders Place Their Bets

In other Alphabet news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $132.92, for a total value of $26,584.00. Following the completion of the transaction, the director now owns 7,184 shares of the company’s stock, valued at $954,897.28. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director John L. Hennessy sold 200 shares of the firm’s stock in a transaction on Friday, November 10th. The shares were sold at an average price of $132.92, for a total transaction of $26,584.00. Following the completion of the transaction, the director now owns 7,184 shares of the company’s stock, valued at $954,897.28. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Prabhakar Raghavan sold 16,083 shares of the firm’s stock in a transaction on Monday, October 2nd. The stock was sold at an average price of $133.82, for a total transaction of $2,152,227.06. Following the transaction, the senior vice president now directly owns 75,621 shares of the company’s stock, valued at approximately $10,119,602.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 176,576 shares of company stock valued at $23,425,367. Insiders own 0.88% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $155.00 price objective on shares of Alphabet in a research report on Wednesday, October 25th. StockNews.com cut shares of Alphabet from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, November 14th. KeyCorp lowered their price objective on shares of Alphabet from $155.00 to $153.00 and set an “overweight” rating for the company in a research report on Wednesday, October 25th. Rosenblatt Securities boosted their price objective on shares of Alphabet from $163.00 to $174.00 and gave the company a “buy” rating in a research report on Wednesday, October 25th. Finally, Mizuho boosted their price objective on shares of Alphabet from $135.00 to $155.00 in a research report on Wednesday, July 26th. Five research analysts have rated the stock with a hold rating, twenty-nine have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $147.00.

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.