Commonwealth Equity Services LLC Reduces Holdings in Alphabet Inc. (NASDAQ:GOOG)

Commonwealth Equity Services LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG) by 1.4% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 1,990,351 shares of the information services provider’s stock after selling 28,064 shares during the quarter. Alphabet makes up 0.5% of Commonwealth Equity Services LLC’s investment portfolio, making the stock its 26th biggest position. Commonwealth Equity Services LLC’s holdings in Alphabet were worth $332,767,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in GOOG. Abich Financial Wealth Management LLC increased its stake in shares of Alphabet by 9,200.0% in the second quarter. Abich Financial Wealth Management LLC now owns 186 shares of the information services provider’s stock worth $34,000 after buying an additional 184 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new position in Alphabet during the 2nd quarter worth $37,000. HWG Holdings LP bought a new stake in shares of Alphabet in the 2nd quarter worth about $40,000. Slocum Gordon & Co LLP acquired a new stake in shares of Alphabet in the 2nd quarter valued at about $44,000. Finally, Hoese & Co LLP lifted its position in shares of Alphabet by 62.5% during the second quarter. Hoese & Co LLP now owns 260 shares of the information services provider’s stock worth $45,000 after purchasing an additional 100 shares during the last quarter. 27.26% of the stock is owned by hedge funds and other institutional investors.

Alphabet Trading Up 0.3 %

Alphabet stock opened at $165.05 on Friday. The firm has a 50-day moving average price of $163.18 and a two-hundred day moving average price of $169.67. Alphabet Inc. has a 52-week low of $121.46 and a 52-week high of $193.31. The firm has a market capitalization of $2.04 trillion, a price-to-earnings ratio of 25.31, a PEG ratio of 1.21 and a beta of 1.04. The company has a quick ratio of 2.08, a current ratio of 2.08 and a debt-to-equity ratio of 0.04.

Alphabet (NASDAQ:GOOG) last issued its quarterly earnings data on Tuesday, July 23rd. The information services provider reported $1.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.04. The business had revenue of $84.74 billion during the quarter, compared to analyst estimates of $84.22 billion. Alphabet had a return on equity of 30.49% and a net margin of 26.70%. The business’s revenue for the quarter was up 13.6% compared to the same quarter last year. During the same period in the prior year, the company posted $1.44 EPS. Sell-side analysts expect that Alphabet Inc. will post 7.64 earnings per share for the current year.

Analyst Ratings Changes

Several analysts recently weighed in on GOOG shares. Rosenblatt Securities lowered Alphabet from a “buy” rating to a “neutral” rating and set a $181.00 price objective for the company. in a report on Friday, June 28th. TD Cowen upped their price target on Alphabet from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. DA Davidson raised shares of Alphabet to a “hold” rating in a report on Tuesday, September 10th. Oppenheimer dropped their target price on shares of Alphabet from $210.00 to $185.00 and set an “outperform” rating on the stock in a report on Wednesday, September 25th. Finally, Pivotal Research started coverage on shares of Alphabet in a report on Tuesday, October 1st. They issued a “buy” rating and a $215.00 price target for the company. Four analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $186.90.

Insider Activity

In related news, CAO Amie Thuener O’toole sold 682 shares of the company’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total value of $114,576.00. Following the completion of the sale, the chief accounting officer now owns 31,334 shares of the company’s stock, valued at $5,264,112. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Alphabet news, CAO Amie Thuener O’toole sold 682 shares of the business’s stock in a transaction dated Friday, August 2nd. The shares were sold at an average price of $168.00, for a total transaction of $114,576.00. Following the sale, the chief accounting officer now directly owns 31,334 shares in the company, valued at approximately $5,264,112. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $166.30, for a total transaction of $3,741,750.00. Following the completion of the transaction, the chief executive officer now owns 2,106,806 shares of the company’s stock, valued at $350,361,837.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 220,426 shares of company stock valued at $35,993,340. Company insiders own 12.99% of the company’s stock.

Alphabet Company 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, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.