Merrion Investment Management Co LLC lowered its position in Alphabet Inc. (NASDAQ:GOOG – Get Rating) by 18.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 81,580 shares of the information services provider’s stock after selling 18,065 shares during the period. Alphabet accounts for about 8.1% of Merrion Investment Management Co LLC’s holdings, making the stock its 2nd biggest position. Merrion Investment Management Co LLC’s holdings in Alphabet were worth $8,484,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also added to or reduced their stakes in GOOG. Patten Group Inc. boosted its position in shares of Alphabet by 1.7% during the first quarter. Patten Group Inc. now owns 22,158 shares of the information services provider’s stock valued at $2,304,000 after buying an additional 373 shares during the last quarter. Peterson Wealth Services boosted its position in shares of Alphabet by 32.9% during the first quarter. Peterson Wealth Services now owns 3,912 shares of the information services provider’s stock valued at $407,000 after buying an additional 969 shares during the last quarter. Revolve Wealth Partners LLC boosted its position in shares of Alphabet by 4.0% during the first quarter. Revolve Wealth Partners LLC now owns 7,863 shares of the information services provider’s stock valued at $818,000 after buying an additional 300 shares during the last quarter. Capital Investment Services of America Inc. boosted its position in shares of Alphabet by 3.1% during the first quarter. Capital Investment Services of America Inc. now owns 237,082 shares of the information services provider’s stock valued at $24,657,000 after buying an additional 7,138 shares during the last quarter. Finally, Tradewinds LLC. purchased a new position in shares of Alphabet during the first quarter valued at approximately $3,597,000. Institutional investors own 27.17% of the company’s stock.
Insider Activity
In other news, insider John Kent Walker sold 29,006 shares of Alphabet stock in a transaction on Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total value of $2,953,971.04. Following the completion of the transaction, the insider now directly owns 24,277 shares in the company, valued at $2,472,369.68. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director John L. Hennessy sold 200 shares of the business’s stock in a transaction dated Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total transaction of $25,130.00. Following the completion of the transaction, the director now directly owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider John Kent Walker sold 29,006 shares of the business’s stock in a transaction dated Wednesday, March 29th. The stock was sold at an average price of $101.84, for a total value of $2,953,971.04. Following the transaction, the insider now owns 24,277 shares of the company’s stock, valued at $2,472,369.68. The disclosure for this sale can be found here. Over the last three months, insiders sold 833,427 shares of company stock worth $29,709,706. 12.99% of the stock is owned by corporate insiders.
Alphabet Price Performance
Alphabet (NASDAQ:GOOG – Get Rating) last announced its quarterly earnings results on Tuesday, April 25th. The information services provider reported $1.17 earnings per share for the quarter, beating the consensus estimate of $1.06 by $0.11. The company had revenue of $69.79 billion during the quarter, compared to analysts’ expectations of $68.80 billion. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The firm’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 earnings per share. Equities research analysts anticipate that Alphabet Inc. will post 5.41 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several research analysts recently issued reports on GOOG shares. UBS Group lifted their target price on Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a research report on Thursday, April 6th. Oppenheimer dropped their price target on Alphabet from $155.00 to $135.00 in a report on Monday, April 24th. Robert W. Baird lifted their price target on Alphabet from $120.00 to $123.00 in a report on Wednesday, April 26th. Raymond James lifted their price target on Alphabet from $119.00 to $130.00 in a report on Wednesday, April 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Alphabet from $120.00 to $125.00 in a report on Wednesday, April 26th. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Alphabet presently has an average rating of “Moderate Buy” and an average price target of $132.80.
Alphabet Profile
Alphabet, Inc engages in the business of delivering online advertising, cloud-based solutions that provide enterprise customers with infrastructure and platform services, the provision of communication and collaboration tools, and sales of other products and services such as apps and in-app purchases, hardware, and subscription-based products.
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