Palo Alto Wealth Advisors LLC reduced its position in shares of Alphabet Inc. (NASDAQ:GOOG – Free Report) by 6.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 71,784 shares of the information services provider’s stock after selling 4,852 shares during the quarter. Alphabet comprises about 6.0% of Palo Alto Wealth Advisors LLC’s portfolio, making the stock its 6th biggest position. Palo Alto Wealth Advisors LLC’s holdings in Alphabet were worth $7,466,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of GOOG. Vanguard Group Inc. raised its stake in shares of Alphabet by 1,885.5% in the third quarter. Vanguard Group Inc. now owns 422,194,039 shares of the information services provider’s stock worth $40,593,957,000 after purchasing an additional 400,930,216 shares during the last quarter. BlackRock Inc. raised its stake in shares of Alphabet by 1,857.3% in the third quarter. BlackRock Inc. now owns 364,589,580 shares of the information services provider’s stock worth $35,055,286,000 after purchasing an additional 345,962,033 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Alphabet by 1,770.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 203,484,912 shares of the information services provider’s stock worth $19,639,414,000 after purchasing an additional 192,607,045 shares during the last quarter. State Street Corp grew its holdings in shares of Alphabet by 1,851.7% in the third quarter. State Street Corp now owns 196,897,894 shares of the information services provider’s stock valued at $18,931,733,000 after acquiring an additional 186,809,281 shares in the last quarter. Finally, Moneta Group Investment Advisors LLC grew its holdings in shares of Alphabet by 61,587.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 130,046,253 shares of the information services provider’s stock valued at $11,539,004,000 after acquiring an additional 129,835,437 shares in the last quarter. 27.17% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director John L. Hennessy sold 200 shares of the stock in a transaction on Tuesday, June 13th. The stock was sold at an average price of $125.65, for a total value of $25,130.00. Following the sale, the director now owns 5,740 shares in the company, valued at $721,231. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Alphabet news, Director John L. Hennessy sold 200 shares of the firm’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 sale, the director now owns 5,740 shares in the company, valued at $721,231. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Prabhakar Raghavan sold 32,379 shares of the firm’s stock in a transaction dated Monday, April 3rd. The shares were sold at an average price of $103.46, for a total value of $3,349,931.34. Following the sale, the senior vice president now owns 76,580 shares in the company, valued at approximately $7,922,966.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 848,978 shares of company stock worth $27,492,109. Corporate insiders own 12.99% of the company’s stock.
Alphabet Trading Up 0.8 %
Alphabet (NASDAQ:GOOG – Free Report) last issued its quarterly earnings data on Tuesday, April 25th. The information services provider reported $1.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.11. Alphabet had a return on equity of 22.84% and a net margin of 20.58%. The company had revenue of $69.79 billion for the quarter, compared to the consensus estimate of $68.80 billion. During the same quarter last year, the business posted $1.23 earnings per share. The firm’s revenue was up 2.6% compared to the same quarter last year. On average, equities research analysts anticipate that Alphabet Inc. will post 5.39 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
GOOG has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on Alphabet from $120.00 to $125.00 in a report on Wednesday, April 26th. UBS Group upped their target price on Alphabet from $120.00 to $123.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Raymond James upped their target price on Alphabet from $119.00 to $130.00 in a report on Wednesday, April 26th. Robert W. Baird upped their target price on Alphabet from $120.00 to $123.00 in a report on Wednesday, April 26th. Finally, Oppenheimer reduced their target price on Alphabet from $155.00 to $135.00 in a report on Monday, April 24th. One equities research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $132.80.
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.
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